Four property management pearls of wisdom
Whether it’s your first investment property or part of a greater portfolio, it’s important to stay educated in the interests of your investment.
And when it comes to investment properties, we’ve successfully managed a whole lot in our time. So here are four property management pearls of wisdom from our highly experienced team.
Good renters are worth keeping
Quite simply, great renters are worth their weight in gold. Not only will they pay their rent on time, they will also look after the property, proactively flagging any issues and maintaining the home as if it were their own.
And if you have great renters, they’re worth keeping. That might mean you opt for moderate rent increases when the time is right, rather than market-price increases at the end of every rental agreement.
Meanwhile, if you’re looking to retain great renters, it’s a good idea to check in with them every now and then, asking whether there’s anything they need from the property.
It pays to be proactive about your property
Every rental property requires repairs and maintenance from time to time. It’s just a fact of life that properties age and things occasionally break.
But when it comes to these maintenance and repairs, it’s important to be proactive and deal with them in a timely manner.
When you proactively maintain your property, small problems are far less likely to become big issues, and it also indicates to the renter that you value the property and them.
Insurance is an absolute must
An investment property is one of the biggest financial assets you will likely own in a lifetime and it needs to be protected with adequate insurance.
Importantly, this insurance should be ‘landlord insurance’ which covers a range of risks including:
- Property damage, such as fire, flood, storm, lightning, water damage, impact damage, theft, vandalism, and malicious damage by renters or guests.
- Legal liability of up to $20 million for death or injury to others who attend your property, or loss or damage to their property as a result of attending your property.
- Loss of rent – In some cases, landlord insurance can cover the loss of rent and legal costs to recover it.
- Other costs, such as accidental glass breakage, and burnout of domestic electric motors.
A professional PM reduces a whole lot of stress
Owning an investment property is a bit like running a business, and it takes time, expertise and an insight into the relevant rental law to run that business well.
That’s why a professional property manager is a must. Not only do they ensure the rights and obligations of each party in the rental process are adhered to, they eliminate a whole lot of stress on your behalf.
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.
