As part of the Australian government's migration programme, more than 128,000 skilled people moved to Australia in the period 2013 to 2014. More than 47,000 of these people were on employer-sponsored visas, creating a significant opportunity for property developers looking to rent out their homes on corporate contracts. Executive leasing is a lucrative industry in Australia, with many skilled migrants looking for properties to meet their needs while working in the country. If you're thinking of investing in a property to tap into the executive leasing market, consider the following simple changes you can focus on that could help you push your property to the top of the price list.
Focus on kerb appeal
Kerb appeal is as important to tenants as it is to property buyers, and first impressions count. Many relocation agents will drive clients around different suburbs to help new migrants get a feel for the neighbourhood. As such, if your property is available for lease, it's vital that it stands out for all the right reasons.
Executive tenants want a property that has the right image, so quality and cleanliness are vital. It's also important to focus on security and privacy, particularly for couples with young children. Plant trees and shrubs, replace old fences and lay a new driveway to bring your home up-to-date. Make your home stand out, so potential tenants feel as though they are looking at the smartest property on the street.
Go for high-quality, contemporary furniture
New arrivals in the country won't want to spend time buying furniture, so kit the house out in new, high-quality furniture in neutral colours and contemporary designs. Aim for furniture that could appeal to any age group, and use coloured accessories to bring rooms to life.
Avoid mass-produced, cheap furniture. To charge a premium, you need to give your tenants a high-quality finish, so it's often worth considering a furniture rental pack. Don't forget things like lights, coffee tables and storage. Your new executive family will want to move in with just a few suitcases, so you need to think about the small details in their new home.
Choose high-end branded appliances
Many property developers recommend that you choose cheaper appliances because tenants can damage expensive products. This rule may apply to the general rental market, but it's less sensible when you're dealing with executive tenants. Your target audience is likely to include well-paid, senior managers and directors who have high expectations. Kitchen appliances and audio-visual equipment should match the sort of items your target tenant would own at home.
Install solar energy and air conditioning
Executive tenants often come from outside Australia, and may struggle to get used to the climate. As such, high-performance air conditioning is non-negotiable in this market, so you should invest in a new system to help cool and warm the house. If the house already has air conditioning, get an engineer out to service the system and make sure it's working as effectively as possible.
Solar energy panels will also attract executive tenants. This professional group often has strong environmental credentials, and solar panels can help cut energy costs and harmful emissions. You can even get a government rebate towards the installation costs.
Get rid of carpets
Carpets are difficult to keep clean and unless your colours are completely neutral this type of flooring may put off some potential tenants. Families with children also worry about potential allergens in carpets, so a hard floor takes away this concern. Finally, new carpets seldom add any resale value to your house.
Hard floors are stylish, practical, and easier to clean. They can also present a high-end finish that will appeal to executives and their families. Invest in high-quality wood flooring. Cheaper laminate products may not give you the finish you're looking for.
The executive leasing market offers Australian homeowners a potentially lucrative income stream, but it's important to make your home appeal to potential tenants. Take steps to boost your home's appeal and focus on the needs of your potential renters. For more information, contact an executive leasing specialist, such as Joyce Property Investments.Share
1 December 2014
Whether you want to be a landlord, a business owner, a real estate mogul or anyone else who has an interest in commercial real estate, I am glad that you have found my blog. Hi, my name is Tammy. I have bought and sold many of my own commercial properties, and I have watched closely as my best friend, a developer, worked her magic on a number of areas. This blog takes everything I have learned through my experience and research. It looks at it from a new angle and it questions everything. Please, take a seat and start exploring. I hope these tips, facts and ideas help guide you toward the right commercial property.