With property becoming a top investment pick for Australians there is no wonder we have more landlords than ever before! If you’re thinking of jumping on the bandwagon it’s important to do your research, especially if you are a first timer. Lucky for you, iThink property manager Tara Graham has put together some must knows for you when becoming an investor.
HIRE A PROFESSIONAL PROPERTY MANAGER
The ‘do-it-yourself’ method of managing your property is becoming increasingly popular but to save you the headaches it’s best to leave this up to the professionals. Do you really want to be woken up at 3am with an emergency maintenance request? Property managers are the tenants first point of call and have systems in place to handle maintenance requests, rent arrears etc.
For more reasons to hire a property manager click here.
KNOW YOUR LEGAL OBLIGATIONS
The last thing you want is to end up in a court room. Make sure you familiarise yourself with your rights and responsibilities of a being a landlord. All landlords and tenants are governed by the Residential Tenancy Act (RTA). To give you a head start some rules you must comply with include ensuring your property complies with health and safety laws, provides reasonable security (locks on doors etc.) and is in good repair at the start of a tenancy.
To find out more about the landlord legislation head to the RTA website.
ATTRACT THE RIGHT TENANTS
There is no question about it, prospective tenants are more attracted to well-presented properties. In order to do this you must ensure you have professional photos and a prominent listing on websites such as realestate.com.au and Domain. While this may cost you a little extra upfront, it will be worth it in the long run! A well-presented property will not only attract quality tenants but also can help you achieve maximum rental return, it’s really a win-win! And, once you’ve secured good tenants, do everything in your power to make them stay! Make sure your property is well maintained, rent increases are reasonable and any queries are addressed in a timely manner.
INVEST IN LANDLORDS INSURANCE
Once you purchase a property, organising landlords insurance should be at the top of your priority list! Landlords insurance can cover you for a range of things, from rental loss to contents and building damage. While landlords insurance does come at a cost, it will far outweigh the price if things don’t go according to plan. When choosing a plan it’s important to understand what is covered and what isn’t. To avoid any unwanted surprises make sure you read the Product Disclosure Statement carefully before purchasing.
HAVE A MAINTENANCE KITTY
A lot of times things won’t go to plan and you may be hit with an expensive maintenance cost at the worst possible time. To avoid this and to ensure you repair any maintenance in a timely manner it’s important to have an emergency maintenance kitty. By saving just a small amount each week this will save you and your property manager the stress and headaches in the future!
TARA GRAHAM – PROPERTY MANAGER
07 3202 3040