Joel Davis,
Strategic Director at Image Property.
New Versus Old – Rental Properties
[lwptoc]With a surplus of stock in the current greater Brisbane rental market, tenants are being spoilt for choice. There has never been so much new stock and it is an important consideration for investors when listing your property.
The price gap between new and older properties is decreasing. Prospective tenants will compare properties that are available to them and investors must remain ahead of the game.
How can you make sure your property stacks up against the new properties that are readily available in today’s market?
- Ensure your property is priced appropriately.
Image Property Managers have an extensive knowledge of the Brisbane market and their allocated regions, as well as access to restricted information regarding comparable properties that have been recently leased in the area. They are experts at pricing rental properties in accordance with their features, their location and the current market.
- Promote space
Older properties tend to be bigger, which is always a plus for prospective tenants. Tenants tend to be practical and will generally care more about a lounge room that fits their furniture than they will about a view.
- Focus on the tenant’s needs
Pay attention to storage, security, accommodating pets, car parking, and the location. Ask why a tenant would be better in your property than the brand new one down the road.
- Maintain your property to retain quality tenants
A rental property has a lifecycle of 7–9 years, at which time the paint and carpet will be worn and in need of refreshing. When a property reaches this point, the tenants it appeals to will be less inclined to look after your property.
You do not always need a new bathroom or kitchen and with some planning you can update at a fraction of the price. Some quick tips that will update your property and save you money include: replacing only the bench-tops in the kitchen; re-grouting the bathroom; and low‑maintenance, inexpensive landscaping.
Image Property is here to provide advice and help to ensure your property is ready for market and to make your 52-week yearly return look as healthy as possible.
