Tips for Successful Property Management!

Tips for Successful Property Management!

A bad tenant experience has frightened many a property investor away from what is considered one of the most popular forms of investing in Australia. Property Investment does not need to be cause for regret. Following these keys will greatly increase your chances of property management success.

Thorough Tenant Selection - Anyone applying for a rental property should fill in a carefully constructed application form asking for different forms of identification, employment history and details of their rental track history. Taking the time to check out how they have performed previously and not just accepting them on ‘face value’ will greatly increase tenancy success. Be prepared to keep the property vacant until you are certain you have the right tenant!

Right Tenancy Expectations - Once you have selected the right tenant the next step is as important as the selection itself. Giving the tenant very clear expectations of everything that is required is crucial! Explain clearly that their rent must be paid on time, what to do if there is a repair and when inspections will occur.

Quick Late Rent Follow Up - If the tenant falls behind in the rent, get on top of it quickly! Phone them when they are just a few days late and reaffirm it is an expectation that rent must be paid on time. Further, serving legal notices on time must occur even if they have given you a promise to pay!

Regular Inspections - Regularly inspecting the property initially after three months & then six monthly ensures that the tenant is maintaining the property by keeping the inside clean and maintaining the grounds. It also allows you to monitor the standard of repair as sometimes a tenant may forget and fail to report minor repairs.

Thorough Final Inspection - You only get one chance to inspect the property for the consideration of the bond refund so ensure it is done right! A quick ‘walk through’ will easily miss hidden problems and unfortunately most tenants will not be up front and reveal damage they may have caused. Be sure to check all items thoroughly, ensure any outstanding monies are paid and the rent is paid up to date before you agree on a bond refund.