When purchasing an investment property, the one question on many landlord’s minds is: “how can I get good returns on my investment property?” after all, this is the core reason why anyone would purchase an investment property, so it’s important to focus on maximising your return to get the most out of your investment.
Release Property Management specialise in property management, with our team consisting of a range of skilled real estate professionals who are passionate about matching landlords with trustworthy and committed tenants. With our knowledge and industry experience, we’ve been able to compile a list of tips on how to get good returns on your investment property. Read below to find out more!
Find an Experienced Property Manager
The first step to ensuring you get a good return on your investment property is to select the right property manager. A property manager who is experienced and knowledgeable will be able to provide you with advice as to when to raise your rates, advise on any changes you’re thinking of making and will help you find a committed tenant.
At Release Property Management, property management is our core and only service; therefore, we can offer an unmatched, hands-on service that produces results that sales-based agencies simply cannot compete with.
Keep your Property Updated
Keeping your property updated, both cosmetically and structurally is one of the most vital parts of getting a good return. While it can be tempting to save as much money on your investment property as possible, the truth is that an investment property is just that- an investment. Therefore, you will need to inject some money into updating it so that you can keep your rates up and maintain potential tenants’ interest.
The team at Release Property Management recommend updating your property slowly to reduce forking out a large sum of money at one time. This also makes things easier for your tenants with minimal interruptions to their living arrangements.
Some value adding home updates can include:
- Fresh paint
- Updating flooring
- New handles
- New taps
- Updating curtains/ blinds/ shutters
- Redo the entrance
Provide Heating and Cooling
Heating and cooling are an important part of any home; in fact, it’s almost unusual that a home wouldn’t have air conditioning. In Victoria, our summers are hot, and our winters are very cold, so a lack of quality heating and cooling will deter potential tenants, or you may have to settle for a lower rent price.
If the property you’ve bought doesn’t have air conditioning, split systems are an affordable option and are relatively easy to install and use. The other option is to have ducted air conditioning installed which is a little more expensive but could give you the option to increase your rent price due to the value add.
Curbside Appeal
Believe it or not, the curbside appeal of your investment property is highly important as it is the first impression anyone will have of your property. Out of two similar properties, the one with the better façade and curbside appeal will always win; therefore, put yourself a foot ahead of the rest and invest money into making the outside of your property look beautiful. The best way to do this is apply a fresh coat of paint, plant some greenery, lay some new turf and give your driveway a gurney. These small changes can make a significant difference to your property and really impress potential tenants upon inspection.
Consider Maintenance
Another important tip for getting good returns on investment is making improvements to your property so that it’s easy to maintain. A property that is easy to maintain is more attractive for tenants and as a landlord, you won’t have to organise for maintence to be done on a regular basis, saving you more money in the long run. Some low maintenance hacks include choosing light fittings that don’t require dusting, selecting easy to clean surfaces, using durable materials on finishes, and planting plants that require minimal watering and trimming.
Storage
Finally, storage is a very important element of any home and something that many potential tenants will be looking for. Adding storage to your home without changing structure is as simple as placing a shed in the backyard or even installing some extra cupboards in a spare room.
Want more advice? Get in touch with the experienced team at Release Property Management for more information about getting the best return on your Geelong investment property – call 1300 853 857.