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8. It also makes good sense to maintain properties in tip-top condition throughout a tenancy in order to retain good tenants. This will optimise the likelihood of success with rent reviews and lessen the chances of having to outlay large sums of money to bring the premises up to scratch when it is vacated.

7. Before spending a substantial amount of money on renovations, it is advisable to seek professional advice about the likely benefit, both in terms of increased rental and the propertys potential to provide greater capital growth in the future.

6. It isnt necessary to spend thousands of dollars to make a rental property attractive. An internal laundry is a relatively simple and inexpensive improvement for landlords to make, and it can pay significant dividends in terms of higher rental revenue. It will make the property more appealing to prospective tenants.

5. If improvements such as new carpets or painting are considered necessary, its preferable to use neutral colours that will fit with most peoples taste rather than bold fashion statements that may be off-putting to some would-be tenants.

4. It is important to make sure appliances, electrical fittings and hot water services are safe and functioning efficiently. Dripping taps, broken doors, loose window locks and cracked glass must be repaired. The outside shouldnt be overlooked either, since thats what the prospective tenant sees first.

3. When a rental property becomes vacant it pays dividends to look at it through the eyes of a tenant and note anything that requires attention. Nothing turns prospective tenants off a property more quickly than scuffed or dirty paintwork, stained carpets or a door hanging by one hinge.

2. First impressions are critical. A fresh, clean and cheery property arouses interest and creates the conditions for the best rent.

1. Good presentation is the key to maximising return on investment. A well presented property attracts interest and creates increased competition among prospective tenants, enhancing the prospects of a higher rental return.

7. Consider deadline sales
Deadline says are a mixture between an auction and a private treaty. Using this tactic, the real estate agent will deliberately not place a price on the property, and allow buyers to stew over the asking price during the open inspections.

As part of the advertising campaign for the property, there will be a deadline date set, where buyers must have their best offer submitted by this date, or they miss out on a chance to bid for the property.

On the day of the deadline sale, the agent will then reveal the offers to the vendor and the highest offer is usually accepted.

Lee O’Keefe from Bayside Residential Real Estate says that if there is an acceptable offer made before the deadline, a new deadline will be set, giving all other interested parties just 24 hours to put in their best offer, and the best one will win.

If no body makes an acceptable offer by deadline, we can either put the property back on the market with a price on it, or begin counter offers with the current bidders,” O’Keefe explains.

O’Keefe says a deadline sale is a great approach during a slow market where the property would not generally attract a large amount of attention from buyers.

“For instance, if there was a property which didn’t have a great deal of street appeal, we would sell it via a deadline sale, because if we had placed a price on it and run the campaign as a normal private treaty, there is a very good chance we won’t get much interest,” he says.

“If we keep the price off it and show the interior photos, the price range appears more flexible for buyers. From here it just comes down to what the buyers feel they want to pay for the property.”

O’Keefe says that this is a good tactic in the current climate where some areas are very price sensitive.

“We need to compete with the competition, because properties prices have dropped quite a bit. But more so, I find that buyers get too wound up on price, and sometimes they will spend 5% more than they wanted to if the right property comes up. So this tactic allows me to show buyers the property first and then accept offers from there,” Lee explains.

6. Enlist expert help
While Harvey says you can give DIY selling a go, it is not usually a tactic that is recommended by property experts.

“Although DIY advertising can save money on agent fees for your sale, you are not typically able to reach your whole market and not able to gauge the best price range to advertise at or sell your property at,” Harvey explains.

If you’re going to auction it will cost you between $300 and $500 to hire an auctioneer. For about 1.5% to 3% of your sale price, your agent will sell your home via private treaty, listing your property on their own agency website database as well as the main web portals and the local newspapers, covering a wide range of potential buyers.

“In this sense, I find that DIY selling can be a false economy, because an agent is likely to get you more from your sale than you can. I have sold one of my properties DIY and it is really hard work and I have hired an agent each time since,” says Harvey.

If you’re not sure which agent to choose for your sale, consider a vendor advocacy service (provided by a buyers and sellers agent). They can help you choose the best selling agent, as they know which agents are tough to negotiate with to help maximize your sale price.

“They can appraise your property and advise you of the price range to sell at and make sure this fits in with what your agent says,” Harvey explains.

“A vendor advocacy service can also assess the advertising campaign recommended by your agent, and even help negotiate the sales commission the agent is going to charge. If you choose to engage the help of a vendor advocacy service you should not be charged, as they will be paid a referral fee from the agent of your final choice.”