You’ve worked hard and saved enough money for a deposit, you’ve had your mortgage approved and you’ve finally found the investment property of your dreams, but how do you maximise your investment?
There are a few things any property investor can do to squeeze a little bit more from their investment.
The first thing to remember is that sometimes you have to spend money to make money! Make sure you keep your property in great condition and consider a few minor improvements from time to time. A fresh coat of paint is inexpensive but will go a long way. Do you have a dishwasher or dryer installed in your property? Tenants are willing to pay a premium to have access to these modern conveniences. A built in wardrobe can have the same effect. If your property is an apartment, tenants are always on the lookout for a property with maximum storage.
Minimise turnover of your tenant. Of course, you want a tenant in your property as soon as possible, but is it the right tenant? Jumping the gun and offering your property to the wrong tenant can result in you having to find another tenant all over again in a few months. Taking the time to choose the right tenant can save you money in the long run. The right property manager can help you do this.
Use the right property manager! There are hundreds of property managers out there, but how do you find the right one? Look for an agent who is committed to property management and has proven results, both in leasing a new property to the right tenant but also managing the property successfully. Be wary of agents who promise an unrealistic rental return – look for an honest property manager who will work with you to achieve the best result. If you’re looking for an award-winning property manager, give Kristy at PPM a call on 0422 008 813 to learn how she can help.
