Increase Your Rental Return with RealWay

Ever wondered why some properties sizzle, and others fizzle?

Increasing your capital cash income and maximising your investment property’s rental yield is a common aim when choosing property investment as part of your wealth creation strategy.  There are a number of factors that can influence the potential rent a property can command.

There are basics like property location - choosing to invest in good neighbourhoods with local schools or selecting an investment property with proximity to public transport networks in city regions often helps to enhance rental returns.  Not all properties fit this criteria and so it can be worth considering what else might make your property shift from the fizzle to sizzle zone.

Here are some top tips to consider to maximise your rental value.

Present like a pro

With the market for rentals being so tight, potential tenants are quick to make decisions. Having a well-presented property will give you the greatest opportunity to attract the best tenants and snap them up without delay. Scrimping and saving on costs may not be the best way to go. Instead, consider installing quality bathroom and kitchen fixtures.  Sturdier fixtures may reduce the frequency of required repairs, avoiding the need for replacement with the assistance of trades once tenancies begin.

Have the property professionally cleaned

Always keep lawns mown and the outdoor areas tidy for any inspections. Prior to letting, having the place professionally cleaned including carpets and windows can increase its appeal and help encourage tenants to look after it once leased.

Use neutral and soft furnishings

It can be a good idea to avoid highly personalised furnishing and colour schemes in order to appeal to a broader range of tenants. Keeping colours light and neutral is a good idea, because it makes the space feel lighter and larger.

Consider staying away from cheap, vertical blinds that break when the windows are open. While they are inexpensive to install, they may not help with the presentation of the property and often will need to be replaced sooner. Likewise, reconsider the type of carpets or flooring you will be installing. It should be tough enough to handle a lot of wear and tear, but still presentable. Some of the more modern office carpets are worth consideration.

Make sure things work

It's not good having a beautifully presented dwelling if a tap doesn't work. Ensure that all the basic facilities such as the hot water system and plumbing are functioning well. Check that all doors and windows are properly maintained and have secure locks. Ovens, kitchen elements and refrigerators should also be fully functional and well cleaned. Consider getting these checked and serviced on a regular basis. By ensuring that your property is in good condition through regular maintenance, you avoid costly repairs further down the track.

Throw in some extras

Most tenants come with their own appliances and knick-knacks. However, some extra amenities - such as a dishwasher and air conditioning - can be a deciding factor for many tenants. Keeping in mind, any facility or amenity you put in is your responsibility to maintain or repair.

Choosing a great property management team can be a significant asset in ensuring your rental property yields maximum results in the current market, today and long term.

Not sure if your property is achieving the results it could be?
Your local RealWay Property Management Team may be the asset you are looking for.

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