Property Managers Melb shows us that in general, the rental market has been slow-going in some parts of the country, however this does not indicate that investors aren’t able to reach their rental growth. In matter of fact, investors are able to attain higher rental income regardless of how the market is performing.
Consider the following four strategies that will help you receive a higher rental income from your tenants:
- Exterior Features
The reason why external features are important, is because Australia has a tropical climate, where individuals enjoy having friends and family over for a barbeque, or a social gathering or just to enjoy your morning coffee outside.
Many landlords these days continue to forget to take care of the external features, like the grass areas, the clothes line, outdoor furniture and garden areas. Remember that no one enjoys looking at overgrown grass, a crooked clothes line, large weeds, or insects that infest your outdoor setting.
Therefore, as a landlord, consider spending a little bit more money on maintaining the outdoor setting in your property, whether that is to hire a gardener or to spend your own time to ensure that your property is well maintained.
This will then ensure that you attract the best tenants that will help maintain the property, and it is more likely that the tenants will pay more money if the property has been maintained properly
- Security Features
Within the property market it is common for properties to have basic security features, such as windows and doors that can be locked. However, to ensure your property is more competitive than other properties, you should consider including extra security features, such as, sensor lights, alarms, and proper security screens.
With extra security systems, this will ensure that your tenants will feel safer, and will result in tenants recognising that you actually care about the safety of your house and the people that live in it.
In return for the extra features, tenants are more likely to pay more rental income to the landlord and could potentially ensure that your property will not be broken into.
Looking back a decade ago, we are able to see that it was particularly hard for tenants with pets to find a rental property, as property owners were concerned that animals such as dogs or cats would cause damage, such as pooing or peeing on the carpet, scratching doors, or even digging up the garden.
However, as years have passed by, tenants are becoming more and more thankful for the opportunity of having a roof over their head, and will return the favour by taking care of the property, whether that is to keep their pets outside, or to repay of any damages that have been caused.
Lastly the benefit for the investors, is that tenants are more likely to pay more rent for a sustained period of time, and less vacancy periods resulting in more rent.
If you have recently bought a property, and wish to put it onto the rental market, then consider renovating the property in order to increase the likelihood of attracting the best tenants.
When considering renovating a property, this does not mean creating a construction site. Landlords need to consider simple things such as:
- Installing a dishwasher
- New blinds
- New carpet
- Installing Heaters / air-conditioners
- Repainting the house
- Fixing broken fly screens
Considering the simple renovations above, can be quite affordable for the landlord, which can result in receiving more rental income from your tenants, as they are more satisfied with the new and improved instalments.