Owning a rental property is one thing; having an investment property that really works for you is another.

Whether you have an established portfolio or you are considering purchasing your first investment property, getting the best returns from your investment is crucial. Even the savviest of property investors benefit from regularly assessing new ways to enhance the appeal of their investment properties to prospective tenants.

There are endless ways to maximise your rental returns.

Here at Abode Property Group, we have compiled our top 10 tips on how to achieve this.

1. Make a good first impression when advertising your investment property. Good quality photos and a well-written rental advertisement blurb are critical.

2. Maintenance and repairs. Attend to those maintenance items around the home that you may have been putting off.

3. Freshen up the property. Basic cosmetics such as fresh paint, new carpet, and/or updating window treatments will instantly increase the appeal and boost your return.

4. Study the local rental market to understand the current market and trends. This is where the expertise of a knowledgeable Property Manager will come in handy.

5. Pet-friendly rental properties in Perth are in demand. With some landlords not allowing pets at all, we find that rentals that are pet friendly tend to lease faster and have more prospective tenant interest. Pet lovers often consider their pets as ‘part of the family’. With this in mind, tenants often prefer to pay a little extra for a rental property than part with their pet.

6. Have an understanding of what tenants are looking for. Does your property tick all the boxes? Consider street appeal, inclusions such as lawn mowing, or installing air conditioning to the minor bedrooms. Consider what features will add the most value to your investment property, as each home is unique and caters to different ideal tenants.

7. Make the most of allowable tax deductions. For example, having regular lawn mowing carried out will not only maintain the street appeal but may also increase the rent amount and be tax-deductible.

8. Offer tenants long lease terms. Securing good tenants for a 12 month lease is peace of mind for you, knowing that you will have the rental income for the entire 12 month period. Longer lease terms can also reduce your expenditure because re-letting costs such as advertising and leasing fees are only payable for each new tenancy.

9. Avoid common real property pitfalls by knowing your rights as a landlord and become familiar with the Residential Tenancies Act.

10. Hire a pro-active, experienced Property Manager to manage your investment property. At Abode Property Group, Stacey Palfrey, the Licensee is also the Property Manager directly involved in looking after your rental property. Stacey prides herself on providing exceptional service and exceeding her clients' expectations.

With the right strategy and backing by a dedicated, client-focused agency, landlords like you can significantly increase and maximise rental returns. Speaking with an experienced boutique property management specialist is a great way to ensure you have everything in place to maximise the return on your Perth investment property.

For more information about our property management services or to discuss a strategy for your investment portfolio, contact us today.

Abode Property Group

08 6111 3518  |  [email protected]