What is your Star Rating as a Landlord?
Investing in property, creating financial wealth, securing, retaining and managing the tenant and property are often hassle free processes for many. However, we do appreciate that there are some landlords who experience challenges along the way.
This month, our team has taken the time to sit down and reflect on how you can minimise your hassles during the management process and maximise your short and long term income.
Take a moment to rate your stars.
- Ensure that your property is presented in an A1 condition to attract quality tenants
- Be very selective in the tenant/s you accept. A vacant property is better than a second class tenant, which can lead to increased disputes, arrears and potential property damage
- Promptly act on tenant requests
- Regularly maintain/upkeep and renovate the property
- Regularly increase the rent a little every 6-12 months
- Utilise the equity in your property to increase your investment portfolio
- Obtain a property depreciation report
- Take out landlord protection insurance to cover you for the unexpected
- Clear out the gutters and cut back trees and shrubs annually
- Set aside additional funds each week/month for the unexpected repairs such as a hot water system
- Visit your property annually