Published on April 3rd, 2017
Ways to keep your investment property hassle-free
So you’ve done it! You’ve worked hard, saved up and bought yourself an investment property. Whether you’re adding to your portfolio or just getting started, have a look at these tips to ensure your property is taken care of and to take a lot of stress out of the rental process.
- Choose the right property manager
Choosing the right Property Manager is essential as not everyone will provide the same level of service. Often we find that people just go through who they bought the property from, this is fine but it’s imperative to shop around.
A good Property Management team will be able to tell you exactly what they will do to provide you with peace of mind and save you a lot of stress when it comes to leasing your property. Ask your friends, have a look at the internet and research the company. When it comes time to start interviewing, don’t be afraid to ask the hard questions!
A good first impression of your property is vital to finding a good tenant and retaining the overall condition of the home. Ask your Property Manager for advice on how to present the home.
Say, for example, a tenant comes to the property and sees an old run-down shack with little repairs done and left in a state of mess. Are you going to expect it be clean when their tenancy ends?
Present your investment in a good, clean state and keep it well maintained and your tenants should return the favour!
Carefully selecting tenants is the key to keeping your slice of real estate hassle-free. A good agent will have their own ways to filter through applications. Whether it is to check references, a previous ledger or even just a gut-instinct it’s best to trust a professional’s advice when selecting a tenant. Don’t worry though you will always have the final say!
A good tenant could be just as valuable to your asset as the steady growth in Real Estate, so choose carefully and once the right tenant is found, try to keep them in there. After all, you’ve got a mortgage to pay.
You can’t buy a good tenant! It’s important to be open minded to repairs and maintenance requests, as keeping the property in good condition will keep your tenants happier and hopefully keep them in there longer. Your property manager should be conducting regular inspections to ensure that the property is kept well and will notify you if anything that needs to be looked at.
Keeping your property up to standard will also make it easier when the property is vacant to re-lease and will more than likely reduce any damage claims at the end of a tenancy.