Doing your research on the area in which you’re planning to invest is paramount to maximising your return and enjoying reduced transactions and stress.
Some of the questions you might ask a professional Property Manager include:
1. What type of property has the highest demand in the market?
2. Which properties see the lowest turnover of tenants?
3. Which times of year see the highest enquiry rates?
4. What is the demographic of the majority of tenant enquiries?
5. What are the key property attributes they are looking for?
It’s important to know this information when either investing or considering renovations so you can make better decisions as to where, when and how you invest your money.
For example, 2 bedroom units might have the highest demand and lease the fastest in a given area, however they might also have the highest turnover of tenants, which in turn creates more vacancies and potentially additional wear and tear on your property.
If you’re planning to purchase an investment property or renovate, have a chat with our Property Manager, who can give you the best tips on what features local tenants value most, the best yielding properties, average tenancy tenures, and the best time to bring your property to market.