Tips for self-managing your rental property

Thanks to a continuously burgeoning property market throughout Australia, real estate and property investment has grown to become one of the great passions for us Novocastrians. This is especially true here in Newcastle and throughout the Hunter where the property market continues to boom as more and more homeowners snatch up second and third homes as investment properties.

There are a number of reliable and reputable agencies providing property management services for those of us with a growing real estate portfolio, yet more and more savvy real estate investors are opting to self manage their rental properties. 

If you are among the growing number of landlords self managing your property, there are a few things to note that will take a lot of the stress out of managing your rental unit.

TIPS FOR MANAGING YOUR INVESTMENT PROPERTY

AVOID COSTLY REPAIRS BY TENDING TO SMALL REPAIRS QUICKLY

There are a number of benefits that come from not waiting to perform repair work on your rental property, not the least of which is taking care of seemingly small repair jobs will save you money in the long run. Minor issues snowball to become bigger and more costly and destructive problems in no time at all so act now and save some money.

Another bonus of a well cared for property is attracting more desirable tenants. When it comes to landing a great tenant, their value cannot be overstated.

Squarepegs Handyman works to support property investors throughout Newcastle, Lake Macquarie, Maitland and the Hunter by providing quality property maintenance services that will preserve the longevity of your rental property while delighting your tenants without disturbing their comfort.

KEEP YOUR RENT AT MARKET VALUE

We get it, you absolutely love your rental property and, through your eyes, it looks like it is worth at least $1 million in weekly rent. Through the eyes of a renter, however, few are willing to pay above market price. 

The disparity in what you want to collect in rent from your tenants and what prospective tenants are willing to pay can lead to long and costly vacancies which end up hurting you in the long run. It is far better to collect a fair price in rental income each week than to wait and hope for a tenant who is willing to pay your dream price in weekly rent.

This article by finder has some great information about appropriately pricing your rental unit for the market.

SPLURGE FOR LANDLORD INSURANCE

As a landlord, having property insurance is a no brainer. While your property insurance will protect you in the unfortunate event of weather related damage or floods, you will not be protected if your tenant defaults on their rent or causes damage to your rental property that is in excess of their rental bond.

Landlord insurance is not a legal requirement here in New South Wales, however, major changes in a person’s life can cause even the best tenant to become less-than-desirable (think separation and divorce or job loss) and it’s always good to have a backup plan for when things go downhill.

MAINTAIN AN AMICABLE RELATIONSHIP WITH YOUR TENANT

A good tenant is worth their weight in gold and, if you are lucky enough to have a great tenant who is willing to look after your property as if it is their own, it is in your best interest to keep them.

In addition to keeping you rental property well maintained, this means maintaining a professional decorum. The last thing you want is to find yourself listed in a ‘Landlords from Hell’ article and going through tenants like icy poles on a summer day.

DO THOROUGH CHECKS ON PROSPECTIVE TENANTS

We’ve talked a lot about doing what you can to retain a good tenant, but how do you find the ideal tenant for your rental? 

A tenant’s rental history is a good indicator of how they will be as your tenant. With this in mind, it is a good idea to carry out tenant background checks and to thoroughly vet your prospective tenant’s rental references. 

A tenant who has a dodgy rental history - whether that means excessive damages or rental defaults - isn’t likely to suddenly change when they move into your property. When it comes to leaving your property vacant or risking it and renting to a tenant with a spotty rental history, it is better to protect your investment and wait for a better tenant to come along.

CONSIDER A PROPERTY MANAGER

We’ve pulled a little bait and switch with this one! You came here to find information about self managing your rental unit and now we’re telling you to look into engaging a professional property manager? What the what?!

To be clear, it is just a suggestion. To take the suggestion further, look for property managers who ONLY deal with rental properties. Enlisting a real estate agency whose focus is selling homes and property will lead to your rental unit and your tenants being placed on the back burner - if not completely ignored.

There are a number of property management companies cropping up in and around Newcastle, Lake Macquarie, Maitland and the Hunter who exclusively work with rental properties, they’re just a quick Google search away. 

SQUAREPEGS HANDYMAN DOES PROPERTY MAINTENANCE

Whether you are self-managing your rental unit or you’re a property manager looking after a number of rental units, Squarepegs Handyman is here to take care of all of your property maintenance needs.

Our attention to detail and dedication to professionalism and delivering exemplary client experience means we’ll look after your property like it is our own. For those mid-tenancy repairs, we promise timeliness and friendliness without intrusiveness so you never have to worry about your tenant being annoyed or disrupted.

WHERE WE WORK

You’ll find Squarepegs Handyman in and around Newcastle, Lake Macquarie, Maitland, the Hunter and beyond. Contact us to find out if we service your area. 

We cannot wait to work with you!

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