This article is for general information purposes only and reflects the state of information at the time of publication. It is not legal or financial advice. Always seek professional advice tailored to your specific circumstances before making decisions.
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Take ownership and plan ahead maintenance
This is a task you shouldn’t expect your property manager to do for you because reality is they probably wouldn’t. As an investment property owner, you should plan to replace carpets every few years, upgrade kitchens, and apply a new coat of paint sooner or later. Smaller ongoing maintenance tasks can also keep your property looking great without heavily impacting cash flow.
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Request access to your Owner Portal
Ask your property manager for access to the “owner’s portal” today! Most property management software provides an owner portal where you can view reports, tenant details, bills, past statements, approved work orders, and graphs. These portals are invaluable and should be mainstream by now.
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Send a “hello” email to your property manager
Check in with your property manager to ask how your tenant is doing, if everything is okay with your property, and about the rental market. It takes just a few seconds but goes a long way in building a good relationship.
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Check how the rental market is performing
Visit realestate.com.au and domain.com.au, then search under “properties for rent” for similar properties in your suburb. This takes less than five minutes and gives you a snapshot of market trends.
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Read strata and body corporate minutes
If your property is part of a body corporate, make an effort to read the minutes. They contain information you wouldn’t otherwise know and can help you make better decisions about your property.
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Actually read the Entry/Exit and Routine Condition Reports
Condition reports should arrive every 3–6 months. If you haven’t seen one recently, request it. Pay close attention to photos, which often provide more useful information than written notes.
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Attend an inspection
Whenever possible, be present at a routine inspection. There’s nothing wrong with seeing your property firsthand, and it’s good to do this at least once every couple of years.
Looking to purchase or sell an investment property? Contact your Bliss Conveyancing property transfer partner today at 1300 659 231.
