If you have just purchased your first investment property, you may be feeling a little overwhelmed now that you have officially become a landlord. There are quite a few important decisions that now need to be made. Getting them right will mean the difference between enjoying a carefree income producing asset or struggling month-to-month to pay the mortgage.
Lots of Advice Available for the New Landlord
Fortunately, there are resources available that offer good advice to the beginner which, if taken, will remove much of the stress and work, and the first piece of advice is that you must treat your investment property as a business. It is not your home, so keep emotions in check, be objective and prepare it for letting with a neutral décor so that it appeals to most tastes.
Do You Know Your Rights and Responsibilities?
Now you need to know and understand your rights and responsibilities under the relevant legislation. Your property should always be in a condition suitable for occupation, with all fixtures and fittings safe for use by tenants. It is also their home, so even though you own the property, you must give advance notice of inspections as required as per legislation.
Some Things Need Immediate Attention
There are certain situations that, by law, must be dealt with immediately. Matters such as electrical faults, blocked plumbing and non-functioning hot water systems are essential services that must be in good repair. As the property owner, you must be proactive about repairs and maintenance. You should also have advised the tenant the importance of notifying you about maintenance issues.
There is Work Involved in Finding a Good Tenant
You will need to advertise for tenants, conduct interviews, check their references and find the time to show prospective tenants through the property. You will also need to do some market research to set a rental amount that will attract good tenants but still cover your costs, so you get the best value out of your investment.
If this is already sounding like an impossible task, there is a solution. Here at Bunbury Real Estate, we offer a professional property management service staffed by experienced people who look after your property like it was their own. They source reliable tenants, ensure all the required tenancy agreements are fully completed, arrange for any repairs and maintenance, perform regular property inspections and report back to you, the owner, when required.
Because they know the market, they can also provide advice about the latest rental price movements. They do the advertising when it comes time to find a new tenant, then they manage all correspondence and direct contact with the tenant, relieving the property owner of the many time-consuming tasks involved in managing a rental property.