Tips For Landlords
- Be reasonable when setting rent - there is no point in being greedy expecting an extra $10/week ($520 / year) when you hinder your chances at finding a good tenant, as well as your property being on the market vacant longer than needed
- Encourage maintenance issues to be reported - better to fix something when it is small and easy rather than it becoming a bigger issue later on
- Have open lines of communication - Is your property manager keeping you up to date, this includes such things like maintenance issues, tenants future plans (do they plan on staying long term etc.) are there potential items that need replacing / repairing (fences that are on their last legs)
- Insurances - keep them up to date and reguarly review. Was the property your owner occupied previously, have you notified the insurance company of the change? Do you have landlord insurance?
- Appoint a property manager - with the ever changing legislation, keeping up to date can be a bit hard at times, thats the reason for a good property manager.