Preparing your investment property for the rental market? This process certainly requires strategic planning and attention to detail.
At Better Way 2 Build, we understand that minimising vacancy periods is crucial to maximising your return on investment. Here’s our comprehensive guide to getting your investment property rent-ready in record time.
Related: Can I Use My Super to Buy an Investment Property?
First Impressions First
First impressions matter significantly when potential tenants view your property. A well-presented exterior creates positive expectations before they even step inside.
- Enhance curb appeal with simple landscaping and a freshly mowed lawn
- Ensure the entrance is clean, well-lit, and inviting
- Consider a fresh coat of paint for the front door if needed
- Remove any rubbish or debris from the property exterior
Conduct Essential Repairs and Maintenance
Addressing maintenance issues before listing your property attracts quality tenants and prevents costly problems down the road.
Thoroughly inspect your property for any issues that need attention. Focus on fixing leaky taps, squeaky doors, loose handles, and damaged flooring. Ensure all appliances are in working order and replace any that are outdated or malfunctioning.
Apply Fresh Paint and Flooring Updates
Nothing revitalises a property like fresh paint. Neutral colours appeal to a broader range of tenants and make spaces appear larger and brighter. Consider replacing worn carpets or refinishing damaged timber floors if your budget allows. These improvements significantly enhance the property’s appeal and justify higher rental rates.
Deep Clean Every Corner
A spotlessly clean property signals to prospective tenants that the property has been well-maintained. Invest in professional cleaning services to ensure no area is overlooked.
- Steam clean carpets and upholstery
- Scrub bathroom tiles and grout
- Clean inside all cupboards and drawers
- Wash windows inside and out
- Remove any odours, particularly pet smells
Consider Strategic Upgrades
While major renovations aren’t always necessary, strategic upgrades can significantly increase your property’s rental value and appeal.
Focus on the kitchen and bathroom, as these areas often influence tenants’ decisions. Simple updates like new tapware, modern light fixtures, or contemporary cabinet handles can transform these spaces without breaking the bank.
Ensure Compliance with Safety Regulations
Before listing your property, ensure it meets all safety requirements and regulations. This includes:
- Working smoke alarms in required locations
- Secure locks on all external doors and windows
- Electrical safety compliance
- Pool safety compliance (if applicable)
- Gas appliance safety checks
Professional Photography and Marketing
Once your property is in pristine condition, invest in professional photography to showcase it at its best. Quality images attract more potential tenants and reduce vacancy time.
Set the Right Rental Price
Research comparable properties in your area to ensure your rental price is competitive. Overpricing can lead to extended vacancy periods, while underpricing means lost income. Our team can provide guidance on achieving the optimal balance for your specific property and location.
Ready to get your investment property on the rental market faster? Contact our team at Better Way 2 Build to learn how our building brokerage services can help you prepare your property for maximum rental appeal and return on investment.
