How to maximise the rental return on your investment property

One of the best ways to maximise the rental return on your investment property is to keep your property consistently tenanted, and to invest in ways to increase your rental income.

Having an investment property in a market when tenancy vacancy rates are relatively low is of course ideal, however low vacancy rates do not necessarily mean that a property will achieve a higher rental return if the property is not presented at the standard the market expects.

Presentation

Having a well presented property will go a long way to ensuring you attract quality tenants fast. Fresh paint, quality appliances, a neat garden and general maintenance are ways to attract a good tenant.

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Fresh paint can make a big difference to presentation of a home
Install ‘value adding’ appliances

Consider installing appliances that will add value to your potential tenants. For example families may be more interested in a property if it has a dishwasher, or an air conditioner may be seen as a draw-card for most tenants wanting to avoid the heat of summer.

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Good quality appliances can be a draw card for tenants
Invest in floor and window coverings

Avoid installing cheap blinds that are likely to break and need replacing sooner. It’s better to invest in good window coverings that are functional and will stand the test of time. Similarly investing in quality floor coverings can really add value to potential tenants. Floor coverings should be tough enough to handle general wear and tear, and sticking to neutral tones is the best way to ensure they stand the test of time and appeal to more people.

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Good quality floor coverings can attract a good tenant
Clean, clean, clean

A clean property is of utmost importance to potential tenants and helps to attract a good tenant who will look after it. Consider hiring professional cleaners if it feels like too big a task.

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Make sure your investment property is sparkling clean
Make sure that things work

Check that appliances are all in working order and that all light switches are working. Ensure hot water and plumbing are working well. Check all windows and doors are in good condition, and that all locks are working and secure.

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Check all appliances are working in your investment property

By offering a property that is well cared for and in good condition you are best positioned to attract a good tenant who will care for the property as if it’s their own and hopefully who will want to stay put for a long time.

Looking to maximise the rental return on your investment property? Contact our property management team to find out how we can get you the best price and the best tenant in the current market.