Are you too busy working to make money?

We are all guilty of saying ‘I’ll get round to it’, and three years later, that box of junk at the back of the garage is still waiting to be sorted….. Work/life balance isn’t always easy; there are bills to pay, a family to entertain and a lifestyle to manage.

Like all investments, property does need a bit of your time – after all, you want to be sure your hard-earned cash is leveraged to achieve your financial goals.

But don’t let the excuse of ‘I haven’t got enough time’ to research or manage a property; the canny property investor does spend time on researching and monitoring their investments to ensure they are going to succeed, but they use their time efficiently.

With family and/or work and other priorities competing for your time, here are four timesaving tips for whatever stage you’re at on your property investment journey:

• Use an expert

If you’re at the start of your property investment journey, remember, as an investor it’s all about the numbers. Like any other business, you can’t attach any emotion with the purchase.  Quite simply, once you know your budget, do your sums; the numbers don’t add up, don’t waste your time looking at properties which will potentially stretch your budget.

But better still, let someone else do the number crunching and find properties worth looking at! Using a good, experienced buyer’s agent will save you a lot of time. But make sure they are experienced and will deliver on their promise.

There’s nothing better than a personal recommendation, so ask around. Over the years, we’ve worked with a lot with buyer agents, and we’ve always been impressed with how Judith Taylor operates; rather than showing you a broad range of properties, she will work closely with you to establish your preference and budget, do the research and only present to you properties that suit your individual needs and that have been identified as having good investment potential. And while she does say she specialises with helping women, she will of course help anyone!

• Invest in low-maintenance properties

Every property needs maintenance at some point, so it stands to reason, if you buy a low-maintenance property, you’ll spend less time managing and fixing the maintenance. The initial outlay maybe more, but you may end up spending more in terms of both time and money, fixing things. And then there’s time ensuring you’ve got all the paperwork associated with these maintenance issues preparing financials for your tax return.

• Automate processes

This is an obvious one. Arrange your tenant to pay by direct debit, and set up annual reminders for things such as fire alarm checks and renewing insurance. There are also online portals available where tenants can sign documents online and quickly flag issues.

The feedback from our owners’ online portal is that it is convenient and a comprehensive way of managing rental properties. Landlords who use our portal can view statements, financial reporting, ongoing maintenance, upcoming events, inspection reports and more.

• Hire a property management service

Yes, we are totally biased, but if you really want your time to be your own, use a property manager or full property management service for all your landlord responsibilities. This means you won’t have to screen tenants, collect rent, respond to and sort any maintenance problems. Nor will you have to keep up on the legalities, of ensuring your property safe, or if necessary, managing the eviction process. Yes, you will have to pay for the service, but this cost is tax deductible.

We’ve helped thousands of people realise their financial dreams through property. We’re local and family run, and we’re committed to making your property management journey as efficient and stress-free as possible.

With over 45 years in the business, we have the experience to help you get the best from your asset. We’re always here for an informal chat to answer questions. Find out more about our property management services, and what we can do for you by ringing 02 4956 9777, or send us an email to mail@newcastlepropertymanagement.com.au. You can also see us at our Cardiff office.

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