Top Tips For New Landlords

Taking on the responsibility of a landlord is one of the most rewarding yet challenging things any Davie property management company will tell you. For landlords there are many different things that need to be taken into consideration to ensure your investment property is well taken care of. The following are some tips for new landlords to help keep your investment property running smoothly all year long.

Investment Property Tips For New Landlords

Owning an investment property is all about gaining as much profit as possible. Any Davie property management company will tell you that to ensure profit you may need to consider the following advice:

1. Keep all your rental income up-to-date with the current market. This includes strata levies, interest rates, land tax rises, and anything else you can think of.
2. Avoid any major costly repairs by fixing smaller minor repairs as they occur. This can save you a lot of time and money in the long run.
3. To avoid a length vacancy period, make sure your property is well within the current market value. Having your price too high can result in your property sitting on the rental market for a while longer than you need it to.
4. If you have a great tenant already in place, try and keep the rent at its market value. Increasing your rent will cause you to lose your tenants and your money.
5. Make sure you have insurance on your investment property to cover any damages.
6. Don’t become emotionally attached to your investment property as it will make it more difficult to sell if required at a later date.
7. Make sure the appropriate checks are carried out to ensure you have the right tenant for your property.
8. Maintain a professional relationship with the tenant at all times.
9. Use a professional Davie property management company to manage the responsibility of your investment property.

Conclusion

Having an investment property can be a profitable investment in the long run. By following these top nine tips above, any new landlord will be able to make their investment a smooth and more profitable one in the future. Are you thinking about investing in property?