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.

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podcast

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

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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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["title"]=>
  string(38) "From pirouettes to property investment"
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  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

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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AREAS MENTIONED:

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Maroubra
Potts Point

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From pirouettes to property investment

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