7 Ways to Increase Rental Returns
1. STREET APPEAL
Street appeal is incredibly important as it is the first time your new tenants are going to see your property…and first impressions count. If it is a house, ensure the gardens are nicely presented, trimmed back, and bins are put away and consider painting the front fence if it is looking a bit tired.
Apartments are going to be slightly different. Consider adding a doormat that makes the apartment inviting or a planter box with some nice flowers if it is a small complex. A good first impression sets renters up for liking the property and wanting to pay more for a place that’s been well maintained.
2. MODERN KITCHEN
It’s no secret the kitchen is the heart of the home and tenants are happy to pay extra for a modern kitchen with appliances fit for today, yes dishwashers can make or break some tenants.
Now kitchen renovations don’t have to break the bank, a fresh coat of paint on the cupboards, changing the fronts of them, changing the benchtop and adding some new tapware. These minor changes can make a huge difference, not just by the appearance or longevity of your investment.
Tenants also appreciate modern appliances. Consider adding or updating the dishwasher, oven and cooktop. Tenants will pay more for modern appliances.
3. STORAGE
Storage, Storage, Storage…you can never have enough of it. That is especially relevant for tenants who live in apartments. If your property doesn’t already have them, an easy solution is to add built-in wardrobes or extra storage cupboards internally.
Another inexpensive option our tenants definitely will pay extra for is to add a storage unit in the car space for an apartment. Or for a house, you could consider adding a shed or built-in storage shelves in the garage.
4. COOLING
It comes as no surprise that cooling in Queensland is a necessity for tenants to escape the humidity and scorching temperatures most of the year. A tenant will always pay more for a property that has cooling. If the budget allows it, consider adding air conditioning to the living areas and at least the master bedroom. An inexpensive but welcomed addition to any property is ceiling fans.
5. LET THERE BE LIGHT
Tenants love natural light! However, if this is not possible, a simple solution would be to add light fittings in dark rooms, change all bulbs to bright and natural white colour
This will create a sense of openness and space as opposed to a dark room that feels closed and small. Tenants will feel welcomed and at home in a nice and bright space, therefore increasing their desire for the property.
6. MAKE THE PROPERTY PET-FRIENDLY
It is no secret the undying love that people have for their pets. Tenants are now increasingly looking for pet-friendly properties for themselves and their furry friends and are happy to pay extra for a place that can accommodate them.
Pets of course do come with an element of risk, but ensuring there are proper safeguards in place will minimise that risk. Suggestions can be included in the contract; flea treatment, carpet cleaning, and any damage the pets cause have to be paid for by the tenant.
7. HIRE GT TO LEASE AND MANAGE YOUR PROPERTY
- We have a dedicated leasing manager who is consistently achieving above-market rents all over Brisbane.
- We are experts in placing high-quality tenants who maintain properties like their own which minimises your maintenance and upkeep.
- We have an in-house Media Team! Arthur is one of the best in the business when it comes to real estate photography and videography. First impressions are everything and his photos create that impact from the first time tenants view them online.
- Your personal property manager who manages your property from start to finish
- Our property managers have 11 and 8 years of experience respectively, experience is golden for successful property management
Need a Property Manager? On average Blair has increased our landlord’s rental income by $70 per week in 2022. This equals over $3,500 per year! Call Blair today to see how he and the team can help you on 0468 791 950.