“The best investment on earth is earth”. There is no doubt that investing in property is one of the leading ways to earn high amounts of positive cash on a regular basis. So, getting maximum returns on your investments would be the cherry on top. The question is, how you can make this happen? Listed below are 7 efficient ways to maximize your returns.
1. “Location, Location, Location”
Choosing the right location for your property investment is key. It is an integral part of investing and, when chosen wisely, the right place can yield immensely higher returns. The accessibility of basic and necessary amenities like schools, hospitals, workplaces, and public facilities play a major role in increasing the net value of the property. Locations with great transport facilities and network connectivity make the location more desirable.
2. Know your Market Well
Studying the current market trends gives you an insight into how the market is doing. Market research will help you with future investments and yield desirable returns. “Prepare and prevent, don’t repair and repent”.
3. Maximize Rental Property Value
Keep up with the market by researching current market prices. This will help you to strike that right value.
- A value too high will lessen the traffic to your property.
- A value too low will make you miss out on profit returns.
So, the price has to be selected in consonance with the current market. A raise in rent should be done smartly. If the vacancies in your locality are high, you might risk losing a good tenant. Your main motive must be to get productive returns, and also reliable tenants. Having secure tenants will help you maintain a consistent stream of earnings.
Making your property pet-friendly can be a brownie point for your investment as many landlords deny applications from pet-owning families. Adding this will therefore increase your tenant traffic.
4. Social Media to the Rescue
Advertising is an essential part of property investment and a powerful way of attracting your target audience. Posting on social media drives the audience to your property. This even makes the job of finding good tenants easier. Sometimes the tenant might not be able to physically visit your property, in that case, you can provide them with a 3D tour instead. Get professional photos taken of your property in order to get those nice shots for advertising. Remember that looks matter. People usually get attracted to lively, neat, and clean properties.
5. Renovation Rises your Asset Value
Yes, you read that right, getting renovations done to the rental property increases its value. Upgrading various features of your property can actually prove to be cost-effective as this could save you from the unnecessary hassle of repairs and tenant grievances. Making tenant-friendly updates such as laundry, leisure space, pet-friendly space, etc, can add to your property’s value. Making little necessary changes is also cost-effective in the long term.
6. Active Maintenance
Landlords often forget that penny pinching by skipping maintenance often results in time-consuming repairs and expenses. In order to safeguard yourself from this struggle, budget an amount for renovations and monthly maintenance from the rent to ensure the property is well looked after, furnished, and will invite higher quality tenants. Tending to maintenance queries of tenants also helps maintain a happy relationship between the landlord and the tenant.
7. Still Unclear? Get in Touch with a Property Investment Consultant!
There are many property investment courses in Australia that can help you gain knowledge about the ABCs of investment. They provide you with a well-sought plan to reduce investment risks. You will be taught various strategic ways to invest and yield higher returns from it. Getting enrolled in a property investment course helps build a strong foundation for first-time investors.
When you are investing in a property, the main aim is to enhance the returns and we hope this article helps you to grow your property assets. Sometimes, the initial process can be overwhelming, but do not worry as there are great property investment consultants in Australia who can give you a hand and guide you through the process. Happy Investing!
“Buy land, they’re not making it anymore.” – Mark Twain