If you are really serious about getting the best possible rental price for your property, you have to up your game a little. Tips for maximising rent are basically just plain old common sense. It makes sense that, if you wouldn’t want to stay in your building, very few other people will as well. By that token though, it is important to avoid imprinting too much of your own personality on a rental property. It should be decorated with a view to appealing to as many people as possible. Here are the most important pointers when it comes to getting the best possible rentals according to an expert in Real Estate Sydney.
The Property must be Clean
This is a no brainer – if the areas that prospective tenants can see are dirty, they are going to naturally be concerned about the areas that they cannot see. Very few people will willingly endanger the health of either themselves or their loved ones and dirty homes will immediately seem perilous. Make especially sure that the kitchens and bathrooms are cleaned and spring for a professional carpet cleaning service before showing the place to prospective tenants.
Before having the carpets cleaned, it is a good idea to have any pest inspections conducted. Make sure that all cupboards are empty and get stuck in and really clean the house from top to bottom. Make sure to dust all areas – even those that are hard to reach and clear as much clutter as possible. Empty your bins and make sure that your exterior windows are clean and tidy.
Look after your Garden
You may not enjoy gardening or even think a garden is very important but a lot of people do love their gardens. The curb appeal of a garden can also not be underestimated. In fact, the impact of having a very untidy garden or one that simply looks dead is difficult to play down. Prospective tenants are likely to wonder if the home has also been neglected. You may wish to make garden maintenance a stipulation on your lease and arrange for a garden service to maintain your hard work.
If you are not very good at gardening, it would be worth your while to get a garden service over before you give the tour to prospective renters. They will ensure that the garden looks tidy and neat and will take care of any trimming and pruning that needs to be done. A plus is that they will also get rid of the garden refuse.
Have a Maintenance Plan
A house needs to be properly maintained in order to protect its investment value. Make sure that all switches, smoke detectors, etc. are in good working order. You do want, after all, to make sure that there is little chance of your home being destroyed by fire, etc.
It is also a good idea to do those painful small maintenance tasks that you can do yourself before tenants arrive. This includes things such as fixing leaky taps, clearing out gutters etc. Doing it beforehand makes the place seem well maintained and will mean that you can get a better rental rate.
Services and Utilities
Make sure to take the final readings for all utilities such as telephone, gas, etc. This gives the tenant a clean slate when they walk in and a reference point for you in the event of future disputes. Make sure to cancel any supplementary services that you no longer wish to pay for such as a monitored alarm – let the tenant take out these in their own names if they want to.
Get the Right Insurance
Check what kinds of insurance you will need to look into – public liability insurance needs to be considered here. Insurance rates can also be different for a property that is being rented so be sure to inform your insurance company accordingly. You might also want to look into some sort of Landlord’s Protection Insurance to protect you against damage caused by tenants.
The movement of interest rates would not be seen as nail-biting news in most countries, but here in Australia, it occupies considerable space in the news media and is a regular topic of conversation at barbeques and social events. A newcomer to the country may think we are all economic heavyweights and marvel at our education system and collective intellect. Sadly, neither is responsible. Rather, our economy is so closely tied to the performance of the real estate market that it is in everyone’s interests to have some understanding of how interest rates flow through the economy and affect our daily lives.
While there has been much in the media in the past twelve months about our mining boom and how important this has been to the health of the overall economy, and rightly so, this focus has taken the spotlight off the construction industry and its flow on affect to the property market. The number of new housing starts in all states had plummeted in the wake of the GST, and recovery has been slow and painful.
Spooked investors and new home buyers deserted the market, and people with existing homes to sell experienced significant reductions in prices offered for their properties, with many putting upgrading to a better home on the backburner, and staying put. Thankfully, the latest figures show that finally, there seems to be genuine signs of a housing recovery across the board, but this has not yet manifested into any form of relief from high prices for rental properties.
Renters had hoped that a drop in interest rates would also be followed by a rent reduction, but this is not how the market works. In a free market economy, the overriding factor that drives fluctuations in prices is the law of supply and demand. Extraneous factors can make it far more complicated to explain, but put simply, any commodity that is in high demand, but has a limited supply will attract high prices. If we use gold as an example, this precious metal is in high demand for all kinds of uses, but it is hard to find and difficult to extract. This affects the supply, so it always fetches a high price.
With the construction industry struggling over the past couple of years, and property buyers deserting the market, demand for new housing of all types has been reduced. This has caused a short supply of properties available for rent, but the demand for accommodation has continued to grow with the population, with Real Estate Liverpool rental agencies struggling to find additional properties for rental clients.
These are generalizations and there will be variations to the economic conditions in certain areas. In the mining communities in Central Queensland, for example, demand for accommodation is so intense that rents have skyrocketed to figures that would seem outrageous in suburbia. However, to keep it simple, as long as there are limited supplies of rental accommodation, and increased demand for somewhere to live, rental prices will remain high.
Unless we are experienced property investors accustomed to the vagaries of buying and selling real estate, purchasing our first property either as our residence or to start a property portfolio is both thrilling and frightening at the same time. Never before have we committed so much money into one possession, so we need to be sure that all bases are covered before we reach the point of no return. First time buyers will be bombarded on all sides with buying property tips. Parents, relatives, friends and work colleagues will all have a real estate story to tell, and although well-meaning, this much information will just confuse the issue.
There is no harm in buyers looking around at property, but the best place to start is actually not the property, but finding the right agent who understands what the buyer wants, is on the same wavelength, and is driven by a need to find the perfect property to suit a particular buyer. Agents who take this amount of care will ask lots of questions, and will have a range of properties already in their listings that match or at least come close, without having to rely on involving other agents. If they don’t, they will take the initiative to find the property without the buyer having to lift a finger.
The industry standard for the number of inspections the typical buyer undertakes before making a decision is around 12. To inspect this number of properties is time consuming and after the sixth or seventh, they all seem to blend into each other, and the finer details are lost in the amount of information going around in the buyer’s mind. Clever agents design systems to allow their buying clients to “comparison shop”, noting down the important features and scoring each property against their ideal overall. This reduces the number of properties inspected to 3 or 4, as the buyers are able to focus their efforts more effectively.
If a property comes very close to the ideal, the buyer should look at what they don’t like, and identify what can and can’t be changed. If the changes that can be done are relatively minor, like new floor coverings or some quick paintwork, and the buyer can dismiss the rest, the Real Estate Sydney agent can then negotiate with the seller to either have the work done, or adjust the price downward accordingly. If the seller won’t budge, the search will continue but with a much better focus on what is required.
Once the ideal property has been found, the role of the agent is to make the offer and negotiate with the seller to reach a conclusion. Buyers should be guided by their agent in this process, as they have the experience and the industry knowledge to get the best result.
West Hoxton has not been around for too long – the most significant development began in the late nineties. Between 1996 and 2001 the area expanded quite quickly and the population increased by more than times its original size. For the next five years the growth continued at a rapid pace.
This is a residential area and reaches from McIver Avenue in the north to Bringelly Road in the south. Cowpasture Road and the Sydney Water Supply Channel provide the other two boundaries. There is a slight overlap with the southern part of Middleton Grange. It is a relatively small suburb of Sydney – about 40km away from the city centre. There are sufficient bus services linking the area to the CBD and a well-developed infrastructure. There are schools in close proximity.
The area is very popular with younger couples and small families – most homes have around three to four residents. There are not a lot of properties available to rent in this area – almost three quarters of residents own their homes as opposed to renting them. There are also not a lot of flats or townhouses here – almost ninety five per cent of the buildings are detached homes. This does point towards a gap in the rental market and the market for flats or semi-detached housing. Cognisance should however be taken of the fact that the average age of residents is 29 – these are mostly young couples or those with families. If you consider building flats or semi-detached houses, you need to bear in mind that bachelor pads will probably not do well here.
The movement in the Property Management Liverpool market has tended to move along similar lines to the rest of the region with an average growth rate overall of 4, 3%. Houses tend to stay on the market for a bit longer than in Liverpool as a region but the median selling prices tend to be higher. These points to West Hoxton being a very desirable area with slightly higher purchase prices. It also points to the appearance that most people tend to settle in here for a long time.The area is noted as having had the famous Australian artist Wendy Paramour living there. As regards leisure activities, Lake Francis falls under this area and there are several nice parks making this an ideal suburb to raise kids in. The suburb is generally a safe and well-developed one with a number of good eateries.
Wattle Grove is a recently developed residential area and a suburb of Sydney that reaches from the South Western Motorway in the North through to the railway line in the south. Derna Road and Anzac Creek mark the east and west borders in turn. Originally known as Holsworthy Village, Wattle Grove was built on a piece of the Holsworthy Military Reserve. Growth was pretty high between 1991 and 1996 until the population stabilised. The population has started to decline – people tend to move here and stay and the family size decreases as kids move out of the house. There are still some opportunities in terms of property management Wattle Grove.
This area is very popular with people with families and most inhabitants own their own homes. Most people are employed and there is nice balance between middle and upper income earners. The infrastructure is good and residents have access to a number of schools. The area has its own shopping centre – the Village Plaza Shopping Centre and also has a great artificial lake – Wattle Grove Lake is very popular for family outings or even just to get away from it all. There are several species of water birds that live on the lake.
Lakeside Park itself has a very proud history – It is considered the spiritual home of Queensland racing and was originally built by volunteers in the sixties. The track continued to be used until 2001 when it closed because it was no longer economically viable but the track was never demolished because of the public outcry when it was being considered. The track was refurbished and reopened in 2009 – it is still a popular outing to this day.
There are several different playgrounds dotted around Wattle Grove and those that are serious about sports can stop off at the Morebank Sports Club for professional lessons in a wide variety of sports. Transport from the suburb to the Sydney central business district is easy to obtain – those without cars can catch a train – depending on which they prefer. Those involved in Property Management Sydney find this a very convenient suburb.
Although development of the village officially began in the seventies, it was really only in the nineties that it took off properly. Delfin helped to redevelop the community in the nineties and aimed to develop it with a strong sense of community in mind. This is still in evidence today when you attend community events – just about the whole community turns up. Especially important event include the Annual Easter Egg Hunt and the singing of Christmas Carols.