5 Things Landlords Should Know
Investing in property in Australia has proven to be one of the best ways to build long-term wealth. Unlike many asset classes, as a landlord you have the ability to add value to your property investments.
Enhancing your asset through various ways can provide great returns and increase the asset value of your investment. Landlords who are focused on delivering quality rental offerings to the market tend to attract better tenants and retain tenants for longer periods of time.
We reveal Ayre Real Estate’s top tips that landlords should know.
Tenant Communication
Open lines of communication is essential when it comes to managing a property asset. Communicating with transparency and setting upfront expectations will strengthen trust between both parties and avoid misunderstandings later. It is important to discuss all the policies, expectations, rules or restrictions prior to any lease agreement and maintain written communication throughout the tenancy to ensure you are both on the same page.
Maintenance
Good maintenance is key to keeping great tenants. Quickly respond to maintenance issues, repairs and general property upkeep to avoid issues getting worse and damage to your invesment. Doing this will not only keep your tenants happy but also help you save money in the long run by fixing small issues before they become big problems. Remember you are providing a service for your tenants and they are entitled to a safe and functional living space. Finally, arranging regular routine inspections with your tenant, twice per year, will allow you to stay ahead of any damage to the property or future repairs.
Flexibility
Being flexible with tenants and understanding their perspective is paramount to having a successful landlord to tenant relationship. Empathy towards concerns or requests that your tenants may have can go a long way. Whether it is installing a new fixture within the property, carrying out inspections at a convenient time, or maintaining the upkeep of the property, be willing to work with the tenant to achieve the best result.
Organisation
Organising and maintaining the exchange of important property paperwork, such as condition reports, leases and notices is vital across all stages of the lease. Keeping hard copies of key documents as well as digital records of everything is a good idea. You should also file all receipts including repair costs, rent deposits and any other service expenses so that you are on top of your finances and have a record of these for taxation purposes.
Find an expert
If you do not have the time to balance your work and family life along with handling rental responsibilities and issues, appointing an expert property management team might be the best option.
To effectively manage your property you’ll need expertise, experience, market insights, trust accounting technology, property marketing tools, leasing and negation skills as well as being up to date on current legislation, as well as an eye for rental market trends, finding and keeping good tenants and a head for numbers. If all that sounds time consuming, you’d be right, and it’s big part of the reason why Ayre Real Estate exists.
We are for apartments.
If you are considering buying or selling your apartment in Sydney city or its surrounds, we would love to help you. Ayre Real Estate are specialists in apartment living and ready to help find your ideal property. Talk with us today to find out more.
