Finance advice
Peter Gianoli

Maximise your rental income

By Peter Gianoli

In a tightening market, tenants are spoilt for choice and they can afford to pick and choose – so how can you be sure to retain your cash flow?

Blogger: Peter Gianoli, general manager, Investor Assist

There is no denying the WA economy is tightening and this is reflected in the media and has been highlighted by increasing residential vacancy rates and lowering median rents across PerthPerth, TAS Perth, WA.

At the end of 2015, the vacancy rate in Perth alone was up to 6.0 per cent from 4.2 per cent just 12 months prior. Economists are also tipping rental growth in other major cities across Australia to remain soft in 2016.

These figures are not meant to alarm investors, but they do highlight a tightening market whereby tenants are spoilt for choice and they can afford to pick and choose. It’s a simple case of supply and demand and when there are more rental properties on the market, rents come down and it becomes harder to find quality tenants.

A quality, long-term tenant is critical to the performance of any investment property and investors and property managers shouldn’t compromise in order to lease a property. Choosing quality over quantity is the best option and outlined below are a few handy hints to help investors maximise rental income in a tightening market.

1. Be selective with your tenants

In a tighter rental market it is often harder to attract decent tenants but this doesn’t mean you should let your standards slip or accept tenants you don’t feel entirely comfortable with. A good property manager will be rigorous in their screening process which includes rental references, personal references and employment references. Social media can often provide some interesting insights too!

Although they are harder to assess, first time renters should never be discounted and it is always important to keep an open mind in a tighter market. Quality tenants are crucial to maximise your long-term rental returns, so choose wisely.

2. Do what you can to retain existing tenants

If you have quality tenants living in your property already, it is in your best interests to do what you can to retain them rather than try to find new ones. Good tenants are often hard to come by, particularly in a tighter market and as the saying goes ‘better the devil you know’.

Sometimes it is worth negotiating on rent or introducing a few small incentives or tokens of appreciation to keep a good tenant. In a tighter market you should work with your tenant to negotiate a solution that suits you both, rather than try to dictate terms.

3. Be realistic with your rental expectations

Often prospective tenants looking for a rental property will know exactly what properties are available in their preferred suburbs and the current market rent. This is why it is important to be realistic.

Tenants will always be motivated by the presentation, location and features of a property but at the end of the day, if the price isn’t right, they will move on – particularly in a tighter market when they are spoilt for choice.

If your long-term tenants are moving out and you know the market has tightened, be realistic about reassessing your asking rent before you advertise the property. You don’t want to alienate potential tenants from the outset but pricing yourself out of the market.

Good property managers will help investors to understand the current market conditions and set realistic rental rates.

4. Enhance the offering

In an oversupplied market, it is important for your property to stand out from the competition and presentation is vital when showcasing your property to its full potential. You don’t want to go overboard but consider professional carpet cleaning, gardening services, a fresh coat of paint or some new window treatments prior to advertising if the property is looking a little tired. Professional photography also goes a long way towards showcasing the property at its best.

Aside from the physical presentation, you may also wish to upgrade your offering by giving tenants a little extra for their money such a week-free rent, a monthly garden clean-up, regular pool cleaning services, new appliances or any features you can think of that will add a little extra appeal.

5. Think with your head, not your heart

Too many investors are unable to take the emotion away from their day-to-day decision making process when it comes to their investment property and they still think with their heart, and not their heads.

That is why it is important for all investors to be objective and take a ‘business-like’ approach to their investment. Investors need to be realistic in a tighter market and put the day-to-day management of their asset in the hands of a skilled property manager.

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About the Blogger

Peter Gianoli

Peter Gianoli

Peter Gianoli joined ABN Group in 2011 to establish Investor Assist. Peter has more than 15 years of experience in the property industry working across some of the country’s premier development projects and throughout his career has overseen the sale and settlement of properties worth in excess of $1bn.  Peter is also a highly sought after public speaker and has educated audiences throughout Australia and around the world on topics including property marketing and investment.

FROM THE WEB

podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Caifu Property\u2019s Automatic Equity program is designed to add a minimum of double the value of your salary to your portfolio every 12-18 months.\u00a0The program deals with five to six figures of instant equity, helps time poor investors generate equity in the shortest time possible without compromising your lifestyle or demanding your time.\u00a0<\/p>\r\n

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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      More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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