You own the dark blue neighbourhoods on the Monopoly board, packed to the brim with hotels. That’s a bit how you feel as you sit back and wait for the rent to roll in. After some researching and a lot of searching to find the perfect rental property, it’s time to reap the rewards. While you sit back, relax in the knowledge that you have our big 5 ‘must knows’ under your belt. A bit like landing on Free Parking AND collecting rent on Mayfair and Park Lane.
1 – There’s simply no time to bond with the bond
Don’t let that bond payment get too comfortable in your high interest bank account – it needs to be lodged with Tenancy Services pronto!
Cheat’s tip – read up on all things bond and your associated obligations in our eBook here.
2 – Less is more or more is more?
Deciding a suitable rental price for your property requires a good grasp on the rental market along with a dose of localised knowledge. Getting the price right also plays a big part in attracting the right tenant – or attracting any tenants for that matter!
Pro tip – skip the research and request an obligation free rental appraisal from an experienced professional.
3 – The quick fix
No, not cutting corners. This means fixing any maintenance issues in a timely manner. This can be one of the most painful elements of managing your own property, as often one man’s issue is another man’s non-issue. Particularly if said issue arises in the middle of the night.
Pro tip – a rental agent provides a fabulous (and impartial) buffer between you and the tenant, pushing back on non-issues, and only involving you when really necessary.
4 – Step inside Inspector or should that be Detective?
Regular inspections give you peace of mind that your investment is being looked after and provides the opportunity to detect any minor issues that may need attention before they become major. Slow down though, you can’t just turn up fortnightly unannounced when you’re in the neighbourhood.
Pro tip – read up on your obligations, what to check and what to do if you spot an issue in this free e-Book.
5 – Add another item to your holiday checklist
Sunscreen – check, beach towel – check, temporary landlord – umm? If you are managing a property on your own, you’ll need to appoint someone to act on your behalf for any extended holidays.
While it’s true this is a little bit like exposing the tip of the landlord iceberg, luckily we’ve taken some of the time out of whole learning process for you. Download the free “My House Your Castle” eBook for extended coverage on our big 5 ‘must knows’ along with a plethora of other useful tips – so you can get on with other more enjoyable things. Like winning that game of Monopoly.