Maximise Returns from Investment Property

As the Australian population continues to grow, purchasing new investment property to increase rental income could be a good option for many people. To maximise the rental income from your investment property, you can consider some of the following tips:

Choose an ideal location:

Selecting a property in a popular residential area, close to transportation hubs, schools, shopping centers and other infrastructure can help increase rental appeal.

Understand the local rental market:

Research the local rental market and find out how much similar properties are rented for. Reasonable pricing can increase the chances of attracting tenants.

Offer high quality homes:

Keeping your investment property in good condition and offering modern, clean, well-equipped homes can help attract more tenants.

Focus on tenant needs:

Understand the needs of your target tenants, such as young professionals, families or students. Renovate and install the facilities accordingly to the target market.

Offer extras:

Consider offering additional services or amenities such as furniture, internet, appliances, etc. to increase rental appeal.

Flexible tenancy terms:

Consider offering a choice of tenancy terms, such as short-term, long-term or flexible contract terms, to cater for different tenants' needs.

Regular maintenance and refurbishment:

Ensure the property is kept in good condition by carrying out regular maintenance and refurbishment. This helps to increase the attractiveness and value of the property.

Professional property management:

Consider appointing a professional property management company to handle rent collection, maintenance and complaints management to reduce the burden on the landlord.

Understanding tenancy regulations:

Understand Australia's tenancy regulations to ensure the property is rented out legally.

Build good tenant relationships:

Building good relationships with your tenants, dealing with problems in a timely manner and maintaining good communication will help increase tenant loyalty.

Keeping an eye on market trends:

Keeping an eye on real estate market trends and making timely adjustments to meet changing market demands.

Remember that every investment comes with risks, so it's essential to conduct thorough due diligence and seek professional advice when necessary.