Petersham Blog

5 Ways A Property Manager Can Help Maximise The Return On Your Investment Property

Finding ways to maximise your rental returns can be tricky, whether you’re a first-time or seasoned investor. Luckily, you don’t have to figure out the complexities on your own. An experienced property manager employs these strategies to help you maximise rental return from your investment property.

Offers Sound Industry Advice

As an investor, it’s easy to overestimate or underestimate rental income expectations without first-hand market knowledge. These rookie mistakes can result in a reduced return on investment and higher vacancy rates. An experienced property manager knows the local area and can provide an independent market appraisal. This gives you an honest rental income estimate in current market conditions. A property manager also offers sound advice on facilities in demand with tenants in the area. This gives you the unique opportunity to cater to their needs more effectively, which could push up your rental income. For instance, a pet-friendly rental or Wi-Fi inclusions could fetch you higher rent for your investment property.

Offers Counsel on Selection and Retention of Tenants

Choosing the right tenant is vital for any landlord. Bad tenants could end up failing to pay their rent or damaging your rental property. A good property manager will access sophisticated technologies to check backgrounds, establish rent affordability and gather employment details. You’ll also benefit from a detailed tenant screening process where only the best ones are shortlisted. Holding on to good tenants is equally critical for investors. But good tenants often leave when landlords fail to offer good service. For example, delaying repairs or inadequately addressing grievances. Your property manager offers professional tenant selection and retention counsel to reduce vacancy rates.

Offers Professional Marketing Services

An experienced property manager has demonstrated expertise in marketing to prospective tenants using a range of tools. They will utilise tools like website advertising, database marketing, social media and premium listings on portals only available to agents. Good property managers have strong databases based on their long-standing market experience and know what tenants want. They also know how to showcase the value of your property through strategies like professional photography and clever ad copy. 

Offers Advice on Repairs and Improvements

Good property managers undertake regular inspections to ensure that your property is well maintained at all times. When it comes to repairs, your property manager will assist with providing trusted tradesmen at industry-competitive prices. Ultimately, your property manager will even advise you on repairs and improvements needed to help you earn more rent. For example, advice on a coat of paint, an air conditioner or a dishwasher can fetch you more rent.

Offers Property Inspection Support

First impressions are lasting! A good property manager ensures that your property is visually appealing during inspections. They examine the property ahead of any inspection and help with some final touches like opening windows, burning scented candles and turning on all lights. Moreover, several prospects prefer to view properties after working hours or on weekends. This can put you in a tough position if you don’t have time. Your property manager makes time for these requests as part of the job. This helps you access the best tenants in the least possible time.

If you own an investment property in the Inner West and are looking to maximise your rental return, reach out to the team at Raine & Horne Petersham today.

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