10 Tips to Maximise Your Returns - Pure Rentals Property Management

1. Professional Photos

Quality photos of your property increase the number of hits on the web which increases the number of people who visit your property. We have found that most properties which have professional photos on the web rent quicker and at a higher price. Talk to Pure Rentals today to take advantage of our rental guarantee package with purchase of professional photos.

2. Time of Year

The high season for achieving maximum rent is mid January to February and June & July. We recommend signing a lease so that it ends at either one of these times. You can ask your agency to sign a shorter lease so your property rental cycle lands within this optimum time.

3. Private Inspections and Open for Inspections (OFIs)

If your property is vacant, your property manager should be conducting at least two OFI’s per week and should also be showing prospective tenants, who cannot make the appointments, through the property at a time that suits them. Test your agent by sending a rental enquiry to ask when the next inspection is, you may even get a friend to do it. You might be amazed at how many times you will not get a reply.  Pure Rentals is dedicated to finding the right tenant for your property and we have an online booking system to handle tenant enquiries 24 hours a day, 7 days a week.

4. Price

If a property is new, we always start at a higher price than the market (only if there is a minimum of one month or more to advertise). We start around $20 to $30 above the price the property is expected to rent then monitor the interest in the first week. If there is no response, or very little, after the first week we drop the price by $15 and start again. If, after the second week, a lower price still generates no response, we change the main photo and drop the price to where it sits in the market. That gives us 2 weeks to rent the property at market rates. You might be amazed how many properties rent at an extra $30pw.

5. Management Fees

Check out Pure Rentals flat management fees calculator to see the savings you can achieve from simply changing your property management agent.

6. Presentation

The presentation of your property is key to achieving maximum rental returns. Ensure the garden is clean and tidy, the lawns mowed, and have any larger trees and bushes trimmed. Inside the property, make sure you remove any unnecessary furniture to make it easy for a prospective tenant to get an idea of the space available. Talk to Pure Rentals about a checklist for outgoing owners/tenants for ideas to consider before putting your property on the rental market.

7. Management

At Pure Rentals, we strive to give the property back to you in the same condition as we receive it at the start of our management agreement. To do this, we take photos at the start of every tenancy and each time we inspect the property to compare the difference. We provide you with a copy of the photos in a report for your files after each inspection.

8. Improvements

Little things like ceiling fans, dishwashers, and built-in wardrobes go a long way in maximising your returns.

9. Water

If your property is water efficient you can now charge the full consumption back to your tenant. Talk to Pure Rentals about seeing what your property’s water rating is by having a compliance certificate completed.

10. Market Rental Price

Do not assume that at the end of a 12 month tenancy that the rental market has only increased by $5 to $10pw. At the end of every tenancy, have a fresh appraisal completed to see if you can gain a higher return per week on your investment. We see a lot of properties listed for rent which have been put back on the market well below the current rate.

By following some of the simple steps outlined above, you might gain extra returns from your investment property. What’s better is that a lot of the above examples will only cost you the price of a phone call or an email.

If you want Pure Rentals to provide you with a free rental appraisal or if you would like to talk about how we can help you maximise your returns, please do not hesitate to contact us at enquiries@purerentals.com.au or call 0406 743 965.

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