1.Know the value of Your Property & the Current Market Conditions
An up to date rental appraisal is one of the first places to start – it’s important to know what your property is worth and what similar properties are also on the market. Knowing how your property’s rental return can be maximised in the most effective way, by producing the greatest return for any dollar spent is essential.
2. Choose an Exceptional Property Manager
A great Property Manager is essential in successfully managing your investment property. Not only will they select a great tenant, collect the rent & arrange maintenance but they should also effectively manage these important points – which will ensure your investment property success
3. Ensure Your Property is Legally Compliant
Legislation requirements can be complex and are always changing – it’s incredibly important to be up to date with all of these requirements;
- Smoke alarms (new changes starting from March 2021)
- Water usage (are you correctly charging based on water saving devices)
- Window openings and blind cords (does your property comply with current standards)
4. Are you Fully Protected by Insurance Cover
Landlord insurance cover is essential – a policy should include cover for loss of rent, damage by tenants, damage for other listed events, cover for fixtures & fittings & other specified items and cover. Your Property Manager can advise you on the best policies available.
Written by Shellharbour Marina Real Estate Pty Ltd