Nowhere in the world is property investment as lucrative as in Australia. The Australian property market has a proven stable price record and consistent growth performance. The market is open to both residents and foreigners, but the latter group has certain legal limitations on their investments. Residential property currently forms one of the best investment options.
It is only natural to desire to grow your property portfolio after buying your first property. Rather than buying more, property developers with offices in Perth, WA might recommend different strategies to expand your current portfolio. The following are currently the most effective strategies.
Decrease Your Turnover and Vacancy Rates
The best method of decreasing your property’s vacancy and turnover rates is to opt for long-term tenants. The key to tenant retention primarily lies in customer service. Ensure the property manager you work with is professional and deals with matters satisfactorily. You can also decrease your vacancy rates by posting ads immediately you learn that a tenant plans to move.
Increase Rents Tactfully
High rent does not necessarily translate to high income. Increasing your rent is a delicate balance which needs an exceptional understanding of your area’s property market. You can also plan any rental increments to coincide with property upgrades like painting and upgrading of different amenities if need be.
Add Revenue Streams
There are other revenues in residential property other than rent. You can, for instance, offer cleaning and landscaping services for your tenants and collect fees from independent cleaning and landscaping businesses as a contractor. You can also increase your revenue base by installing vending machines and coin-operated laundry.
With the above strategies, you will soon realise that a profitable property portfolio does not necessarily mean many properties. Managing your current property diligently with the above strategies will also help you reach your property investment goals. This will however only become a reality with the right residential property development company.