Property managers may cost landlords valuable rental income if they fail to convince them to invest in mod-con upgrades.
Terri Scheer Insurance executive manager Carolyn Parrella said tenant expectations are rapidly changing and landlords need to keep up or risk falling behind the competition.
“Big-ticket items such as dishwashers, high-speed internet connections, ensuites and even energy saving features, which were once considered luxuries, have become standard requirements,” Ms Parella said.
“For investors, not offering these additional comforts could make a real difference to the amount of rental income they earn.”
Add modern conveniences
Ms Parella said properties with additional features are likely to appeal to a higher proportion of potential tenants.
“For instance, having the infrastructure to support high-speed wireless internet could be a key requirement for some tenants who may work from home, study or have a growing family,” she said.
“The addition of an ensuite, while not essential, will also likely win over tenants more than a property with one shared bathroom.”
Ms Parella said the installation of a security system will give tenants the extra peace of mind of living in a safe and secure property.
“An automatic watering system will also make life easier for tenants required to maintain a garden.”
Green energy savings
Many tenants are looking for cheaper, greener ways to use electricity and save water around the home as utility bills continue to increase, Ms Parella said.
“Rental properties with solar power are becoming highly sought-after and, for many investors and tenants alike, this can be a real selling point.
“Likewise, the installation of rainwater tanks is an environmentally friendly way to save money on water costs.”
Ms Parrella said property managers and landlords should consider hiring a gardener or cleaner to help maintain a property.
“A property that requires as little maintenance as possible will make life much easier for both tenant and landlord, as it will minimise the effort and cost involved once the tenant has moved in,” she said.
“Presenting a clean, tidy, low-maintenance and well-cared-for property sets the standard and will encourage tenants to keep it in good condition.”