A guide for first time landlords
Whether you have purchased a property specifically for investment purposes or are renting out your previous home, becoming a landlord for the first time is an exciting step on the property journey.
All going well, your property will continue to increase in value while also earning you a solid income along the way, but there are some tips that can assist when it comes to managing your investment property.
With that in mind, here’s our guide for first-time landlords.
A rental property audit
Auditing your property for potential issues goes a long way. Especially, when it comes to setting up a rental property that will require minimal maintenance and repairs.
That means evaluating your investment, highlighting areas might need a little spruce-up, or repairs/replacement. Taking care of these before any prospective tenants move in, helps develop a prosperous relationship between landlord, and tenant.Â
This isn’t about undertaking a major renovation, but rather ensures your property appeals to the right people, and that potential maintenance issues with aging appliances and other things will be minimised.
Ongoing maintenance
Even brand new properties will require ongoing maintenance throughout a tenancy. This includes things like gutter cleans, gardening and tree trimming. It may also extend to regular maintenance tasks like lawn mowing if you have an acreage property, or swimming pool maintenance.
This type of maintenance is designed to protect the value of your property while also ensuring it remains appealing to your tenants.
Repairs
Repairs are part and parcel of being a landlord, and they can pop up when least expected. That’s why it’s important to budget for both ongoing maintenance and repairs. And, when you consider the income you are likely to get from your rental property, it’s worth the upkeep.
A good property manager
A good property manager takes the stress out of being a landlord, acting as the intermediary between you and the tenant.
This property manager will help you establish the rental price based on their market knowledge, they will prepare all documentation such as the lease agreement, handle the bond lodgement and then ensure all conditions are met throughout the tenancy.
They will undertake regular inspections to ensure your property is being looked after, and will also liaise with you over any required repairs or maintenance.
In fact, picking the right property manager is one of the most important decisions you will make as a landlord.
Insurance
Insurance is imperative for any landlord and it should encompass building insurance that protects you should something happen to the property and landlord insurance that protects you against lost income due to damage.
Meanwhile, the tenant is responsible for their own contents insurance to protect their personal items.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We manage every property as if it were our own and you can learn more about our property management services here, or complete the form below.
Alternatively, if you’re looking for a rental property, you can view the properties we currently have available here.
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