The importance of setting property goals for the new year
01 January 2020
Revisiting your property strategy or setting new goals is a great way to start the new year
HAPPY NEW YEAR!
As the fireworks erupt and Auld Lang Syne can be heard ringing out around the party, one of the first things that will cross a person’s mind is their goals for the new year.
While diet, exercise and paying off those scary Christmas credit card bills are some of the most common personal goals you hear about, as a savvy property investor your mind will have no doubt shifted towards what the new year holds for your portfolio.
The most obvious goal of a property investor is to get the best possible return on investment. Whether you want to build equity and a regular income or use your investment as a part of your retirement plan, to have your property performing at its’s peak is important for your future.
Therefore, setting your goals around performance and improvement can be a great place to start. It is worth noting that these goals will often be interconnected with each other and the achievement of one will see progress in others.
Change your portfolio size
Your goal for the new year may be to change the size of your property portfolio.
If you are looking to add to your portfolio then planning and preparation are the key. Set your goals around having a property purchased in a certain timeframe. This goal can then be broken up into smaller, more specific goals like having information gathered on suburbs that will give you the best return on investment.
Getting a free rental appraisal from Little Real Estate is a great place to start when trying to find the next investment property for you portfolio.
You may be intent on selling your investment and reaping the capital rewards. Much like with buying setting a rough timeframe that you can work within is vital. To improve your property to maximise its selling price is an obvious goal for any seller.
One of the best ways to begin this process is a market appraisal. Otherwise known as a property appraisal, when using the sales experts at Little Real Estate, you will be taking a big step towards selling your property for the amount you deserve.
Pride in your investment
Maybe you just want to be proud of the way your property looks. You can use this as an opportunity to improve your property and there are a few small things you can do that will do this.
A fresh paintjob is one way that can make your property nicer, both inside and out. Painting rooms can also allow for the reorganising of furniture to give a refreshing look and increase your asset’s value.
Adding small, non-space consuming things such as small plants and mirrors is another great touch to enhance your property on the cheap. Mirrors also give a room a more spacious look.
Talk to your property manager
Around this time of year many fixed term leases come to an end or are renewed. This is the perfect time to conduct a rental review and potentially increase your revenue.
Making improvements to your property will allow you to justify any rental increase. Therefore, it makes sense to set goals regarding these improvements.
An interesting step you can take to help you achieve your goals is to let others know what they are. If others are aware of your goals they may be more open to helping you achieve them. Letting your friends and family in on your goals means they can remind you of them and make it less likely for the harder tasks to be neglected.
If you manage your own investment property, then maybe it’s dawned on you that a more hands-off approach would be better. After all it can be a very time-consuming job. At Little Real Estate we offer an unparalleled, high-performing and personalised approach to property management. No convoluted, over-the-top nonsense.
Contact us today to find out how we can help you achieve your property goals for the new year.