The summer holidays are coming up fast, and while you may be tempted to wind down and prepare to put your feet up, if you want to maximise the value and income potential from your investment property, now is the time to take action.
Talk to your tenants
The first thing you need to do is get in touch with your tenants and find out what their plans are for the holiday season. Because their plans will ultimately affect your plans for the property.
It might be a nice idea to pop over with a bottle of wine or some chocolates to thank them for looking after your property, and then discuss what you would like to do over summer, depending on what they are doing of course.
Organise repairs
If your tenants will be away for a period of time over Christmas and New Year, this could be the best time to think about doing repairs, maintenance and minor refurbishments.
You could ask them to pack away their personal belongings, and know that you can take care of jobs over a few days or a week (such as painting the interior) without having to disturb them. It may be difficult to hire any professionals/tradies over this time, although if you organise it advance - you may be able to find someone happy to help out.
Of course summer is also the best time to do maintenance outside too - so if you need to repaint the roof, replace some decking or tackling the gardens, then while your tenants are away is the most opportune time.
Just remember, any significant refurbishments could actually add further value to your property (like installing a heat pump or renovating the bathroom), so make sure you adjust the weekly rent if applicable.
Could you rent it out as holiday accommodation?
Depending on whether your investment is rented out fully furbished, in special circumstances you may be able to let it as a holiday rental. If your tenant is heading away for an extended period (a few weeks or more) they may be more than willing to put their personal belongings into storage in exchange for a significant rental reduction, in order for you to let out the property.
Just be aware that this can be a tricky thing to navigate, so will probably only be appropriate for a small number of rentals. You’ll need to consider insurance, and other particular legalities.
Plan for the coming year
Now is also the time to start thinking about what the next year will look like for your investment property. Is the tenancy going to end soon, and if so, will you like to renew it with the current tenants? Or would you like to extend it?
And depending on the above, will you look to increase the weekly rent price? If it is in accordance with overall movement in the market, then it is probably a good idea. However you need to be aware it may have an impact on whether your tenants will stay, or if you will need to find someone else.
Then of course you may also be thinking about bigger goals - will you sell? Or use the equity for another investment? Now is a really good time to start planning for possible scenarios, otherwise you could easily get into the second quarter next year and not have made any firm decisions. Revisit your investment plans, and make sure you are on the right track to achieving them.
Is it time to call in the professionals?
There’s certainly a lot to do when it comes to managing a property investment, and if you would prefer to have a holiday when everyone else is, then maybe it is time to call in the professionals and hire a property manager. Next year it will be them organising all of the above for you, ensuring you are able to enjoy time with your family, while still improving the value of your rental investment.
If you already have a property manager - is it time to review what they do for you?
Read more: What can a good property manager do for you and your investment?
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Of course keeping risky tenants out of our property investments is one of the most important things to consider when renting out a house or apartment.
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