If you have property investments in Balmain or nearby suburbs in the Inner West catering to residential tenants, it’s crucial to know what people who are renting a property on the Balmain Peninsula are looking for. After all, you will only achieve your projected rental yield if your investment property is never vacant.
For this to happen, you need to know what tenants want.
The age-old real estate cliché of location, location, location always holds true, but it is not the sole requirement.
It’s just that being located close to certain establishments can be incredibly convenient and practical, especially if your tenants have kids and are working at the same time. Highly sought-after properties are usually close to schools or universities, childcare facilities, public transportation hubs, supermarkets, cafés and restaurants.
Also, in Balmain and Birchgrove, stunning views, harbour walks and community parks afford a more enjoyable, well-balanced lifestyle.
Other things that make life easier and more convenient include the availability of certain amenities that come with the house or apartment one is renting.
The availability of a dishwasher, ceiling fans, air conditioning, internal laundry, kitchen appliances and a dedicated parking space can reduce the stress of moving to a new place. Tenants appreciate these amenities, and whatever is readily available for use always helps. Our tenants are mostly busy professionals and so often time-poor, who need their home to be a sanctuary, so the more you can add to that, the better, and the higher rent you can ask for.
Cleanliness, safety and security are essential, while homes that look fresh or recently renovated are desirable. This doesn’t mean you have to undergo major renovations every time your property is vacated. Sometimes, all it takes is a fresh coat of paint so your property looks good as new. Of course, staying on top of necessary repair or replacement jobs is also important.
A great property manager goes a long way
One of the reasons tenants would stay in a property for longer depends on how well-managed a rental is. If you have a good, responsive property manager, tenants have little or no reason to complain as they know whatever grievances they may have are immediately communicated and addressed. And, as we’ve learned, it’s important that, as property managers, we don’t opt for a cheap fix. We know that what we save now, we’ll pay for later.
In our experience, property managers need to be good communicators, trustworthy and empathetic. The best ones can stay calm even under tremendous pressure and can deal with emergencies swiftly and efficiently. When our property managers have great relationships with tenants, the tenants feel more secure and able to approach us with any problems rather than moving out.
Our seasoned property managers can easily identify the different types of tenants and know what they need to do to keep tenants happy. They also know what to look for in vetting renters, so you have better chances of getting long-term occupants and avoiding vacancies.
And while our property managers offer much more than rent collecting and documenting, a key part of their role is to ensure you as the landlord get your rent on time and any delay is followed up immediately.
Become a successful landlord
To become a successful landlord and make your property investment in the Inner West worthwhile, you need to make sure you have all three key elements. By this, we mean location, amenities and professional property management services.
With all three factors present, you’ll not only be getting great tenants but also fulfilling your property investment goals.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.