Five questions to ask yourself as a rental owner
When it comes to owning an investment property, it’s not something you can just set and forget.
Each year, it pays to reassess whether the property is meeting your financial needs, is being managed well or is in need of improvement.
So what should you be asking to ensure your investment is serving the purpose it should? Here are five questions to ask yourself annually as a rental owner.
Does this property still serve my needs?
Often people buy or retain a rental property with a specific outcome in mind. Perhaps the property is to serve as a nest-egg for retirement, maybe it’s to minimise your tax bill, or maybe you purchased it with a view to enjoying capital gain that you could cash in on later.
The question to ask yourself periodically is, does this property still serve my needs?Â
If it no longer does or may not in the immediate future, it might be time to consider your options. Â
What maintenance is required?
Repairs and maintenance are part and parcel of owning a rental property, and each year, it’s a good idea to consider what maintenance should be on your immediate agenda.
In some years that maintenance may also be more extensive than others. For example, in addition to general upkeep, you might need to replace something that’s aging.
Having a general awareness of the maintenance required over the course of a year helps you budget accordingly.
Is the property being managed effectively?
And while we’re talking property managers, it pays to ask yourself, is the property being managed effectively?
Good management will see reliable renters in place, and the property manager proactively communicating with you regarding repairs, maintenance, upcoming tasks and more.
Are the right people living there?
Great renters are worth their weight in gold. Not only will they pay the rent on time, they will proactively look after the property, identifying small issues before they become major problems, then work with the property manager to have these dealt with.
Which begs the question: are the right people living in your rental property? If not, it could be time to talk to the property manager about your options.
If good renters are in place, it’s worth considering how you might keep them.
Are improvements needed?
Every now and then a property will require improvements that extend beyond general repairs and maintenance.
For example, it might need repainting, new flooring, a bit of an update or something significant replaced.
Keeping your property refreshed and well-maintained helps protect its value. It also ensures the property attracts the best possible renters and receives the highest possible rent.
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.
