…and attracting the ideal tenant in the process!
Whether you’re looking to add to your property portfolio or maximise what you’ve already got there are a number of elements that are critical to success: expanding your property portfolio, it is essential to develop your own investment strategy – what works for someone else may not work for you!
Use reference sites like Pricefinder.com, RPData.com.au, Property Data Services and RealEstate.com.au to get information about suburb yield and capital growth. Your Property Manager can provide you with demographic information of the suburbs they cover and what type of properties are the most popular.
Get to know your local Council and find out what plans they have in your area.
Renovating your local park, fixing up the nearby beachfront or renovating the local shopping precinct area will have a major impact in the future capital value and rental yield of your property.
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 Bunning’s and a couple of hours with an electrician will do wonders, both for the property and for 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!