If you’re a landlord, your rental property is likely to be one of your most valuable assets. A desirable property in a popular location will generally deliver steady capital growth along with good rental income. However, if you’re looking to really maximise your investment, taking a proactive approach will allow you to boost your returns – both now and into the future.
Appointing a great property manager is an absolute must for investors seeking to maximise their returns. At Greg Hocking, we take out commitment to our landlords seriously – you’ve entrusted us with a significant asset, and we want to continue to earn your trust. Our experienced property managers are here to work with you to maximise your returns, minimise your risk and make owning a rental property straightforward.
Aspects we encourage our landlords to consider to boost their returns include:
- A modern makeover – if your property is starting to look a little dated, renovating could be a sensible option. You don’t necessarily need to update the entire property – putting in fresh carpets, a modern kitchen or contemporary bathroom can make a big difference to your weekly rent and your property’s overall value. If your budget is tight, simply replacing a dated or damaged benchtop or changing handles on doors and cupboards can make a difference.
Your property manager can guide you regarding improvements that are likely to appeal to your target market. If you want to attract families, think practical – they may appreciate a dishwasher more than a fancy benchtop. Singles or couples might be more drawn to designer features or extras like pay TV.
Spending on renovations can also save you money at tax time. You’ll be able to deduct the cost of improvements from your taxable income and claim depreciation on some items. Your property manager can provide guidance here, but you should also speak to your accountant about the tax implications of spending on your investment property.
- Stay on top of maintenance – it can be tempting to take an ‘if it ain’t broke, don’t fix it’ approach to maintenance, but this will often come back to bite you. By staying on top of maintenance and repair requests, you can stop small problems from becoming bigger – and more expensive – ones.
Chat to your property manager about any issues they noticed during the routine inspection that may cause issues down the track – something as simple and inexpensive as caulking the shower or trimming trees back could save you money and hassle in the long run.
And of course, a property that’s well maintained will attract quality tenants who are more likely to pay rent on time, look after your property, and possibly sign another lease at the end of their current one.
At Greg Hocking, we understand that effective property management is about more than just collecting rent. We work with our landlords to protect and maximise the value of their rental property today and into the future. Contact your local office today for more information.