The warmer weather ignites rental activity – don't miss out on the opportunity to improve your rental returns. Our National Director of Property Management, Maria Carlino, outlines the best ways to lock in a strong rental income on your investment property for spring.
With rental demand outstripping supply and vacancy rates at an all-time low, now is the perfect time to get your investment property spring ready. There are steps you can take to make sure your property is not only leased long term, but for the best price.
“Spring is always an exciting time as with the warmer weather comes more energy, more sunshine and people are generally very active in the property market” says Maria Carlino.
302/320-322 Military Road, Cremorne, currently available for lease with The Agency on the Lower North Shore
“We are seeing rental demand outstrip supply along the east coast market,” explains Maria. “Particularly in the Sydney Inner West and Lower North Shore suburbs, one and two bedroom apartments are fetching the greatest interest from prospective tenants. For our beaches and waterside suburbs, Spring rejuvenates great interest from people who are wanting to take up a lifestyle that gets them closer to the water for the summer months.”
Here are some important tips on how to increase your rental income:
1. Plan your lease renewal ahead!
Request an extended lease term that expires in spring or late summer – these are busiest times of year for relocating and leasing. This way you are less likely to experience unnecessary vacancy periods.
2. A pre-spring clean is non-negotiable
As the saying goes ‘first impressions are the most lasting impressions’. Outside the home trim gardens, mow lawns and clean gutters. Use a high-pressured hose on terraces, balconies and driveways. Make sure windows are clean. Internally, touch up paint and consider re-grouting tiles in the bathroom and kitchen. Bring new life to your appliances and have them professionally cleaned. Your property manager can organise these services for you.
3. Professional photos will make the difference
To ensure your property is shown in its best light use a professional photographer. If you or your agent are currently using old photos that need a refresh – get the property re-photographed. Use a photographer with a keen eye for interiors and effective lighting, a good agent will be able to recommend the most appropriate service. Accessing a stylist can go a very long way, and remember, once you have beautiful photos these can be re-used down the track and the cost is tax deductible.
Recently leased with The Agency, this stunning Centennial Park home features an amazing BBQ and pool area.
4. Make your online advertising attractive
Your website advertising needs to be inviting, with as many of the important property features highlighted. This is where updated and professional photos really help. It is worth paying for the best possible position on the online portals, you will attract more tenants.
5. Choose an agent with an extensive tenant register
An experienced, well-regarded agency will have an extensive register of ‘hot’ tenants looking for their new home. When managed correctly, finding and marrying a new tenant to an available rental property provides better results sooner.
When choosing an agent, have a ‘check list’ of questions that are important to you and relevant to your property. Property management service offerings can be and should be tailored to your needs.
6. Don’t get caught up on agent fees
The cheapest agent may save you money in the short term but not the long run. I’ve seen many owners opt for cheaper agents with cheaper fees, only to be faced with unexpected headaches. These include things like: poorly matched tenants; low rental prices (as regular rental reviews have not been conducted); and poor management of repairs and maintenance, which over time, add substantial expense to the owner.
As is often the case, you pay for the quality of service you receive and this will save you money over time. All property management fees on your investment property are tax deductible.
If you are needing property management advice talk to our helpful team.