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TIPS ON HOW TO BE A SUCCESSFUL

By Michael McMahon

As a Ray White Lutwyche Property Manager Specialist we are here to help you maximise your rental return…
Whether you have the one investment property or you are looking at investing in more properties, the simple question remains – How do I maximise my rental returns?

As a landlord, it pays to do your research on the area and talk to the experts. To maximise returns is about achieving the highest possible rent and renting the property in the quickest possible time to avoid extended vacancy periods.

Our advice on how to be a successful landlord includes:

• Ensuring that the property is well-maintained to attract quality tenants
• Promptly acting on tenant requests to ensure that they remain ‘happy’, caring tenants of the property who want to stay long-term, reducing vacancy periods and the impact on wear and tear that can take place with multiple tenancy changeovers in a short period of time.
• Taking advantage of tenancy changeovers (when the property is vacant) to upgrade areas inside and outside the property. It is the tenant’s role to keep the property clean and the landlord’s responsibility to maintain the property, including internal and external painting, replacement of carpets, worn out appliances and window coverings, gardening, shrub and tree maintenance, gutter cleaning and external property clearing just to name a few.
• If you are considering major renovations talk to us first to discuss what type of rent you can command and whether it is viable, taking into consideration the area in which the property is situated and other economic factors.
• Engage qualified tradespeople to undertake repairs and maintenance to ensure that it looks professional and not an obvious DIY fix-up.

Don’t underprice or overprice your property as both can lead to vacant periods.

DO YOU OWN ANOTHER INVESTMENT PROPERTY?

Consolidating your investment portfolio to a centralised agency can save you time and money. If you have another investment in our area, contact us today to find out how we can assist you with the process. It is simple and easy as we do everything for you.

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