Many people choose to invest in property because it is a great tactic to build wealth and secure their futures financially.
However, as it’s an investment, owners should look for ways to maximise the returns on their properties. First National property managers always do.
If you’re looking for strategies to get the most out of your rental property, here are three tips to help you on your way.
Hire a professional
Have you ever had to bang on a tenant’s door to pick up missed rent? Has your phone gone off at midnight after a tenant’s hot water cylinder has burst for the third time this year?
Managing your own rental property can be a difficult task, especially if you have a vast portfolio. Instead of trying to juggle multiple properties at once, enlist the help of a professional property manager to take a few off your hands.
Property managers have the knowledge, time and skill to ensure your investments and tenants are taken care of.
Review your rent
It may have been years since you last reviewed the price you’re charging for your rental property.
The important thing to remember is that the market can change quite often. Fluctuations in vacancy rates and median rents can all impact how much you can charge for your property, and you may end up charging too little.
Review your rent on a regular basis to meet the market. Compare your home with other rentals similar to your property, or obtain a rent appraisal from an agent.
Regularly refresh your rental property
The key to ensuring your rental property remains tenanted is to keep it in good condition. By staying on top of maintenance issues and refreshing the interior, your investment can be kept looking great for longer.
At the end of each tenancy, you might want to give the home a quick lick of paint, have the carpets cleaned and the garden reworked. You might even be able to charge a bit extra for rent, while also making your home look more appealing to tenants.
If you would like further advice or are considering buying or renting a property on the Mornington Peninsula, and want to know what has recently sold so you can get an idea of where the market is, you can download our FREE report HERE.
You can also review our current listings