When it comes to property investment, there are a plethora of different choices available to you. For those seeking a long-term investment with multiple revenue streams, developing strata properties makes perfect sense.

If you’re keen to achieve an excellent rental yield, your property portfolio can consist solely of a block of apartments. Here’s how you can get started with a strata property investment:

Identifying a good location

The first thing to do is find a good location for your new strata property investment. As you can appreciate, the area you choose will significantly impact the types of tenants you’ll attract. Plus, it will ultimately affect your rental yield.

You’ll undoubtedly have a budget in mind for how much you wish to spend on buying an apartment block. And you’ll likely have other people investing with you, giving you a greater choice on what you can buy.

Even with bearing that in mind, you don’t have to reach your budget limit to find a good location. There are often many ‘hidden gems’ in various cities and suburbs, especially in up and coming areas.

What constitutes a ‘good’ location? Tenants will typically wish to have easy access to local amenities like shops and schools. They’ll also more likely rent from you if your strata property has a good public transport provision.

Having the right management in place

Let’s face it: you’re a property investor, not a maintenance person. You don’t want to spend most of your time personally fixing or renovating common spaces in your apartments. That’s why it makes sense to have the right body corporate management in place.

You’ll also need someone to oversee maintenance of each individual apartment. That way, your tenants will get the best value for money. And you’ll not have to worry about legal issues resulting from non-maintenance or safety provisions.

Whoever manages your strata properties for you can also handle other aspects of your ownership, such as rent collection.

Marketing your apartments the right way

There will invariably be times where tenants might not wish to renew their tenancies with you. In those cases, you’ll need to advertise those apartments for rent - ideally before the tenants in question move out.

You’ll have noticed there’s a variety of ways to market apartments for rent, and one of the easiest methods is through online marketing. You may wish to handle that side of things yourself, or ask your property management team to do so for you.

Whoever takes care of advertising available apartments must do so the right way. For instance, they’ll need to create a marketing campaign that offers maximum interest and impact.

Being aware of changes to laws and legislations

Lastly, make sure that you’re fully aware of any law or legislation changes that will affect how you buy or rent out strata properties. Your management team will undoubtedly make sure you know of any potential changes. But, you must ultimately conduct due diligence.