So you’ve made the leap to invest in property, you’ve crunched the numbers… signed on the dotted line and made it through settlement, congratulations! You are now the proud owner of an investment property… but now what happens?
First things first you will need to appoint a super-star property manager. Ideally your property management team would have been set up prior to settlement so that you can hit the ground running, but don’t stress yourself out if you didn’t do this. Appointing a property manager not only makes tenanting and managing your property stress free for you, but the fees are tax deductible. Your property manager will handle all aspects of your tenancy – from conducting open for inspections and doing thorough reference checks on prospective tenants, to ensuring that rent is paid on time and your property is being well maintained.
Once you have appointed your property manager, they will guide you in finding tenants for your property. The key success for an investment property is good tenants. Your property manager will guide you in finding suitable tenants for your property and help you set a realistic rental price based on the current market trends. Your property manager will have done extensive research on this and will rely on their vast experience, so trust them. Making sure that you think like a tenant during this process is important – if your property manager has a stellar application from professional and possibly long term tenants that have a pet, you might want to consider making your property pet friendly.
So your super-star property manager has secured you great tenants and your investment is truly up and running, what happens next? In order to retain your tenants and keep your investment in good condition, maintenance might be required. Unfortunately, even in brand new buildings, things do break! Your property manager will communicate with the tenants and contractors and relay maintenance information onto you, but it is important that you do approve realistic maintenance requests from your tenants. This not only ensures that your tenant knows that you care about the property, they are more likely to continue living in your investment property if it is well maintained.
Your property manager will perform routine inspections to ensure that your property is being well taken care of and to pass on any information from the tenant to you. They will also perform periodical rent increases (market permitting) making sure that your investment is always performing at its full potential.
Your property managers are here to work with both you and your tenant harmoniously and for that they are worth their weight in gold. They are there to ensure that your investment is performing to its best ability and that your tenants are staying up to date with payments and maintenance reports – maximising the opportunity for long term retention.
Your investment property journey does not end when you have made it through settlement, it is a long term game and seeking professional and expert management is vital in ensuring that your investment works for you.
For more information on what our property management team can do for you and your investment property – please call Solid Investment Property on (03) 9690 2666