There are two common elements every investor seeks with regards to their investment property: optimal return on their investment, and minimal vacancy rates. Call it the ideal investor scenario. There are many external factors that can jeopardise this ideal pairing – interest rates, economy fluctuations, condition of property…. and the list goes on. The good news is, there are many simple actions you can take to maximise the earning potential of your investment.
PRESENT YOUR PROPERTY IN ITS BEST LIGHT
When putting your house in the rental pool, potential tenants want to visualise the life they will have in your property. So, the #1 priority is for your property to be clean and tidy. Ensure the floors are gleaming, kitchen cupboards sparkling, windows are clean, gardens are perfectly groomed and swimming pools crystal clear. People want to feel at home and that begins with a clean and well-presented home the moment they step through the door.
ENGAGE PROFESSIONAL PHOTOGRAPHERS
Despite the leaps and bounds of built-in phone cameras, nothing compares to professional property photography. So, leave this one to the experts – they know what they are doing. They know the best angles to give the illusion of space and light. For most tenants, your online photos will be the first impression they have of your property – so make it a good one!
COMPLETE ALL NECESSARY MAINTENANCE
Tenants expect everything to be in good working order. This means air conditioners in the living areas and bedrooms are clean and in good working order, any loose fixture and fittings secured, blown light bulbs replaced and all plumbing is functioning as it should be. Having any major (and minor) issues completed prior to your tenants moving in, will be a lot less stressful and convenient for everyone involved.
PEST CONTROL AND MOULD PREVENTION
Every time your property goes into the rental pool or between tenants, a full pest control treatment should be carried out, both inside and out. It is ideal to have the power connected between tenancies so your Property Manager can intermittently turn on the air conditioning and fans to prevent mould developing on furnishings, keep the property fresh and ready for viewings by potential tenants.
Pets are a part of the family, so many of your potential tenants may be pet owners. By disallowing pets, you are narrowing down your options. If your property has the capacity for a pet – ie: a yard for a dog, then consider the option. If you are still not 100% sold on allowing pets, you can stipulate further requirements such as ‘only outside pets will be considered’.
ENGAGE A PROFESSIONAL PROPERTY MANAGEMENT COMPANY
Handing the management of your property over to the professionals is one of the best decisions you can make. Chances are, your investment is something on the side of your day job. Property management is our passion and is what we do best. We will work to get the best result for your investment. Firstly, we will ensure your property is priced competitively by performing a current market rent analysis prior to advertisement. We provide flexible viewing times to ensure all interested parties can view the property. We then vet all potential tenants, do all the necessary checks and ensure the best tenants are paired with your property. Then, once tenants have been selected, we manage all rental agreements, rent adjustments, look after maintenance, retain exceptional tenants and tailor our services to meet your needs.
In short, we take any hassles out of investment properties, giving you more time to do what you love.
So if you are new to the property investment game, or are wanting to get the best bang for your buck, contact us at Thrive Property NT. Let us help your investment thrive.