I am lucky enough to be able to honestly say that I love what I do and enjoy the challenges that being a property manager and investor bring, but not everyone feels the same way. I know that a lot of people feel that either managing their rental property or owning real estate is nothing but a huge headache, but it doesn’t have to be this way and with the right agency it can actually be a simple and enjoyable experience.
Take a look at our top 6 tips that will help you to reduce your stress levels and improve the standards of your tenancies.
- Professional photography: When advertising your investment for a tenant be sure to use professional photography, as this helps attract not only a higher return, but also better quality tenants….. The better quality tenant you attract, the less stress you have throughout the management of your investment property. Better quality tenants can equal less money being spent on the property at a later date.
- Lawns & Gardens: Ensure all gardens and lawns are neat and tidy for your marketing photos and all viewings. If a prospective tenant can see a property in good condition on the outside they are more likely to apply as they feel the owner and agent has more respect for the property, also attracting better quality tenants.
- Regular Routine Inspections: Ensure you are doing regular inspections of you investment property, (or your current agent). Be sure to also use a well-documented report, if you stopped telling your children to clean their rooms, can you imagine how they would look after 6 months?
- Landlords Insurance: Be sure to have the correct cover for your investment property, too many owners think that their property is covered under the standard insurance cover while having a tenant in place. This is not the case, as you are not covered for loss of rent, damage caused by a tenant and much more. It’s too hard to accommodate for circumstantial changes, such as death divorce or a loss of a job, three key areas that can cause a tenant from not paying the rent. Contact Abode Property Management for more information on recommended companies.
- Smoke alarms: be sure to use a specialized technician to install and regularly check your smoke alarms. Having a peace of mind that an expert in the industry has checked the alarms all in accordance to the legislative standards of Australia. Abode Property Management employs the services of 1300 Compliance to do all the works on their behalf, ensuring all properties under our management meet the needs of the Australian standard, if anything was to happen to one of our properties, we have a peace of mind knowing we have done our job for our owners.
- Tax Depreciation Schedule: it’s a great idea to have an expert give a depreciation schedule on a property to help save more costs for your investment that your accountant can’t do. There are items in your home that lose value over time, and having the right expert come into your home can save you hundreds of dollars in tax per year, in some cases more money is being saved than what you could be paying in management fees.
If all of the above makes your head spin and wonder ‘where am i supposed to find the time to do all of that!’ then here is my bonus tip; find an agency that has dedicated, experienced staff who are passionate about property management and hire them to manage your property and remember that you will get what you pay for (like everything in life) so don’t always go for the cheapest option.
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