Top 5 things to know when renting out your property
Have an investment property or looking to get into the investment property market? There are a world of benefits that can be associated with property investment, however, one thing is clear – once you have a property, it needs to be managed well to gain a return.
Peninsula Life asked Jekayla from Kindred Property Group to share her top 5 tips to maximise your investment.
ONE: FIND AN EXPERIENCED PROPERTY MANAGER
If you want to get the most out of your investment (let’s face it, who doesn’t?!), then it is invaluable to have an experienced property manager who can provide advice, a wealth of knowledge and best practises to maximise your return. The agency you choose should also have a strong internal structure and levels of support to ensure the smooth running of your accounts. This also means you always have someone to talk to when you call. Your property is too important to trust with any less.
TWO: RISK MANAGEMENT SKILLS
An experienced property manager will know how to manage your investment and any real or perceived risks that can come with this. They will know how to reduce risks to your home, safeguard your investment and will have a strong understanding of legislation. They will also care!
Find someone who regularly keeps themselves updated with the latest information and professional development, and someone who treats your property as if it were their own.
THREE: GETTING A GREAT RETURN
An experienced property manager will know the best tips and tricks to get you a greater rental return on your investment. Things such as installing ceiling fans, tweaks to appliances, particular window furnishings and small touch ups can make a HUGE difference.
True professionals of the industry know what tenants are looking for and can guide you on to the right path so you spend your money in the right areas that will get you the best return.
FOUR: LOW VACANCY
How you present your property for lease is just as crucial as asking the right price. Property presentation and marketing can increase your return and decrease the risk of loss of income that comes from vacant properties.
An experienced agency will ensure you market your property right to keep your return high. This includes professional imagery for your online marketing, features on realestate.com.au, helping ensure your property and surroundings are clean and general maintenance has been done.
It can be very off-putting for good tenants when they go into a home that smells or that has repairs outstanding. It indicates to them that the lessor may be slow with attending to requests and for a good tenant, this would be a major deterrent.
Just as we are looking for a well-presented tenant who shows they can take care of a home, the tenants are looking for a well-presented property they can call home.
FIVE: FINDING THE RIGHT TENANT
The most important part of your investment? The tenant. These are the people who will produce the income for your investment and the people who will look after your home.
Once you (or your experienced property manager) have found the right tenant, it is just as important to retain them. Retention of tenants means less changeover, less wear and tear on your home from people moving in and out and less costs.
An experienced property manager will not only pair the RIGHT tenant for your property by conducting strong rental checks and ongoing inspections, but also ensure they are right for you AND encourage retention by building a relationship with them.
Looking for a property manager who can do all of the above and more? Stress less today and speak to Kindred to learn how easy it is to switch your agency to a team who makes a real difference to your investment.
Contact Jekayla on 0410 829 416