Top tips for landlords. Owning an investment property can be very rewarding, particularly with the fact you receive a regularly monthly income stream (rent). It’s not always easy to own and maintain a property, especially if you own multi properties. In this market insight we provide some simple tips for landlords that will help better manage their property.
1. Employ a Property Manager
Some landlords like to try and manage their property directly on their own with their tenant. This is no easy task. It comes with more challenges than what it is worth. Having a transparent and honest line of communication is often managed better through a professional Property Manager. There are many laws that you need to abide to, regulations to follow and keeping up to date with the regular changes can be very time consuming. In the event of a tenant dispute or loss of rent, this is where a Property Manager becomes truly valuable. Not only will using a Property Manager free up your time in many areas, they can also conduct lease agreements, routine inspections, bond collections/matters, rent collection, reviewing/vetting tenants and organising repairs & maintenance. Taking care of all of these important aspects and ensuring you are compliant with all the relevant rules and regulations can be greatly outsourced. We also offer great tips on how to select a Property Manager.
2. Collection of bond
It’s important to collect the rental bond upfront against any future damage or loss of rent from prospective tenants. A landlord cannot hold this bond themselves, it must be held in trust during an agreement by the Residential Tenancies Bond Authority (RTBA) and held throughout the tenancy agreement. A bond can be held against any damage to the property, but cannot be held against “fair wear and tear”.
3. Looking after your tenants
An investment property occupied with good tenants is worth it’s weight in gold. A happy tenant will take care of your property and pay their rent on time. To further benefit your investment returns, retaining a long term tenant goes a long way. We also offer tips to keeping a happy tenant. Finding a good tenant can take time. Don’t always be impatient and accept the first tenant application. Ensure you do a due diligence on the person. A Property Manager is very good and sourcing this information and assist you in making the right decision.
4. Regular inspections are a must
A routine inspection is an effective way to ensure your investment property is being looked after by your tenant. It is also an opportune time to assess the property for any repairs, damages or safety issues that should be fixed. Having the property in pristine condition will increase your chances of keeping a happier tenant and a higher rental income. We also have further insights to what to look for at a routine inspection, if you’d like to learn more.
5. Quality trades people for repairs and maintenance
Holding good relationships with professional trades people will ensure things are fixed or rectified promptly. You will need them to respond quickly when there are urgent repairs, charge a feasible price and offer a quality job. A good Property Manager is often well resourced in this regards. They can assist in obtain quotes, granting access to the property and holding the trades person accountable for their work. Having a successful solution when things go wrong, will ensure you have happier tenants.
What to do next?
If you’d like to learn more about property investment or additional tips for landlords, please don’t hesitate to contact us. We would welcome the opportunity to help with your property purchase. Our YouTube channel and Market Insights also provide a wealth of information to assist you with many areas relating to property.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
November 2023
