Securing your first investment property and searching for some great tenants is a genuinely exciting time. But you want to delve into the experience with your eyes wide open to ensure you don’t make any easily avoidable mistakes. Here, we explore some handy tips to give your property journey the best possible start.
Conduct Detailed Tenancy Checks
Dealing with a stack of rental applications is a time-consuming process that can make people feel like choosing the first candidate that seems to fit the bill. However, you’re potentially setting yourself up for failure if you don’t conduct rigorous tenancy checks. This includes a thorough review of a potential tenant’s income, rental history and references.
Find a Reliable Handyman
Even if your investment property is brand new, it’s bound to need a fix at some point with tenants living inside. While it might take a few call-outs to find the ideal handyman for your needs, having a tradie that you can rely on to do the job right is an amazing advantage.
Learn Local Rental Laws
You might think you have a grasp on the regulations when it comes to understanding the rental market, but the law is a complex beast that takes most people years to get up to speed. By speaking to experts on the subject, reading the latest blogs and keeping up to date with policy changes, you can steer clear of any problematic issues.
Make Regular Rental Inspections
If you decide to manage your own rental property, you definitely aren’t alone if you feel awkward asking your tenants if you can pay a visit to inspect the place. However, going through this process routinely is incredibly important for maintaining standards and ensuring any damage is dealt with.
Get Everything in Writing
Nobody wants to have an uncomfortable dispute with their tenants. But you shouldn’t be surprised to learn that it happens all the time. The best way to put these issues to bed as quickly as possible is to get everything in writing. This helps both landlords and tenants get on the same page for specific policies while also protecting the parties should any legal issues arise.
Speak with the experts
Ready to find your first tenant? Instead of struggling through the process on your own, working alongside a highly experienced property manager will make the entire job so much easier. Get in touch with InStyle Property Management to chat with our talented team today.