With spring just around the corner and the weather already starting to warm, summer preparations are beginning, with the Gold Coast and South East Queensland looking high on the lists for locals and tourists alike. Property investors who are looking to maximise their returns over the summer period from the high demand for rentals need to prepare for this and get ahead of the competition. By ensuring that their property is well maintained and offers potential tenants added value, property owners can increase the likelihood of a profitable season.
We’ll be exploring how property investors can maintain and add value to their properties, and why choosing experienced property managers with local expertise can make a significant difference.
How To Maximise Returns On Your Property
To maximise return on your property this summer, adding value and ensuring it is in tip-top condition and up-to-scratch with maintenance and repairs are key factors in ensuring strong returns.
Property Maintenance & Repairs
Well-maintained properties are more likely to attract tenants and command higher rental prices, so you must ensure your property is in good condition. In a warm climate like Queensland, air conditioning is a must for many tenants, so your system must be in working order. For those who do not have air conditioning, it could be a deal-breaker for many long-term tenants, so if adding an air conditioning system or unit is out of budget, adequate cooling must be provided with fans or through other means. Especially if the property has been sitting uninhabited for a while, a deep clean should be at the top of the list, with special care given to high-use areas such as kitchens and bathrooms, and fabric furniture and carpet can be steam cleaned.
If a property hasn’t been renovated in a while, a new coat of paint can quickly freshen it and significantly enhance its appearance. This could be paired with small changes such as replacing worn or outdated blinds and curtains.
Added Value
There is significant demand for properties, but there is also an ample supply, so making your property stand out is key. If you aren’t able to make large changes such as adding a pool, there are other ways that you can add value to residents. Providing outdoor furniture for seating and dining can allow tenants to enjoy the weather, and purchasing a barbecue could also be a big plus. Properties that are located close to the beach could offer beach towels, chairs, and umbrellas for tenants to make the most of the coastal lifestyle.
Accurate Pricing
Pricing is often the biggest dealbreaker for tenants, so you must find the right balance between not selling yourself short and not charging so much that tenants are dissuaded. Consulting local property managers can provide a realistic assessment of current market rates so that you can be priced right.
Marketing
Effective – and honest – marketing is crucial for attracting tenants. Taking new photos that highlight the lifestyle in the summer can help to sell the property, particularly if there is a wow factor with a beautiful view or outdoor space. Listings should highlight the property’s unique features and benefits including proximity to beaches, restaurants, amenities, and the airport can all contribute to the likelihood of the property being leased.
For those who want a hands-off approach, high-quality property management in Queensland is not hard to find if you know where to look. By making an effort to ensure your Gold Coast property is prepared for the summer tenant rush, you can increase your chances of attracting quality tenants and maximising your rental income.
To learn more about property management in Queensland get in touch with Ben O’Brien our Head of Residential Management on 0457 433 510 or via email to discuss how you can prepare for the upcoming summer.
About Rose & Jones Buyers Agents
Rose & Jones has been helping clients find and purchase properties in Sydney, South East Queensland, and the Northern Rivers since 1998. A renowned property buyers agency across residential, commercial and industrial sectors, every one of our property experts meets our high standards, so you won’t have to compromise yours. With access to a wide network of off-market properties, our team can help you find the perfect property. Also offering property management services and investment advice, make Rose & Jones your go-to when it comes to real estate in New South Wales and Queensland.
