- Before you decide to rent your property make sure you see your accountant and are aware of all tax implications for your investment.
- See your property as a business proposition, disengage the emotion if it was once your home.
- Meet with your potential managing agent and conduct a property audit to ensure a short vacancy time frame. Eg: Is your place NBN ready, if not – can you apply for this?
- Make a 12 month plan and schedule any repairs and maintenance required – keeping your tenants happy will ensure a longer tenancy.
- Ask your property manager to send you an SMS or call you at least once every 3 months with an inspection report. Communication is an important part of ensuring your property is well maintained and you avoid greater expenses when things are left for too long.
- If a tenant has a request due to changes in circumstances Eg: new baby drilling on walls for baby gates. Be accommodating. The more ownership a tenant has with your property, the better they will look after it.
- Communicate with your property manager the importance of screening potential tenants. A good tenant is sometimes worth waiting for.
- Review properties on the market and time they have been advertised. Price yourself just below so you can have the competitive advantage and can chose from a wider pool of applicants.
- Negotiate rent free periods/repairs & maintenance and then communicate to all parties involved.
- Your tenant is like your customer, look after him and see your business grow!
