7 Tips for Busy Landlords

Home Conveyancing 7 Tips for Busy Landlords
1. Take ownership and plan ahead maintenance. This is a task you shouldn’t expect your property manager to do for you because​,​ reality is​,​ they probably wouldn’t. ​I hate to say this, BUT as investment property owners you should be mentally planning to have your ​carpets replaced every few years, kitchen​s upgrade​d, and a new coat of paint applied ​sooner or later. There is also a raft of smaller things you could do to keep properties looking great and if you do them slowly and using a plan, it won’t be that big of a hit on cash flow.

2. Request access to your Owner Portal. Ask your property manager for access to the “owner’s portal” today! Most property management softwares do offer an owner portal these days. In a typical owner portal, you will be able to see reports, tenant details, your bills, past statements, all previously approved work orders, graphs etc etc. We are actually amazed that these portals are not already mainstream.

3. Send a “hello” email to your property manager. Ask them how the tenant is going, if everything is OK with your property and what is happening with the rental market. They will be over the moon to hear from you and it will take you 10 seconds to do.

4. Check how the rental market is performing. Visit the realestate and domain websites, then under “properties for rent”, search for a property similar to yours in your suburb. It is very easy to do and it takes less than 5 minutes – even less if you save the search.

5. Read strata and body corporate minutes. If your property is part of a body corporate, make an effort to read the minutes that come out. They always contain great information, and that is information that neither a property manager or owner would ever come across otherwise.

6. ​Actually read the Entry/Exit and Routine Condition Reports. Make sure to keep an eye out for condition reports which should be arriving every 3 to 6 months, and if you haven’t seen one in a little while, ask for it today. It is not unheard for routine inspections to fall through the cracks. ​​When you do receive them, go through them carefully. Pay special attention to photos as they will provide you with a lot more information that any written report ever will.

7. Attend an inspection. Last but not least, I suggest you ask to be present at the next routine inspection…. nothing wrong with that and you should make an effort to see your property at least once every couple of years.
Looking to purchase or sell an investment property contact your Bliss Conveyancing property transfer partner today 1300 659 231. 

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