With vacancy rates around Australia close to zero and rents on the rise, it would be easy for a landlord to sit back and enjoy the financial ride after the challenges of the last few years.  

However, with rentals in hot demand, now is the time for landlords to make those improvements to their investment asset that will help future-proof it against more challenging times in the future when occupancy rates are lower, and tenants are spoilt for choice. 

 Suppose there is a shift, and the market becomes more competitive. If your carpets are threadbare, the walls are crying out for paint, or there’s no dishwasher or air conditioning, the property might sit vacant for extended periods and reduce your investment return. 

 If the current tenant is about to move on, then getting into the property and making some simple hacks is easy. However, if the property has a tenant, it’s essential to find ways to make these improvements with minimal disruption to the occupants. 

For example, if you need to recarpet the property and paint it, you might need to pay for the tenant to stay in a hotel or motel for a couple of nights while the work is completed. It might cost a few extra dollars, but you’ll recoup the spending in the longer term. Better still, the current tenants will also benefit.

On this basis, don’t be afraid to seek some feedback from your property manager, of course, and your current tenants. Find out from your tenant what they deem the most important feature or aspect of the property that needs fixing or upgrading. 

You might find that the apartment is too hot in summer and too cold in winter. These issues can be addressed by adding an air conditioner. It might be that the property requires new flooring in a particular room, the light fittings are dated, or the kitchen cupboards need a facelift. Your property manager can open these lines of communication for you with the tenant.

By collaborating with the tenant, they’ll be more likely to work with you when it’s time to start the required improvements. Moreover, if there are a series of more minor fixes or enhancements, you might be able to them out over a period to minimise the disruptions to your tenant. 

Talk to your local Raine & Horne Property Manager today to find out how you can future-proof your investment property with the least disruptions to your tenant and your cash flow.