A Guide to Rental Property Management in Sunshine Coast
In Australia, being a landlord is a major achievement as only 7.9% of Australians owns investment properties. Many persons consider buying an investment property as the hardest task, but it is only the first step.
Rental property management Sunshine Coast is the tough part where one has to employ a special strategy to manage property investment efficiently for minimum stress and maximum returns.
Being a landlord is not a shut-it and forget-it scenario, even if one has hired a property manager. One must liaise closely with the manager to ensure they are working for one's best interests.
For a smooth experience as a landlord, one needs to adhere to the following tips:
After buying property
- Screen tenants with care
Even if one is hiring a property manager, one must be stringent about allocating the property to the best kind of tenants. Apart from finding their employment and previous tenancy history, ascertain whether they are likely to stick around for a few months or are in for the long haul.
- Arrange landlord insurance
One must not scrimp on this expense as a great insurance policy will help one in case of issues like default on payments of rent, burglary or damage to property.
- Avoid over-expenditure on renovations
It is quite understandable that one wishes to showcase the property in the best way for attracting potential clients of high quality who can afford a premium rent. But note that property investment is about maximizing ROI, so do not overspend on costly renovations and upgrades when more affordable options could serve the purpose.
- Get online
The ideal way to fish for tenants is where they are likely to congregate. In comparison to traditional advertising like newspaper, the internet is the happening place where tenants can be found easily. A good property manager proves useful in this regard as they can promote one's listing on well-reputed websites.
- Market with care
For attracting the best tenants, market the property in light of what features are attractive to tenants. These may include the amenities and features linked to the location of the property (near schools/ beach/ shopping strips). Include photographs in the property listings as a picture is worth hundreds of words.
- Understand tenant agreements
The two kinds of tenant agreements are: periodic and fixed. Fixed agreements cover fixed time periods, while periodic agreements can be tweaked weekly or monthly. The proper kind depends on one's needs and circumstances.
Role as landlord
- Collect rental bond
This bond is an amount collected by the landlord before the tenant rents the property and is typically amounting to rent of one month. It is collected before the tenant moves in and is used as a cover for any violations of the lease agreement.
- Compensate good tenants
Gaining a good tenant is a great treasure. One must do whatever one can to retain them as long as possible. One can make renters happy by giving prompt attendance to any repairs, increasing rentals only with sufficient notice, and giving periodic tokens of gratitude like for Christmas.
- Quick response
For retaining good tenants, offer them a deal that they cannot get elsewhere. Respond quickly to any repair issues; when you nip them in the bud, one can make the tenant happy as well as contribute to effective maintenance of the property.
- Manage property manager
A property manager may lag behind in caring for one's property and may not be attentive to issues. Become proactive by requesting regular reports and updates on trends in the market if they are not providing the same.
- Monitor the books
Besides ensuring regular rent payments, stay updated on all rental statements' details so that all expenses are taken into consideration. This way, one can avoid unwelcome shocks when these tally in the long run and one is ready at tax time.
- Do regular inspections
Besides gaining regular reports from the property manager, one must inspect the property on one's own, periodically. But stick to the law that enjoins that one cannot pop up at the property at any time but must give adequate notice to tenants.
- Keep things professional
One's personal relationship, like friendship, should not come in the way of a professional landlord-tenant relationship. One must put one's foot down in case of lagging rental payments or damage to the property caused by tenants. One must also not shy from raising rent when there is a rising trend in the market.
In sum, rental property management Sunshine Coast is no cake walk. One must conduct the necessary steps to make the most out of one's property investments. This mostly entails taking the help of a professional property manager.