How to maximise rental returns from your investment property

There are many ways to increase the amount your Adelaide property will rent for, without simply hiking up the price. An unrealistic rental price will probably only lead to long, unprofitable vacancy periods. So how do you maximise profits from your investment property?

Furnish your unit

For new properties there can be very little left to improve to increase rent values. An easy way to up the price on your rental is to furnish it. This will work well if your property is an apartment or other small property, that is inner-city or on the city fringe.

Be sure to furnish in a way that would work for just about anybody who might rent your property, not just what you think looks good. And don't forget that appliances and furniture can depreciate, saving you a lot of money as well.

Improve the property

Simple renovations can make a property more attractive and nicer to live in, reducing vacancy periods and increasing what people will be willing to pay. These kinds of improvements could include painting, new carpet, new drapes, etc. The overall cost is not much, and could net you some serious cash over time.

For older properties, you may be able to convert a dining room or another existing space into an extra bedroom. Converting a room to in your property doesn't cost much – adding a wall, door and perhaps some extra lighting or storage will not rack up too much of a bill, and will certainly cost less than an extension.

Hire an expert

Just as you would hire an accountant to handle your taxes and offset your depreciation, etc., you should engage the services of a professional property manager to make sure your investment is achieving the best rental return possible. They will not only market the property at the right price, but they'll help to reduce costly vacancy periods.