When you purchase an investment property, you take on a lot of responsibility. This responsibility comes from you becoming a landlord – so you’re in charge of how your property is maintained and the tenants who reside in it.
Although this responsibility falls on the owner’s shoulders, not everyone has the time and dedication to devote to their rental home. And this is when many owners look towards using professional property management services from a real estate agency.
Set rules for your property
As the owner of a rental property, you’re in charge of setting the rules for your home. This means you can decide whether to allow your tenants to smoke, have pets – you can even choose the maximum number of people to live at your property.
While a property manager is the person who will likely be finding tenants for your home, you have the overall say on whether you choose to accept their application or pass on it.
You may choose to bend some of the rules you outlined for your home in order to secure a great tenant.
For example, you can allow a family with a cat to live at your property if they are looking for long-term housing and have a stable income.
It can pay to be lenient towards some tenants, as sacrificing small changes could help you secure a great tenant in the long run.
Ensure your home is in good condition
In order for your property to be kept in a great condition for resale and tenancy, it pays to be proactive about any maintenance issues that crop up.
If your tenants alert you of any issues such as broken windows, fixtures, locks or taps, get onto fixing them as soon as you can to keep your tenants happy and your home looking great.
It may also be a good idea to regularly review your home to see if it needs any renovations or changes to ensure it’s an attractive place to live. Whether it’s installing a dishwasher, giving your tenants a good heating system, or adding more storage to key areas, there are many ways to make your home appeal to tenants.
Be financially savvy
As your rental property is a source of income, it’s likely you’ll want to maximise this as much as possible. So, to ensure that you’re getting the best price for your home each week, do your research into the rental property market.
Have a look at properties similar to yours in nearby areas to see whether you’ve set a fair price.
There are also tax deductions and concessions you might be able to take advantage of for your home, depending on which state you live in.