What to look for in a successful rental property

Becoming a property investor is a wonderful way to supplement your income and work towards creating a decent financial nest egg for your future. One location certainly worth looking into is Surfers Paradise. The popularity of the region and the growing economy make rentals in Surfers Paradise a brilliant investment in your future, as well as the future of your family and the local community as a whole. 

However, as a first time investor, it can be difficult to wrap your head around the specific needs of tenants. The key to successful rental property is to fulfill the needs of whoever is living in it, in order to keep them happy and – more importantly – renting your home for as long as possible. An empty investment is a money drain, so it's essential to put in the work and research thoroughly before buying any slice of real estate. 

Here are some of the common things renters will want to get out of a property, giving you the chance to do some research into the region and find a home that satisfies these needs.

What is in the local neighbourhood?

First things first, the age old axiom of "location, location, location" doesn't just exist for alliteration's sake. One of the biggest draw cards or turn offs for a property is where it is located and what can be found around it. Looking into the local neighbourhood can help you weigh up your options and decide on the best course of action to take.

Not only this, but the location can also have a heavy influence on the types of tenants you have coming to your home. If you decide to buy property near a university, it can be expected that a number of your tenants will be students or short-term occupiers looking for accommodation during the semesters. Likewise, the suburbs are often extremely popular with families, so deciding on the types of tenants you could be trying to entice will help influence your location decision.

How are the vacancy figures?

Another thing that can be useful when buying investment real estate is to look into the stats and figures of the local area to see how the region has been performing as a whole. One thing to keep an eye out for is an unusually high number of listings across the community. On one hand, it could be a seasonal change trend as more buyers begin to enter into the market. On the other, it could indicate that the area is going downhill and should be approached with caution. 

Getting in touch with a professional real estate agent to discuss these figures and find out the insider insight about where the neighbourhood is going and whether or not they would recommend real estate in the area should be a top priority. 

What are the local amenities like?

Finally, being able to provide your tenants with the means to survive in their local area will go down well for you in the future. For example, purchasing real estate near grocery stores, public transport hubs and outdoor recreational areas can help you secure long term tenants looking for stability and security. 

Furthermore, look into the location of local schools. If your tenants are a young people interested in having children in the coming years, having a choice of different kindergartens and schools for them to choose from for their kids could allow them to stay in the property longer – providing you with stable, long term tenants. 

These are just some basic things to consider when looking into purchasing rental real estate in Surfers Paradise. Get in touch with a property professional to discuss specific wants and needs on your behalf and prepare to begin building a portfolio for your future.