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:

  • A working knowledge of marketing will boost your chances of finding the best tenant for your property. Targeting your marketing to the appropriate demographic may save you time and money in the long run

  • Do your research to ensure you know the appropriate rental price in your property's area. This will increase your chances of quick leasing, give you a broader selection of good tenants, and maximise your returns. Pricing your property too high will put off potential renters - the longer your property's listed, the more likely people are to assume there's something wrong with it

  • Don't just rely on your gut when it comes to prospective tenants. Thoroughly check all rental and employment references to weed out the candidates who may cause you headaches

  • Check with the relevant authority regarding how long you have to lodge the bond

  • Make sure your lease is both fair and comprehensive. Though you may be tempted to add clauses that sway it in your favour, this may mean it's invalid in the event you and your tenant escalate any issues to your State tenancy tribunal

  • Don't be tempted to use shoddy tradespeople. Odds are they will cost you more in the long run

  • 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.

General Disclaimer

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).