You’ve purchased a great property investment and want to become a landlord and start bringing in rental income. You’ve probably got all sorts of questions that you need answered, from the ways to find the best tenants to ensuring you property is well maintained. In this two part article we look at some of the most common questions landlords should ask when first starting out.
1. Should I Get My Property Professionally Managed?
The answer to this is a resounding yes! Many people who think they can manage their own investment property actually end up having sleepless nights worrying about rental agreements and emergency maintenance issues. Professional investors always recommend that people (especially first time landlords) get their properties managed, for peace of mind and to know that your interests are being looked after at all times.
2. How Do I Find A Good Property Manager?
When you look for someone to manage your property investment, you should look for an experienced company that has been in and around the industry for several years, and has a presence in your local area. Companies such as Ironfish not only find people VIP opportunities in the market, they will then be able to offer them a fully managed service once the property is completed and is ready for tenants.
3. How Do I Find Great Tenants?
This is one of those perennial questions that real estate agents and property managers get asked all the time. The best way to ensure you get good tenants is to have a systematic and thorough review process when you have first advertised your property. An experienced property management company will have tried and tested methods of excluding certain tenants and targeting those they feel will not only be able to provide a steady rental income but also keep your property clean and well maintained.
4. How Can I Ensure My Property Is Well Maintained?
Nobody wants to think of their property of not being properly looked after, especially as the years roll by. One good way to ensure that your apartment is being well maintained is to insist on regular inspections by your real estate agent or property management company. Every State has differing rules about when and how often the property can be entered and inspected – in NSW, for example, the property can be inspected up to 4 times a year. One tip for inspections: ask your management company if they provide photographs from inspections as this can be a great way to track your property’s condition over the years.