Renting out a Brisbane CBD property is just like any investment, there are steps you can take to nurture your investment and ensure it has the best possible chance to perform!

Like the title ‘land-lord’ suggests you are the lord of the land which comes with certain responsibilities. Think of it like this, your CBD apartment is your business and the tenants are your employees. The better you treat them, the more respect you will gain and the harder they will work to look after you – and ultimately your investment.

After all, the aim of the game is to retain quality tenants, not work against them. The better the tenant, the less work for you. It is a simple equation. In laymen’s terms you need to be a good landlord. So how do you become the best ‘lord of the land’ you can possibly be and in turn, set your investment up to achieve the best performance possible?

Here are our three golden rules to help maximise the return on your inner-city rental:

1.     Communication is key

Like any solid relationship, communication is key; communication between yourself and the tenant (if you are self-managing the property), communication between you and your property managers (if you have appointed a firm to do this for you) and also, communication between that firm and your tenant.  

Make sure you are clear on all expectations when it comes to how you expect the property to be kept. It is also important to ensure all agreements are documented in writing so everyone is on the same page and there are no nasty surprises later on.

2.     Attract quality tenants

The ultimate aim is to attract good quality tenants who will treat your property as if it were their very own. A dream for any investor! Quality attracts quality. So, ensure your property is well presented and looks desirable, and of course don’t bypass any reference checks or you may regret it next time you do an inspection and find the tenants are not treating your property with the love and respect it deserves. 

Another key to attracting those good quality tenants is to buy in the right area.  Quality areas attract quality tenants so look for a property in a great location, close to cafes, restaurants, public transport and easy access to commercial centres like the CBD.

3.     Employ a property manager

This rule is not a must as you can opt to go it alone and manage your tenants without a property manager, but we do highly recommend employing a qualified property manager to act as a middle man. While it will cost you a percentage of your rent to hire a property manager, implementing their expertise is more likely to in fact maximise your rental returns.  They can save you quality time by minimising your responsibilities like taking care of all that nasty paperwork and managing inspections – also saving you money and headaches in the long run! The trick is to do your research and find a property manager that has a great reputation and solid experience when it comes to the Brisbane CBD market.  

For the ultimate in professional advice when it comes to purchasing the right investment property for you contact Hannah Schuhmann on 0419 782 133.