So how do you do this? While every neighbourhood and rental market is different, it might be worth considering the below:
1. Allow pets – A lot of investors don’t like the idea of pets in their property, but in knowing this, many pet owners are willing to pay a little bit extra to secure a rental that their four-legged friend can live in too. According to the Australian Veterinary Association, 63% of Australians have a pet, making us one of the top nations for pet ownership in the world. By discriminating against renters with pets, you might be excluding a huge chunk of the rental market.
2. Include garden maintenance – Tenants often find it hard to keep on top of garden maintenance so it can be easier to include this in the rent. It will help attract tenants that don’t want to worry about gardening, and it will help keep the property’s street appeal up to scratch.
3. Keep the property “fresh” – If your rent is tracking backwards, it might be because newer properties in the area are in higher demand and attracting the majority of tenants. To increase the value of your rent, you need to increase the quality of your property too; this might include repainting, changing carpets or adding the latest mod cons.
4. Make sure your property manager does regular inspections – It’s important to keep on top of maintenance and find any minor issues that could lead to expensive problems. A good property manager will look out for things that might need fixing, and make recommendations on how you can keep your property in optimum condition.
5. Ensure the property is safe – Tenants want to feel like they’re safe and that their belongings are well protected. Make sure your property has secure locks and gates, and it might also be worth putting security doors and alarms in place too.
Apart from making improvements to your investment property also make sure you are keeping up to date on current rental prices in your area. Ask your property manager to advise you of the market rent for your property with each inspection report.
If you would like any assistance in figuring out how to make the most out of your investment property then the team at Arbee Real Estate would be more than happy to have a chat, so give us a call today.