Purchasing the property is just the start of your property investment journey. The key to success is managing it properly and making it work for you.

Here are ten tips to help protect and grow your investments:

1. Maintain the maintenance

Keeping your asset well maintained makes it a better place to live; no-one wants to live with dripping taps, temperamental appliances or worse! And respond to repair requests promptly – not only will it show that you care for your tenants and help keep a positive relationship, but could save on costly repairs later on.

2. Know the law

Legislation is in place to protect you and your tenant. And they are there for a reason. For instance, comprehensive tenancy agreements can help avoid any misunderstanding later down the track, and it’s imperative your property meets the correct standards for renting.

3. Tenants like to feel safe

As well as living in a safe location, tenants do like to live in a secure property with good locks. Other safety features, such as security lighting and alarms many not necessarily enable you to up the rental, but they will certainly give your property the edge over other similar rental properties when tenants are looking for somewhere to live.

4. Insure your asset

Comprehensive landlord insurance from a specialist provider is a must – accidents do happen and you want to be sure you’re covered for all eventualities. Some landlord insurance from non-specialist providers aren’t as comprehensive as they claim, so always check the small print.

5. Retain your tenants

A property sat empty isn’t making you money, so keep your tenants happy and hang onto the good ones! Make sure you’ve got good lines of communication and tenants know how they can contact you if they have an issue, keep rental increases reasonable and respond promptly to tenant requests.

6. Keep the right records

We all hate paperwork, but good book keeping, recording outgoings and incomings are a must if you’re to keep the tax man happy! Plus, written communications ensure there are no misunderstandings and can be used to clarify possible disputes.

7. Use a qualified specialist

Whether it’s for financial or legal matters, or for essential maintenance, always use registered, qualified service providers. A good accountant will know exactly all your tax-deductible benefits for your financial situation, and a good tradie will ensure your asset is well maintained to the correct legal safety standards.

8. Keep your business mindset

Your property is your business. Keep your tenant/landlord relationship professional; be fair but firm. And don’t get too complacent when the money is coming in. Regularly review your finances and see if there are ways you can either improve your property to increase rental return, or consider refinancing to increase your property portfolio.

9. Beware of over capitalising

While you want to make sure your property is in pristine condition, and any renovations are done to a high standard, make sure you do your sums…. Any improvement you make must make you money. That granite benchtop in the kitchen which cost an arm and a leg may look fabulous, but if it’s not going to increase the value of the property by at least the same value of the benchtop and its installation, or enable you to significantly increase the rent, it might be worth looking at a less expensive alternative.

10. Employ an expert property manager

From flagging up when your landlord insurance is due and finding excellent tenants, to managing your maintenance, negotiating tenancies, and ensuring your property is legal and safe, a good property management company does all of the above and much much more! What’s more, as well as dealing with the hassle and freeing up your time, management fees paid to an agent are usually tax-deductible, so it’s a win/win situation.

Find out more about how our property management service can help you. Our experienced team loves to talk and share its knowledge. Give us a ring on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office for a chat.

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