Managing an investment property for the first time is equal parts exciting and daunting. It is very important to seek out advice and information to ensure that you can set yourself up for great returns and stress-free tenancies well into the future.
Understanding the tenancy laws in your State
Focus on the rental income
Thorough tenancy checks
An important thing to keep in mind, especially for first time landlords is to not rush and accept the first potential tenant you meet. Ensure you undertake detailed background and credit checks. This is all the more necessary if you are settling abroad and will not be able to manage or follow up on each and every issue related to your property. In these situations, you can save a lot of back-and-forth by hiring a property manager who CAN handle these day to day issues.
Pets – Yay or Nay
Collect a Bond
Get landlord insurance
Market your property effectively
Don’t over-capitalise – “The Block Effect”
Find an Excellent Property Manager
Regular inspections are a must