I’m sure you’ve heard it stated that you should approach your property management Canberra business like a company. But what does this actually imply when it comes to the long-term management of your asset?
Well, here are six great recommendations on how to effectively manage your investment property.
Be business oriented
When you fail to plan, you plan to fail as the old saying goes.
In order to succeed in the best property management in Canberra, you need to have a thorough plan laid out and maintain sight of your long-term objectives.
When it comes to managing your property portfolio, you should think like the owner of a company, since that’s basically what you are!
Employ the best individuals for your team, take an active interest in all areas of what they’re doing and interact with them frequently because at the end of the day, it’s your asset and you need to make sure it’s being cared about properly.
Don’t become emotionally engaged
While we naturally wear our hearts on our sleeve when we go shopping for a new home – after all it’s where we raise our family and find refuge from the daily grind – letting your emotions get in the way when it comes to your property management Canberra business is a huge error.
Rather than picturing yourself in the home you’re looking at, think about the kind of renter you want to recruit and if they would be comfortable living there.
After all, the renter will assist to pay your mortgage and by understanding your target market and catering to their likes and dislikes, you’re less likely to have lengthy vacancy periods and more likely to earn top rental money. Click here to learn about the qualities of the property manager.
Keep your property immaculate
One property management Canberra method to make sure you have the best renter to care for your asset, while at the same time ensuring it maintains its long-term worth, is to undertake regular and timely maintenance.
With so many options, potential renters are pickier about property quality and will not pay top price for a run-down hovel.
Keeping up looks with a new coat of paint, repairs, or even adding an air conditioner or dishwasher for your renters can reward you with a high rental price.
You are also more likely to find a renter who pays on time and respects the property as they would their own.
And let’s face it, a well-maintained home will provide long-term profits rather than losing value due to neglect.
Know your rent reviews
To maximize your property management Canberra returns, you must constantly monitor the rental market.
Annual rent evaluations guarantee you always get the greatest price and therefore return on your asset.
Increasing your rent in accordance with the market may help you bridge the gap between growing monthly mortgage payments and your tenant’s monthly contribution. Click here to read about Property management organizational tips to save time and stress in Canberra.
A word of caution…
Getting greedy may alienate a good renter who may decide to move on to better pastures.
As a result, you must consider if short-term gains may be offset by long-term losses if your property is overvalued and stays empty.
Sure, your Canberra property manager should tell you what rent to charge and when to raise it.
After all, they should know the region well and know current comparable rentals.
Don’t personalize
Making friends makes us feel good, right?
Getting too close to your renters may create major issues for landlords.
First, there may be issues with the renter paying their rent on time since they may believe they can take advantage of your personal connection.
Second, if you overstay your welcome and visit too often, the renters may accuse you of violating their legal right to peaceful enjoyment of the rented property.
Again, having a professional property manager care after your asset rather than becoming personal is essential.
Hire excellent assistance
A competent company owner knows they can’t do it all.
They employ a professional property management Canberra team to assist them to manage their interests and maximizing earnings.
So should property investors.
Having a property manager who is familiar with the region will be beneficial in the long run.
A competent property manager will do more than just collect rent.
They will also:
• Find new tenants
Before suggesting a renter, your agency should carefully check them.
This includes verifying references and talking to former employers.
They should also verify with their existing agent or landlord to ensure they pay rent on time and maintain the property.
• Prepare the leasing paperwork
Your agent must draft a lease that protects both parties.
Each state’s Real Estate Institute has a standard lease that most agents utilize.
A competent property manager will include further protection provisions.
• Arrange bond paperwork
Your renter will have to post bail.
Most jurisdictions need a Residential Tenancy Bond Authority to hold the bond.
Your property manager will handle the paperwork and any bond issues at the conclusion of the lease.
If the renter pays their rent on time and leaves the property in the same condition as when they moved in, they receive their full bond back.
Sadly, many disagreements occur about what constitutes “property damage” and what constitutes “fair wear and tear.”
Having a thorough condition report and photographs of each room of the home at the start and end of the lease may help avoid misunderstandings.
A competent property manager will also provide their renters with a contract detailing their responsibilities while leaving the property.
• Provide current rental advice
A competent Canberra property manager will know the rental market and can advise you on market rent for your home.
In an oversupplied rental market, a little reduced rent should attract a lot of renters.
Canberra’s property managers will show you similar properties used to calculate your market rent.
Final thoughts
With the tips mentioned in this article, you should be able to build a property management Canberra strategy that places you ahead of the competition seamlessly. In this regard, we advise that you implement the tip mentioned in this article