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.
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.
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. We recommend you put aside a minimum of two weeks rent to help cover this.
4. Have a Solid Understanding of Your Local Laws
The REIWA provide tenancy information and support, bond management, dispute resolution, investigation, and policy and education services. The REIWA are on hand to assist both the tenants and landlords alike. Following the REIWA’s regulations will help to ensure both a happy owner and happy tenant.
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.
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.
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.