Good property management ensures the safety of your tenants. There are 5 things that you need to think about to effectively manage your rental property:
1. Get your property rent ready
Go through your house step by step with a checklist for all the things that you should look at. Make sure you go through each room of your home with your checklist and make sure that everything is properly working. Have your property painted and the flooring replaced if it needs to be, check the bulbs, and your heater if it’s properly working.
2. Check for potential safety hazards
You want to make sure that there are no there won’t be any problems and lawsuits coming your way. Check any leaks going on that can cause potential safety hazards. Check all the railings like the hand railings in your deck if it’s secure, the walkway if it’s not loose. All of these are essential before turning in your property to your tenant.
3. Maintenance
You want to have a plumber, an electrician and a good HVAC company. All of the people that can service your home appliance repair. Having someone good that you can trust to fix appliances is really important. If you have a management company obviously they do this for you but you can just build your network of trusted vendor.
4. Inspections
You don’t want illegal things going on your property. It can be really important that you go for a regular inspection once or twice a year, it is also important to give people room to breathe and enjoy the home. Also, the purpose of the inspection is to see if tenants are complying with the lease, how they are keeping the home, as well as if there are minor maintenance issues to fix.
There’s also another kind of inspection. The move-in and move-out inspection, make sure to not skip those either. You want to literally take pictures and videos of your property before moving in and moving out of your tenants for documentation purposes.
5. Periodic updates on your property
No one wants to spend a ton of money on their rental property but you may want to allocate a budget for updating the home over time if this is a property that you intend to keep as a rental for 10 to 20 years. You can’t keep it 20 years and not do anything to it you’ve got to do some updates over time. It will attract better quality tenants. Not only it keeps your property maintained and updated along the way and that it helps you in the short term but it will also help you in the long term because down the road if you decide you’re going to sell the property, you’ll have a lot less to do and won’t have to spend much.
These are easy and simple tips on effectively managing your rental property. Start your passive income and your rental property venture. OzBroker can help you get your home loan approved. Call us at 0426667696 or email contact@ozbroker.com.au
