Look for Value – Most people will want their properties to be high yield- So use sites like RPData.com.au and Realestate.com.au to get information about suburb yield and capital growth. Your Property Manager can also give you advice about the demographic of the suburbs they cover and what type of rental property is most popular.
Just as important as location is timing- check the local council newsletters and zoning studies to be in the know. E.g. is that run down park across the road is going to be turned into a shopping centre, or is the council planning a beautiful recreation area? This will have an impact on the price and rental value of all surrounding properties.
Also be aware that the older the property, the higher the maintenance costs will be so adjust your budget accordingly.
Add Bells & Whistles – Last but not least, you need to understand what attracts those so called ‘perfect’ tenants. Here are a few bells and whistles that can improve your prospects.
Aesthetics always rate highly with full time workers, and they are often prepared to pay more for the things listed below.
While a view isn’t always possible, you can make the window attractive with modern blinds or curtains- easy to find and cheap at Target or Freedom.
A balcony or outside space and a pool and gym will appeal to hard working (and often high earning) tenants who want everything at their fingertips.
Lighting can also provide the differentiating point for a property, moving it from average to spectacular. Dimmers and wall sconces create a warm, modern atmosphere, and a trip to Bunnings and a couple of hours with an electrician will do wonders, both for the property and the end rental price.
Finally, if you are thinking of expanding your portfolio it is well worth sharing your objectives with your current Property Manager – they might just have the perfect opportunity.