People invest in property to take advantage of the capital growth in the value of the property over a period of time. To minimise the cost of the investment and to maximise returns, investors offset the costs associated with the property with rental income. Maintaining the best level of return for the maximum amount of time means low vacancy rates. Ensuring good quality tenants who won’t devalue your property is another important element to take into consideration
In Australia right now, it’s a landlord’s market with record low vacancy rates – which is good news for our investors. But with the market in such a fever pitch, it’s more important than ever before that investors work with a property management team they can trust – one that can keep vacancy rates low by optimising the speed with which tenants are secured, whilst at the same time, ensuring that the tenants are thoroughly vetted and of the highest quality.
At Walkom Real Estate we strive to maximise the returns for your investment property. We use customised, cutting-edge software that enables prospective tenants to take virtual tours or to directly book their own inspections at a time of their choosing. This online system enables our property management team to accurately assess real-time interest in the property, thereby enabling us to tailor our marketing strategies to ensure your property is viewed by the right tenants as quickly as possible.
In addition to utilising the Walkom Real Estate customised booking software that will save landlords a lot of time and money, we’ve got 4 tips that will ensure a speedy rental for your property.
1. Presentation and Maintenance
In order to attract good quality tenants, a general rule of thumb is that if you wouldn’t want to live in the property yourself, then you are unlikely to get the kind of tenants you’re looking for. Keeping up with repairs and maintenance won’t just ensure your tenants stay longer, it will safeguard the long-term value of the property. Before photographs are taken for the marketing of the property be sure to take care of the following:
- Clean gutters
- Mowed lawns and tidy gardens
- Consider freshly painting interior and/or exterior
- All repairs taken care of.
2. Contemporary Appliances
The kitchen is the heart of just about every home and your rental property is no different. Spending a bit extra in this space can make all the difference. Consider stainless steel appliances and plenty of bench space. Is there enough storage? In Australia, dishwashers and air conditioners are considered basic essentials.
3. Consider Pets
Did you know that more than 61% of Australian households own a pet? It’s common for landlords to decline pet-owning tenants in fear that they will do some damage to the property, cause noise disturbance and ongoing odours. By allowing pet ownership, however, the tenant pool is significantly wider, tenants are likely to stay longer and it’s possible you can charge higher rents. A good property management team will vet the tenant’s references in terms of their pets but there is a long list of pros and cons when it comes to allowing pets into your investment property.
4. Professional Property Management Team
A professional property management team should manage the leasing, tenancy and end of tenancy processes. They should have a database of potential tenants, operate an online and virtual inspection booking system, use the services of a professional photographer and advertise the property on a range of premium platforms such as domain.com.au and realestate.com.au. They will manage all inspections and inspection reporting, applications and agreements, bond lodgement, strata advisement, rental collections, arrears management, repairs and maintenance issues, payment of outgoings such as council rates and financial reporting. They are the middleman in your relationship with your tenant, ensuring that your property is taken care of and that your investment is maximised over the long term.
Here at Walkom Real Estate, we are blessed to have a wonderful property management team headed up by Susan Saetta who has more than 20 year’s property management experience and a great passion for her work. As she says …
“We are here to protect and maximise our property investors’ income and optimise the capital growth by keeping up with market rent, implementing regular rent increases, negotiating tenancy renewals, conducting Routine Inspections and reporting any preventative maintenance, renovations and improvements.”
Get in touch
If you’re interested in discussing property management, call our office today.