Useful Tips for Improving Your Rental Returns

Do you want to improve your rental returns over a long period of time? Properties, unlike fine wine, will naturally deteriorate over time and will require care and maintenance to stay a valuable asset on the market. However, there are ways to increase your rental returns and maintain a strong relationship with your tenants without overspending.

At Property Club, we are dedicated to helping our members get the most value out of their investments. We are here to share some useful tips on how to increase your long-term rental yield without breaking the bank. After all, smart investing is about knowing where your money will generate the best results. Follow our advice, and your investments will be worth every cent.

Communicate with Your Tenants It sounds simple, but one of the most effective ways to increase the value of your property is to talk directly to your tenants. Whether you engage in this conversation yourself or do it through your property manager, having a conversation with them is a great step towards finding the specific improvements that your investment property needs.

You should always keep your property in peak condition so that current and prospective tenants will find it an appealing and comfortable place to live. But you should also ask your tenants about the specific inclusions that they would like to see in the property. This way, your tenants are seeing that you are making an effort to cater for their needs. This will increase the likelihood of them extending their lease, agreeing to rent increases, and being responsible tenants for the long term.

Security is a Guarantee More than anything, tenants want to feel safe and secure inside their rental property. If you haven’t already, install security screens to the doors and windows so that they are better protected from any potential intruders. Doing so will give your tenants the peace of mind that themselves, their loved ones, and their belongings will be properly secure at all times.

Pet-friendly is Tenant-friendly Never underestimate the power of a furry friend on the overall satisfaction of your tenants. Allowing your rental property to be home to cats, dogs, and other pets will add a load of personal value for your tenants. While being pet-friendly won’t necessarily increase your long term rental yield, it will drastically decrease your vacancy rate. Tenants who know that their pets are welcome in their rental home are far more likely to stay there, rather than trying to find a new home elsewhere.

Install Air-conditioning to Maximise Comfort In several parts of Australia, air-conditioning is an essential addition to any rental property to ensure your tenants are experiencing maximum comfort while living there. Air-conditioners not only cool or heat the indoor air of your property, but ventilate that air to guarantee that your residents are always breathing in clean, healthy air.

If a new air-conditioning unit isn’t within your price range, then ceiling fans in each of the major rooms make for a good alternative to cool off during those hot summer days. Whether you install air-conditioning or fans, this investment will go a long way towards improving the value of your property and increasing your rental returns.

A Fresh Lick of Paint There’s nothing quite like coating your investment property in a fresh lick of paint. It will help it look and feel new and inviting - ultimately making it a more desirable place to live. If your rental could do with a facelift, then consider touching up the paintwork to be more appealing to new and existing tenants.

Increase Your Rental Returns with Property Club Property Club is dedicated to helping our members discover the best ways to improve their rental returns in both the short and long term. Joining the club today by contacting us at enquiries@propertyclub.com.au.