If one of the top property investment tips from experts is to find a great property manager when you’re first starting out, another is to make sure you keep in regular contact with them. A big part of a property manager’s role is to handle all the necessary day to day activities associated with owning a rental property – including ensuring the tenants are fulfilling all their responsibilities as set out in the lease and all maintenance issues are being dealt with. However, they should also be looking at the local property market and market conditions as a broader picture. Let’s look at some of the questions you should be asking your property manager to ensure that you are getting maximum value for investment.
Should The Rent Be Assessed This Year?
It is always a good idea to have a good grasp of local market conditions to make sure your rent is in line with the average for your suburb. Your property manager should be able to give you an indication if your rent is too low (or even too high) compared to similar properties. They should also be able to tell you whether you can consider increasing the rent, based on the type of tenancy agreement or lease agreed upon with the tenant. It is also worth noting that the amount of times you can increase the rent on a property as well as the percentage of the overall rent varies between states.
Is My Property In Good Condition?
Generally it is the property manager’s job to conduct regular inspections of a rental property. Again, the frequency of these can vary from state to state, however a good property investment tip is to get your property manager to conduct one at least once a year. This way any maintenance issues that may arise can be dealt with quickly and effectively – issues such as blocked gutters, leaky taps or ill fitting doors or windows can be easily fixed but can quickly become expensive problems to correct if left for any period of time. A great idea is for the property manager to take photos each time they conduct an inspection. This way you can get a good feel for how the tenants are looking after your property, as well as have a record of any maintenance issues or damage in and around the property.
What is The Local Market Like For Investing?
If you have followed the property investment tips from experts then you will have found a property manager who understands the local market and will be able to assist you if you are thinking about purchasing additional investment properties. As one of Australia’s leading property investment services companies, Ironfish has local knowledge and experience, teamed with a research team, and is able to give you the latest data on market trends and movements and local opportunities.