It’s been splashed all over the daily papers and featured regularly on television news segments, but in case you’ve missed the latest from the finance sector here it is:
AUSTRALIA’S INTEREST RATES ARE AT AN ALL-TIME LOW OF 1.75%.
On the back of this development, Australian homeowners are saving money on their current mortgage repayments.
Savvy investors are also capitalising on the cheaper repayments to make new additions to their property portfolio.
In this stage of the property cycle, where it can be cheaper to buy rather than rent, additional investors in the market has caused various properties to sit idle without tenants.
Never has it been more clear that it’s one thing to own multiple properties and another to attract renters to live in them.
As a seasoned investor and principal of a real estate company with a property management division, I’ve learned a thing or two about managing portfolios over the years.
So here are four tips to help ensure your property investments don’t languish vacant:
- Be realistic about the rent you can get:
Take a look around Brisbane today and you’ll see ample residential developments under construction. More than ever prospective tenants have a variety of choices regarding where they can live. If you price yourself out of the market, they’ll take their business elsewhere.
- Keep your property modern:
Ideally speaking, nobody wants to live in a dated property so keeping your property modern helps secure tenants. Maintaining upkeep through paint jobs, renovations and furniture updates helps position your property as an attractive rental proposition.
- Professional marketing is vital:
What’s the point of having an amazing property if nobody knows about it? Engaging a real estate agency with a quality marketing department who position your property in a striking and engaging manner will separate your property from others on the market.
- Consider reducing your rental price:
As the property cycle shifts around, downturns can happen. To keep tenants who are nearing the end of their lease, contemplate giving them a discount for their next term. It’s cheaper to give them $10 or $20 off per week than to leave a property vacant for an indefinite period.
Hope this helps all of you budding investors!