Recently purchased a property, and unsure how to navigate your new status as a landlord? Already have a few properties but not sure if you’re bringing your landlord A-game to the table?
You’ve come to the right place. But first, why is nailing the landlord role so important?
“As a landlord, you’re basically running a business, which is investing in property,” says Michelle Valentic of Advantage Property Consulting. “You need to treat it like that.”
Here are Valentic’s top tips for surviving landlord-hood in the current property climate.
Firstly, invest in a professional property manager who is experienced and has good track record, she Valentic.
“Look for one that has experience in the legislation but also has experience in that suburb and understands the rental market,” she says.
“Make sure they can accurately price your property – not under price it or over price it – and find good quality tenants that have been vetted correctly,” she says.
You’ll want to make sure that the property manager that you choose to work with is able to look after the property well on an ongoing basis and that they have good and experience manner in all communications with the tenants during the lease.
Other things to invest in are getting professional photos taken, taking the time to write a good property description and show the floor plan upfront.
“More tenants now are using mobile devices when they’re searching online so that first photo is the most important,” says Valentic.
“That will determine whether they click through or just keep scrolling to look at another property.
“Investing money in photos, the description and a floor plan is a good long-term investment. It’ll keep paying back every time your property becomes available to lease.”
If you want to attract good tenants, you should also be investing in the property itself, says Valentic.
“Look at putting in heating and cooling systems – heating especially is essential in Melbourne,” says Valentic.
“Putting in good quality blinds, repainting, making sure the floors are in good knick, installing a dishwasher – these are all investments that will help you attract and keep good quality tenants over the long-term.”
Going back to thinking of your property investment as a business, you’ll want to ensure you always have a financial buffer. “You don’t want to be financially stressed all the time,” says Valentic.
“And you don’t want to risk your credit rating either by defaulting on your mortgage if your rent’s not coming in.
“Having a buffer to get you through short-term bumps is a good long-term strategy. And then having an insurance policy backing you as well just evens that out.”
Costing less than $1 a day and tax-deductible at that, Terri Scheer Landlord Insurance can ensure you’re covered for countless tenant-related risks.
If you’re renting your property out short-term, Terri Scheer Short Stay Policy, designed specifically for landlords of short term rentals and holiday homes, should also be considered.
And, finally, maintaining your property throughout tenancy period is a vital long-term strategy.
“You might think you can save money by knocking back tenants’ requested maintenance, but in the long term, it really does cost you as a property investor,” says Valentic. “You need to make sure your property doesn’t deteriorate and that you continue to address maintenance as it comes up.
“If you’re investing along the way to make sure your tenants are happy, it really does benefit you long-term. Not doing maintenance is a short-term view to save you a few dollars.”
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