Recent indicators published in the media are showing that rental properties are letting faster than ever, and the investors who own these properties are seeing solid rental prices across the board in all capital cities. An area of strong growth continues to be the off the plan apartment segment of the market, particularly in urban areas.
This market strength is in line with changing demographics as more young people struggle to get onto the property ladder they are choosing to live closer to their places of employment in the capital city CBD areas. Gentrification of inner city suburbs is still an ongoing process within Australia and it is an excellent time for savvy investors to look at off the plan units as part of their overall property investment portfolio.
But what happens after you buy one of these highly sought after rental units off the plan? How do you ensure that you’re going to get the best rental price for your property?
The most obvious answer is that you need to ensure that your property is found where the potential tenants are searching and now, that’s online. Making sure that you have your property listed online with the major listing services is critical to ensuring that you have maximum exposure. There are a few of these services available now and it is generally cost effective to register and list your property investment with all of them.
Another aspect of marketing your property is playing to its strengths. In the case of a new, off the plan unit in an inner city location, the prospective tenants are looking at having convenience and low maintenance. Focussing on the fact that the unit is new and has modern conveniences is a good strategy. Again, thinking about the target audience, if the building has extra facilities like a gym or pool you should highlight that and proximity to transport and shopping or entertainment facilities is another plus.
One major aspect of the marketing campaign for your property is photography. It is vitally important to have high quality images of the property that highlight the major highlights of the unit such as the view or perhaps the modern kitchens and bathrooms. Having photos that are well lit with natural light is something that adds an extra dimension to your property’s appeal. Online property listing services are often very crowded, so having great pictures of your unit will make it stand out.
For the average investor, getting involved in marketing and renting out their own residential property investment is probably not something that they want to be involved in. To overcome this, most investors just find a local property management firm to look after the rental and management of their residential investment property (and don’t forget that any fees paid to a property manager are fully tax deductible). To make sure your property gets great tenants at a good price always use a well respected, local estate agency who specialise in property management. As well as taking care of the marketing and initial rental of the unit, you can also engage with this company to collect the rent, deal with the tenant and oversee any repairs or maintenance that will need to be done over the course of time.