When buying an investment property, you’re likely to spend time and resources finding a property that will add value over time and maximise your initial outlay. But the work doesn’t end once you’ve found the perfect property. Here are our top tips to maintain the value of your investment property.
Keeping the value of your investment property high requires ongoing focus and attention. However, by being proactive with rental maintenance and repairs, looking after outdoor living areas and adding new features that appeal to tenants, you can not only maintain the value of your property but increase tenant retention.
Be Proactive With Rental Maintenance And Repairs
A key area of concern for tenants is repairs and maintenance, with research showing that more than 1 in 7 renters are afraid to ask their landlord for repairs for fear of being evicted, blacklisted or facing rent increases. Their concern is often justified – 21% of those surveyed waited at least a week after reporting necessary repairs and 11% had an increase in rent after requesting repairs. This feeling of insecurity leads to an unstable relationship between tenant, landlord and property manager, increasing the likelihood your tenant won’t stay for long in your property.
This is why it's beneficial to have an experienced property manager on your side to proactively keeps in touch with your tenants and identify any current and potential future issues. Through open communication and a good understanding of the property, tenants know that the property manager is there to help, making them happier and more likely to stay in the property.
While urgent repairs will arise unexpectedly, it’s possible to be prepared for non-urgent maintenance requests that make a difference to your tenants. Here are some common repairs we look out for:
- Broken or blown light bulbs that tenants can’t reach or change themselves
- Issues with kitchen appliances
- Faulty air-conditioning or heating units
- Overgrown plants, including trees close to power lines
- Broken windows
Don’t Neglect An Outdoor Space
It’s not just the inside of your property that counts. Consider the condition of any outdoor spaces or the building exterior and how they might be perceived by your current tenants, or those looking at open for inspections when the property is up for rent. If the exterior doesn’t reflect the quality of the property, you risk losing the interest of prospective tenants and reducing the pool of quality tenants to choose from. Proactive property managers will advise on areas for improvement, including:
- Fixing any broken windows or railings
- Re-painting any chipped surfaces
- Ensuring lawns and gardens are well-maintained
- Adding plants to liven up outdoor spaces and make the property feel more welcoming
Identify Areas To Increase Value
Even if no repairs are required, there are often new features that would improve the tenants’ experience of living in your property, thereby increasing retention and commanding a higher rent. We often suggest changes that add value to the property and benefit both landlord and tenant. These changes often include:
- Adding heating or air-conditioning
- Re-painting walls
- Installing a dishwasher
- Adding storage space, like built-in wardrobes or a shed
Attract The Best Tenants Possible
When it comes time to finding and securing new tenants, experienced property managers know that attracting the right people is key to keeping the property well looked after in the long-term. Marketing plays a key role in this process, by attracting tenants through high-quality up-to-date photography, including the exterior and all rooms, and accurate descriptions of the property. Once applications are received, good property managers will check all references and work history to ensure only reliable tenants are placed in your property.
Like To Learn More?
To find out more about how an experienced property manager really can help add value to your investment property, contact our team of specialists today.