10 Tips to Managing your Investment Property
There are ways to manage your own investment property. It can be done, with a little mindfulness, and some common sense.
Our Property Management Tips
- Plan! What are your goals? Where do you see yourself and your property portfolio in five years’ time? Ten years? What do you hope to get out of it at the end of the day?
- It’s a business, and you should treat it as such. Don’t get emotionally involved, and ensure you remain a professional distance. If you think you won’t be able to handle this aspect of the business, then perhaps you should consider outsourcing the managing of your rental property to a third party.
- Educate yourself on the law surrounding rental properties. This way, not only will you always have the law on your side, you can use it as a base from which to build up your authority. You’ll always be acting according to the relevant legislation, and this won’t waver.
- Make regular inspections a part of your routine. Learn the legislation regarding inspections and take photographs when you do conduct one. Accurate documentation is likewise important.
- Be available. A small problem can quickly escalate and become a large issue if you delay. Make sure you’re available to your tenants to prevent issues getting out of hand.
- Repairing and maintaining your investment property can be time consuming, so the idea is to keep on top of it and act fast. Hot water system gone? Arrange a new one, and promptly. Leaking gutters? Repair them before the water causes damage into the roof line. Sparking power outlets? Avert potential fire damage by seeing to it ASAP.
- Keep accurate records, not only for your inspections but tax/financial records, and consider the way you actually record things. If it’s on a computer, make sure you employ adequate security and backup systems. If you’re an old fashioned pen-and-paper person, consider photographing your notes for storage on a hard drive.
- Have a great team on hand – people you can rely on to maintain your property, such as gardeners/lawn mowers, electricians, plumbers etc.
- Keep up with the market because rental increases are part and parcel of managing your own investment property. Putting up the rent might not be your favourite part of the job, but it’s essential. Follow the legislation when you do raise it, though.
- Lastly, if you find it difficult to cope, there are options available. So make an appointment to speak with our friendly property managers about managing your investment property, and let us make things easier for you.