Anyone who is new to something is bound to make mistakes, but when it comes to leasing your investment property, you want to be sure those mistakes aren’t costing you. Here are the most common risks that first-time Landlords run into and should learn how to handle.
According to the Residential Tenancies Authority, the property owner must ensure the premises and inclusions are clean, fit to live in and are in good repair. You should be following state regulations, especially when it comes to the safety and security of a property. Some safety tips include: check your smoke alarms are the correct ones and in working order, follow pool fencing regulations if applicable, and have professionals inspect the electrical wirings in your home.
Repairs and Maintenance
Speaking of safety, it is also your obligation to stay on top of repairs, both emergency and routine. Regularly attending to repairs will keep your tenant happy and maintain or even increase the value of your property. Have a list of trusted local tradespeople in place. Communicate clearly with your tenant about schedules and keep everything in writing.
One way to maximise returns is to invest in renovations for your rental property. This can range from a fresh coat of paint to adding an extra bedroom. It all depends on the type of property you have and which market you’re targeting. In general, added storage, secure parking, and modernised bathrooms and kitchens are appealing and valuable updates.
Once you’ve put up your listing online, you might think your job is done and applications will come in. However, if you want your rental property to stand out, you’ll need to be strategic about your marketing. This includes professional photography, video tours, 2D and 3D floor plans, social media ads, and more so you know you’re casting a wide net and in the right direction.
While some investors rely on self-management, hiring a professional Property Management can give you the edge you need. A good Property Manager can make sure you avoid any of the listed mistakes and help you make the most out of your investment. Their expertise and knowledge can give you more time to focus on your investment goals beyond managing a rental property.
We have years of professional experience in managing properties. Get to know our team of experts www.rentalresults.com.au/our-team/