One of the most important property investment tips you will ever hear as a first time investor is that hiring the right management company for your apartment will save you money, time and a lot of heartache and stress. This is because they will be responsible for looking after the ongoing maintenance of your property, from any emergency repairs that need to be made to the regular maintenance schedules. While they are arranging appointments for oven repairmen or making sure your gutters are cleaned on a regular basis, you can be planning your next investment purchase.
Small Problems Can Become Big Problems
Another great property investment tip is to make sure your property management company does not let small issues build up and turn into much bigger and costlier problems. This is also your responsibility as a landlord, and it is in your best interest to keep on top of any repairs that need to be completed to your property. Minor issues such as a leaky window or a broken gutter can be fixed easily and for relatively little cost, however if left for any length of time can quickly turn into expensive repair work.
Regular Inspections Are Critical
Apart from vetting the tenants and ensuring they are suitable for your property, there is not much you as a landlord can do to keep your apartment in pristine condition. You can, however, get regular inspections of your property conducted. While the maximum number of inspections you can have during the year varies between states, it is common for most property managers to conduct them at least 2 to 3 times a year. It is helpful to have any issues in your property photographed and documented for future reference. Some property managers also bring their handymen, gardeners or other tradesmen on site with them to ensure that all areas of the property are looked at thoroughly.
Tenants Are Attracted To Well Maintained Buildings
The other important property investment tip about ensuring that your property is well maintained and looked after is that potential tenants are far more attracted to buildings which look neat and cared for, rather than properties where things are broken or there is obvious damage to the apartment. This is particularly important in the case of renting out brand new apartments – the closer you can keep the property to its original state the better in the long term. If you have bought an off the plan apartment and are planning to rent it out, make sure that you contact a management company like Ironfish who specialise in brand new properties, as they are more likely to understand the type of tenant you want and will help to keep the property looking as good as new.
Don’t take chances with your investment property – make sure you hire a property manager like Ironfish that has a staff of professionals who will understand your requirements, have experience in your local area, and can help you to keep your investment in great condition.