Property Management Advice
Five property improvements your renters will love
With quality rentals in high demand, there’s never been a better time to make improvements to your investment property. Often simple additions can convert to higher rental returns and lower maintenance costs, whilst improving the capital value of your property.
Here are five simple property improvements your renters will love.
Solar
With electricity prices soaring and adding to the overall cost of living, solar panels provide an appreciated reprieve for many renters, and properties that show a commitment to environmental factors are more likely to attract high quality residents.
These happy renters also pay an average of $19 per week extra for properties that have solar. Combined with government rebates, solar provides a solid investment that adds to the capital value of the property.
Privacy screens and hedges
Sometimes a small investment can go a long way. While it is mandatory in states like Queensland to provide basic privacy in the form of window coverings, creating additional private areas can greatly improve the usability of a property.
A relatively cheap example is a simple fence or hedge, enabling a new functional and enjoyable space. The reality is, additional, usable square meterage not only makes a property more attractive to renters, it also translates directly into higher rent.
Climate control
Almost every corner of the country will experience some hot and uncomfortable days throughout the year. Good quality insulation, combined with roof vents and an up-to-date air conditioner are valuable investments for rental properties.
In many northern areas these inclusions are considered essential and data indicates air conditioning alone yields an additional $20-$50 for the rental owner.
Garden maintenance
A well-managed garden not only adds street appeal to your property, it can also provide many practical benefits.
Overhanging trees put additional strain on gutters and add to the risk of falling branches, while unruly or overgrown gardens also increase the likelihood of unwanted pests.
While many renters will be happy to carry out basic garden maintenance, depending on the situation, hiring a professional once or twice a year can be a worthwhile investment.
Clean and neat gardens can minimise snakes, mould, termites and excessive flooding, while clearing paths and driveways is another cost-effective way to help make your rental property more safe and practical.
Invest in good tenants
Good tenants are an invaluable asset for any rental property. Responsible and happy renters are more likely to be respectful of your property, pay on time and stay longer, minimising vacant periods and reletting costs.
A good property manager will regularly check in with renters to see if there is anything additional they would like or if there’s anything that can be done to improve the property.
And a small expense that fulfils one of these requests can be a simple and easy way to yield long term rental profits while also indicating the owner is listening and values a positive long-term relationship.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
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