Managing your own investment property can be fraught with problems, the tenant not paying the rent on time, the property not being looked after in the way the tenant should, and a myriad of other things that can be a problem and if there is a lack of knowledge of the Residential Tenancies Act, then anyone can find themselves taking up their precious time, trying to sort out where to go and then what to do. So clearly that is why so many people choose a professional who has been trained in this area and hires a property manager to take care of all these issues for you, so all you do is collect the rent every month and leave all of the hard work to the person you employ to act for you.
Have you ever had an untrustworthy tenant that didn’t pay his rent on time or just didn’t pay at all? A property manager will ensure that rent is paid on time and therefore you receive constant income every month. The choice of a good tenant is really the key to having all the boxes ticked when renting the property. The property manager knows as a good tenant from a not so good tenant. Any applicant has to provide references and have a good rental history and a steady job and basically have a strong case that they will be the best person for the property. The property managers job is to really choose well and both the owner and the property manager can make life easy for themselves.
A routine inspection is very important and tells the property manager if the tenant is looking after the owner’s property as they should. These inspections are done 3 months after a tenant signs a lease and then 6 months after that. An inspection involves going through the property and ticking off a checklist for any damage or potential damage that might need attention. The report provides photos and identifies any damage, The report is then sent to the owner and the property will suggest a course of action to take if necessary. It is our policy that if there is maintenance that needs attention then the owners are notified and their approval sought.
Marketing your property:
If a vacancy occurs, a property manager will market and advertise your property and will source out which tenant is the most suitable. To enable your property to have the best marketing there are other real estate portals that are used to advertise the property. One ad on the Iles website and then ads on realestate.com, domain, home and also social media), sending out emails to people who are looking for properties from our database. When advertising to lease a property it is very important to advertise properly to have as many leads as possible.
Our senior property manager commenced her career at this office and now has come back after 25 years armed with experience and knowledge that she has gained over the years in Melbourne, Sydney, and London and she will comprehensively enable to assist you with any queries you may have. She is very enthusiastic to lease and manage properties so please do not hesitate to contact Susie Mason on – 0413 236 590 or our office – 98183580
Renovating your investment property can significantly increase the value of your property’s value. Updating your home, if done correctly, can also save you from future home issues for your tenant such as cracks, leaks, and other costly problems.
Renovating and upgrading your property will not only put your investment property higher on the market but it might just save you tax time. By giving valuable deductions to claim on your tax return before and after you renovate you could be saving money. Make sure you research these deductions before you renovate because you could be eligible for ‘scrapping’ deductions. scrapping allows you to claim an instant deduction on the entire residual value of items you throw away. Talk to an expert before you renovate because you could claim more than you think.
Ensure that you do not overspend because paying more for your property than what your property is worth will waste money not gain it. Even though it is tempting indulge in expensive fixtures and detailing but you need to consider what will be beneficial in helping you get the most out of your investment property. Start by researching, budgeting and even talk to an agent or property manager to get an understanding of what people are looking for in your area or type of property.
If you are looking to renovate but sure what improvements should be made you should first look at your property overall look, is it outdated? impractical? Modernising it will instantly put your property higher on the market. If you feel you have already met that requirement you can look at extending. adding an extra room or even a larger outdoor living area can make a huge improvement. If you wish to spend less but still make a few tweaks, simply by putting up new curtains, new flooring, new appliances (oven, stove, heating and cooling, lighting) and a fresh coat of paint can improve your property’s appearance. Ensure to stick to neutral colours like white and beige when renovating or just painting an investment home. Having bold colours can scare many kinds of tenants. Having a more simple theme in your home will welcome a broad range of potential tenants because keep in mind that tenants can make their home as bold as they like with artwork and furniture.
I hope these tips help in your next renovation or inspire to do so. If you wish to contact a leasing expert or property manager call our office on 9818 3580 or check out the rest of our website for more information.
Moving into your first rental? Exciting but there are a few things you should look out for when renting your first home, but we are here to help. Here is the BMIS guide to renting your first property.
The first thing you should do when looking for a rental property is knowing how much you can spend per week on your property. You should work out a system that works for you to collect the amount you need that won’t cause stress or financial strain. What a lot of first time home renters do is find a trustworthy friend(s) they can rent a home with, which can help with payments.
Getting the right property won’t happen over night, it can take months before you find the right home or finding a landlord that will take you. Know exactly what you are looking for in your future property and don’t settle for something second best especially if this is going to be a long term home for you. Shortlist Your top properties and contact the associated agents to get open inspection times.
Don’t go by just what you see if photos your desired property always thoroughly go through the home to look for any problems or issues with the home. Always look out for:
-cracks that could cause further damage
-check the roof gutter for rusting
-ceilings are not sagging.
Getting your first property isn’t simple (buying or renting) There is a lot of paper work and patience that is involved. When you finally find a house you love, put in an application ASAP which will give you the best chance getting that home. Read the lease thoroughly to know exactly what you are entitled to as a tenant.
Keeping these tips in mind when finding your first rental will hopefully give the best experience and will find you exactly the home you are looking for. if you have any other inquiries don’t hesitate to contact our team here at Barry and Matthew Iles.
Barry and Matthew Iles is starting a blogging section on or website! We will be posting news about the real estate world, what to know about renting, commercial news and much more…. Enjoy! 🙂