Owning a residential property can be very lucrative. However, the market is full of attractive properties so you have to play smart if you want to rent it fast and get a really good price for it. Here are a couple of tips on how to achieve it:
1. Improve the exterior
You have to make sure your property looks at its best, both from the inside and outside. Have a professional photographer take photos so that everything looks as good as possible.
Before you make the photos, make sure you've cleaned out the gutters, pruned all the shrubs and trees and mowed the lawn. Re-mulch the garden beds if necessary and check out the facade. Lastly, make sure the property doesn't look dark - install good exterior lighting.
2. Keep modern appliances
Many tenants will pay attention to the appliances they have available, especially the ones in the kitchen. Look for stainless steel appliances and make sure there is enough storage.
Other appliances, such as a dishwasher and air conditioning, are considered to be essentials in every household, so ensure your tenants have them. Proper ventilation and lighting are also important, so don't be stingy when it comes to properly equip your property's interior.
3. Take care of repairs and maintenance
Careful tenants can spot if you haven't been properly taking care of the property. Regular maintenance is important because it prevents many unpleasant surprises and expenses. It is also important to point out to your tenants that you will react as soon as possible in case there are repairs necessary on the property. It will mean a lot to those who are planning to make a long-term commitment.
4. Add value to the property
It's always important to make small refurbishments on the property to add value to it and to make it more attractive to tenants who are looking for long-term renting. In Australia, property renting is considered lucrative under the condition that you turn to professionals when it comes to upgrades and refurbishments. A fresh coat of paint can do wonders, so professional residential painting is hugely popular among property owners. Other professionals are also contacted when it comes to updating tapware, the kitchen and the bathroom, as well as minor changes like living room redecoration.
5. Identify the right market price
You should be aware of the changes in the market and in local demand when it comes to properties similar to yours. You need to meet rental price expectations if you want to rent the property fast but also get a good profit from it.
It's important you don't rent it for too low of a price but you also don't want to alienate potential tenants by asking for more than the expected price. So, it's best if you do market research and check rental prices of similar properties, especially if you allow pets.
6. Advertising in the right place
More than 90% of rental properties can be found on the most popular sites for renting in the country so identify them. Many of those sites are usually viewed from a smartphone or a tablet, so make sure you have high-quality pictures. A bad-quality photo put on a rarely visited site can mean your property will be invisible for days. Put the advertisement on the popular sites and make sure the ad isn't too long and that it shows the strongest and most attractive features of the property.
As everything else that can bring profit, renting a property takes some effort first. You need to invest in it in order to earn from it. But keep in mind that you will have to spend much less than you'll earn if you do the right improvements.
About the Author: Hannah Thomas is an expert in business innovation and management with a love for writing. She is always eager to learn new things and to share the knowledge she acquired along the way.
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