• 5 quick tips for managing your property

    5 quick tips for managing your property

    Once you’ve made the big step and purchased that investment property, there are a few handy things you should know about maintaining real estate and tenants.

    1. Take time choosing the right tenants

    Finding the right tenants can be the difference between a rental breeze and a rental nightmare. So make sure you take the time to conduct a thorough screen check of everything from their previous rental records to employer references to avoid a high risk tenant that you’ll have to chase for rent (or even evict).

    If you don’t have the time or inclination, get a property management service to do the hard work but keep in mind you’ll have to pay an ongoing fee.

    2. Know the tenancy laws

    Whether you decide to get a property manager or do everything yourself, it’s wise to know something about the applicable laws concerning: 

    • Leasing and eviction
    • Repairs and maintenance
    • Bonds, locks and securities. 

    This knowledge can help you decide and act decisively when issues arise. You’ll find them especially important if you have to evict a tenant, due to late payment or property damage.

    Renters won’t always leave silently or quickly and some tenants may appeal an eviction decision, so read up on the legal process for your State or Territory, such as written notice period and all the other ensuing procedures.

    3. Purchase landlords’ insurance

    There are a few handy things you should consider about maintaining real estate. Tenants  are unlikely to take care of your property the way you would, and nor are they expected to.

    But you can protect yourself from the unexpected by taking out landlords’ insurance, which usually covers things like theft by your tenant, damage to fixtures and fittings and rent default.

    Make sure to compare different policies by getting a range of quotes from several insurance companies.

    If your property is in an area prone to natural disasters – like floods or fire – a standard insurance policy may not cover such events fully, so always check before signing on the dotted line.

    4.  Renegotiate rent 

    If you’ve got great tenants renting your property you may not want to rock the boat by increasing the rent - but have you considered yearly inflation? 

    After the lease period has come to an end (usually 6 to 12 months) evaluate rental prices in your area and consider increasing the rent to meet the market.

    Of course, you’ll have to consider the demand in your area because increasing the rent in a topped out area will be much easier than increasing it in a quiet town with little movement in the property market.

    5.  Keep the property in top-notch shape

    Tenants will be more inclined to keep renting from you and even more receptive to a rental lift if you treat them well by keeping the property in good shape and performing maintenance in an efficient and timely manner.

    If you’re using a property manager, they’ll have tradespeople on hand (or at call) to fix any maintenance issues that arise. 

    Also, make sure you conduct regular inspections to ensure your property remains in top-notch shape. 


    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.