Getting the most out of a rental property usually involves partnering with experts, notably a professional property manager who can help get the highest possible rent and manage the day-to-day running of the property.
As every professional property manager knows, in order to achieve the highest possible rent, the property needs to stand out from the competition. Presentation is paramount and both the interior and exterior of the property need to be maintained in tip-top condition to meet the expectations of today's tenant. A fresh coat of paint, modern conveniences such as high-speed internet or Wi-Fi, updated kitchen appliances, automated reticulation and a well-manicured garden are among the many 'must-haves' that tenants are demanding.
It's also not possible to achieve the best possible rent in a property which has outdated fixtures and fittings. Understandably, large and costly renovations aren't always possible nor are they always the best financial strategy but it is imperative to budget for improvements such as updating light fittings, installing new carpets or floor coverings, freshening up bathrooms and kitchens and painting the property in order to attract quality tenants. If the property is outdated and doesn't have any desirable 'extras', the rental price will have to reflect this.
Adding additional extras such as a security system or a rain water tank can also increase the property's appeal. Also, given that people are so time-poor these days, you may find that including pool care or garden maintenance in the rental amount is a draw-card for tenants.
An experienced property manager is able to play a key role in helping investors achieve their desired returns by not only making suggestions as to what improvements can be done in order to attract quality tenants at the highest possible rental, but also by ensuring that the property is maintained to a high standard. They do this through regular inspections, recommending proactive and preventative maintenance and constantly assessing the market to make sure that the property is competitively priced.
If you want to achieve the highest possible rent and would like to talk to one of the most experienced property managers in Perth about how to do this, then 08 9362 5333 is the number to dial. Time Conti Sheffield has been in the business of real estate and property management in Perth for over 60 years and we have all the answers as to how you can maximise your investment and build long-term financial security.