5 Guaranteed Ways to Increase the Value of Your Rental Property
Attracting long term and high-quality tenants is every Landlord or Property Manager’s goal. However, you think you may be doing everything, but your rental property may be the one that’s lacking something to give your business an extra edge. These are some essentials that would make any tenant’s home life more comfortable and convenient.
Energy efficiency
In a report by PowerHousing, it was found that over eight million homes in Australia are not energy efficient. Therefore, there is a large gap in the market, where adding small and inexpensive upgrades will appeal greatly to prospective tenants.
Ways to increase energy efficiency include swapping out showehreads for low flow alternatives, switching to low energy bulbs, and, if your budget allows it, installing solar panels.
Curb appeal
Within the first seven seconds of seeing a home or meeting someone, a solid first impression is made, and is extremely difficult to change. While increasing the curb-appeal can sound like a full-scale renovation project, small details can still make an impact. Give the front door a fresh coat of paint and replace the door handle if you can’t get a new door. Plants and greenery are the biggest way to make an impression.
Storage
In a study by HSH, it was found that homeowners’ biggest pet peeves were surrounding a lack of storage space. If a home doesn’t have plenty of storage, prospective tenants can find it easy to picture the home becoming cluttered, especially with children. Add extra storage, such as shelves or built-in robes, especially in the kitchen and bedrooms. If your budget and rental property allow it, consider adding a storage room or a shed.
Professional photography
Even before inspecting your rental property, discerning tenants require a good first impression when you’re marketing your property. So, it’s imperative your photos highlight the most important features and amenities, including the new value you’ve added to the property.
Employ the services of a skilled photographer. To ensure they’re showing off the best your property has to offer, you can determine the best time of the day when the property gets optimal lighting. Keep curtains and doors open, and switch on lights even if it is daytime to create a spacious, bright atmosphere.
Declutter
This is an important step before inspections or an open house. You do not necessarily need to clear the entire property of all furnishings. A strategically placed rug, potted plant or vase of flowers can make the rental more appealing. If you’re showing a property that is still occupied, speak with the tenant about storing personal items beforehand. Generally, the more minimal the main living spaces look, the better.
For your free investment property health check, please contact 07 3123 7373 or lauren@rentalresults.com.au
