While many investors spend months and even years carefully researching real estate before committing their hard-earned cash, it's not uncommon for the same people to take a much more haphazard approach to property management.
Even if you only have one property in your portfolio, it's important to treat property management as a job rather than a hobby. That means swotting up on your state's or territory's tenancy regulations to ensure you don't unwittingly fall foul of the law, jeopardising your return on investment in the process.
Here is some information to help effectively manage your property:
And remember to stay abreast of any changes in tenancy legislation. Doing so will help ensure you a smooth ride in your ongoing journey in property management.
The information contained in TenancyCheck.com.au website is general information only and does not constitute legal, financial or compliance advice. As the laws relating to tenancy agreements may have changed we recommend you check with the relevant State or Territory government department. We also recommend that you obtain your own independent legal advice about matters relating to landlord obligations, tenant rights and any legal disputes you may have with a tenant(s).
A property condition report catalogues the state of a building at a given time - whether it's prior to new tenants inhabiting the premises or before a major construction project commences.
Knowing as much as possible about a property before you either buy or lease it will help you sidestep future problems. The best way to learn about a property is to conduct a thorough inspection.
Great tenants are out there - but to find them you first have to perfect your screening process.
Self-managing your investment property will do away with pricey management fees, but it's important to go into it with eyes wide open.
Once upon a time advertising your private rental property meant a print ad in the classifieds, a notice on a local notice board, or a sign in your front garden. With the advent of the internet - and more recently smartphone apps - reaching a large audience cost-effectively (or free!) is the new reality.