When it comes to managing your property, there are a few property management tips that could make or break your real estate investment. It’s important to dot your i’s and cross your t’s, otherwise you could find that yourself tied down to a costly investment. So, to help ensure you get as much return from your investment as humanly possible, we’ve called in our Property Management expert, Calibre’s Business Development Manager, Emily Williams. Emily has been in the property management industry for many years, in fact, Emily used to be a Property Manager so she understands how important it is to find the right and most diligent Property Manager. She is a wealth of information on a things real estate. For this article, Emily has kindly prepared her top property management tips for any current or budding property investor.
Top 8 Property Management Tips To Stress-less About Your Investment :
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1.As The Landlord, You Have Final Say When Choosing A Tenant
A good property manager will conduct a thorough screening process of all potential new tenants. This includes their employment history, current earnings, references, background checks and financial security. Tenancy databases such as TICA and Equifax are available to assist in conducting these checks.
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2.Know How To Efficiently Manage Your Investment’s Cashflow
Capitalising on the return on investment for your property is essential. This can be achieved by maximising your rent return wherever possible. You can expect to receive better rental return by ensuring your investment is well maintained and well presented.
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3.Ensure You Have Rainy Day Reserves
***One of our most important property management tips*** Put aside “emergency money” for your investment. Before renting the property out, discuss a maintenance plan with your property manager to ensure the house is well kept throughout the duration of the tenancy. This will assist you to manage your finances wisely and hopefully avoid any nasty surprises. By putting aside some ‘rainy day reserves’, you are being proactive rather than re-active. Lucy recommends you put aside a minimum of two weeks rent to help cover this.
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4.Have a Solid Understanding of Your Local Laws
The Residential Tenancies Authority is Queensland’s statutory authority that helps make renting work for everyone. They provide tenancy information and support, bond management, dispute resolution, investigation, and policy and education services. The RTA are on hand to assist both the tenants and landlords alike. Following the RTA’s regulations will help to ensure both a happy owner and happy tenant.
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5.Always be Prepared for End of Lease & Re-Leasing.
Better preparation more often than not equals shorter vacancy periods. By beginning the lease renewal process at least 3 months prior to the tenant vacating helps to ensure the property is released in the shortest possible time frame.
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6.Have An Eviction Plan : Know both the landlords’ & tenants rights
It’s important to understand the legislation and ensure your landlord insurance covers the eviction process as it can be quite costly. For more information about how to choose the right landlord insurance for you, click here.
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7.Streamline Your Accounting, Finances & Paperwork
There’s an easy way to take alot of the stress and worry out of having an investment. You can choose a management that pays all invoices and rates on your behalf. This allows for easy reconciliation at tax time. You should then receive a detailed end of financial year statement outlining income, expenses, GST on expenses and balance. Find out how you can claim tax depreciation on your property here.
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8.Strategise Your Property Management Plan
Choosing the wrong agency to manage your investment property could end in disaster. High rental arrears, poorly managed property maintenance and prolonged vacancy rates will drastically hurt your bottom dollar. Emily recommends that you short list a few property management companies in your area and book meetings with each one. You’ll then need to weigh up the pros and cons of each company. For assistance with choosing the right property manager for you, check out this article.
Quotes provided by Emily Williams
0411 582 871
emily.williams@www.calibrerealestate.com.au
Here’s some other articles with property management tips we thought you might appreciate :
- 5 Things You Need To Know About Claiming Tax Depreciation On Your Property
- How to Choose the Best Property Manager Made Easy
- How To Choose the Right Landlord Insurance For You
- Insider Advice To A Quick Tenancy Turnaround
- Ten Tips About Buying Real Estate That Will Save You Money
