Firstly, if you’ve just become a new landlord – congratulations on climbing the property ladder! It can be an enjoyable and profitable experience, especially with the right support around you. With rental availability at an all-time low in Perth, it has never been a better time to be in property investment.
While it’s exciting, it can also be overwhelming with the amount of administration property management in Perth involves! So, here are some of Diana’s best tips to ease you into landlord life and enjoy the great financial reward that comes with it.
Economics over emotions
I think the first thing to acknowledge is how different the approach is with your investment property versus your home. When you buy your home, often you fall in love with it and make decisions around renovating or decorating purely based on what you like. An investment property involves leaving your emotions and likes/dislikes at the front door mat – do not let them inside! Every decision you make with a property investment needs to be made rationally and with your financial goals in mind. If you’re struggling to make these calls, there are wonderful property management services in Perth you can engage.
Carefully select your tenant
It might seem like tenants will knock down your door with the current rental crisis (and they probably will), but selecting the right tenant is so important. A great tenant comes from thorough screening which includes employment checks, previous rental references and national tenancy database checks. Yes, it is a lot of work and why engaging a property manager with time and experience to screen tenants is a smart move.
Maintain high standards in your property
Ok, we know we said to approach things differently with your investment, but when it comes to maintenance, hold yourself to the same standards you would in your own home. Maintenance fees are inevitable (although unlike with your own home, many are tax deductible!) and fixing things in a timely manner will keep your carefully selected tenant happy. It’s much more expensive to keep changing dissatisfied tenants than paying for a plumber or electrician in for a quick visit. And always remember – it’s your investment, but it’s their home.
Invest in a property manager who cares
Make the experience a whole lot more fun and far less daunting by engaging a property manager who understands all the ins and outs of Perth property management, and cares about your property and financial goals as much as you do! Diana creates a seamless experience for her clients by ensuring the property is in great shape and managing a mutually beneficial relationship with your tenants. Mount Hawthorn property management is where Diana’s expertise lies, but her properties extend far and wide across Perth. To have a chat about how Diana can assist you with your property, call her on 0402 888 550.