May 12, 2022
Property Management

Property Management – Benefits of Updating Your Investment Property

News & Insights
In today’s competitive rental market, a stylish property ‘makeover’ is a worthwhile investment...

Time to Update Your Investment Property?

 In today’s competitive rental market, a stylish property ‘makeover’ is a worthwhile investment.

Owners of residential rental properties are required by law to ensure their properties are kept safe, secure, and comfortable for their renters. However, it’s also important to keep the property regularly updated and upgraded to protect its value in a competitive rental market. The end of a tenancy is the perfect time to refresh the property and reassess its rental potential.

“Low grade properties attract low grade renters”, explains Marshall White Property Management Director Paula Matlock.

“By refurbishing, you will attract better renters and increased income. The better a property is presented, the more chance it has of achieving the highest possible rent and will also help to attract high-calibre renters. The way a property is presented at the start of a tenancy really does set the tone or standard of how someone will look after it.” she said.

When Marshall White’s took over the management of a ‘run down’ block of Bayside apartments last year, the Property Management team began a major project to overhaul the whole property. Jennifer O’Connell, Bayside Property Manager is helping to coordinate the refurbishment of each apartment as it becomes vacant.

“When we took over, it definitely wasn’t up to Marshall White standards. We have been replacing carpets, new windows, updating kitchen and bathrooms, electrical work – some of it is to meet compliance however much of it is to stay competitive in the local market,” she said.

 

Overall, she said the ongoing project has been challenging but rewarding.

“In an area where there is a lot of competition from brand new developments, it was important to not overcapitalise. The difference we have been able to make to each apartment’s look and functionality has been quite amazing.

The upgrades will continue with each apartment as they become vacant, which is exciting.”

Jennifer said that when the Marshall White property management team took over, many residents in this block, were long term renters and that the rents, on average, were around $300 per week.

“The apartments which we have so far updated are now able to achieve rents of between $340-$365 per week. So, the benefits to both the renter, and the owner are clear.

“Also, at the owner’s request, we are currently sourcing quotes to modernise the exterior of the building and common areas to further improve street appeal.

“It’s a win/win situation. The owner is adding value to their investment, and the renters get an appealing, modern, and comfortable place to live,” Jennifer said.

Should you require advice on any aspect of leasing your property, contact our Marshall White Property Management Team for assistance on (03) 9822 8711.

Discover more properties for lease below: