Six tips to manage your investment more efficiently
The biggest reason most people have an investment property is to set themselves up financially, whether that’s through the ongoing income you derive from rent or the capital gain that could potentially be realised when you sell.
But in the interim, how do you manage that investment efficiently, ensuring the property remains well maintained, attracts great renters and doesn’t incur too many costs?
Here are six tips to manage your investment more efficiently…
Engage a good property manager
Engaging a good property manager is an investment that helps ensure the residence attracts the right renters, is looked after and consistently returns the rental income it should.
With knowledge of the rental law and an array of contacts to help you maintain and repair the property, this manager will flag potential problems before they become big issues and help you efficiently manage the property.
Have a maintenance fund
Regardless of how new the property is or the condition that it is in, every rental property requires repairs and maintenance from time to time.
To handle that cost efficiently, it pays to have a maintenance fund where you put aside money for upkeep that might be required.
Get proactive about repairs and maintenance
A small issue is far more affordable and easy to fix at a rental property than a large one, which is why it’s important to be proactive about ongoing maintenance and general repairs.
And this is where a good property manager comes into their own, identifying issues which might need attention before they become a problem that is costly to repair.
Meanwhile, every rental property owner should have an awareness of the maintenance that their property will require each year, such as six-monthly gutter cleans, deck oiling, water blasting, or tree trimming.
Know your key dates
While a good property manager will keep track of these for you, it’s also important that you are aware of the key dates involved in managing your investment.
These include the date the rental agreement ends; the time period prior to that when you need to notify the renter about vacating the property, renewing the agreement, or increasing the rent; routine inspection dates; and also ideal times for routine maintenance to be done.
Seek out good insurance
Comprehensive ‘landlord insurance’ protects you should something go wrong at your rental property – whether that’s damage by the occupants, a natural disaster, or loss of income due to the property becoming uninhabitable as a result of those events.
That means it’s a must have for every investment owner.
Have a good accountant
When it comes to the team of people who help you manage your rental property efficiently, a good accountant is paramount.
They can help you keep all the taxation obligations of your investment in check, while also maximising any deductions.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
