Everything you need to know to become a successful landlord
When we consider the Australian property landscape, it’s fair to say that as a nation, Australian’s have an unwavering love affair with real estate. Most grow up dreaming idolising the accomplishment of owning their own home.
For many navigating an investment opportunity, property is a top choice here in Australia. Whilst we’re seeing a growing trend of new landlords, there’s certainly steps to ensure longevity and success as a landlord.
Here’s a few tips to promote sustainable and successful operations as a landlord.
1: Employ a great property manager
It’s undeniably the best decision you’ll make as a landlord, engaging in a professional and well-equipped property manager. If this is something you haven’t yet done, then make this your first priority when refreshing your landlord ‘image’. A property manager will make your ‘landlord lifestyle’ so much easier; freeing yourself of the immeasurable stress that comes with the management and upkeep of your investment and your tenants.
Your property manager plays an integral part in keeping your tenants happy. Their exact roles will be varied, dependant on the management plan, their fees, and the type of property managed, however their role remains imperative, regardless. From tracking maintenance requests and upkeep, to managing budgets and overseeing operations and administration. An excellent property manager will ensure your investment property is meeting your needs as an investor, cross-checking your property against other comparable properties, adjusting, and maintaining a competitive edge amongst the current market.
2: Understand your legal requirements
One of the fundamentals as a landlord is to ensure a detailed and wholistic understanding of rights and responsibilities of all Australian landlords, under Australian law. As a landlord, it is essential to guarantee the safety of their property and contents (fixed), to future and present tenants, and to do this, each state and territory have set their own Residential Tenancy Act.
The Residential Tenancy Act ensures united decisions and responsibilities all work in accordance, following a predetermined set of guidelines. As property managers, it is this act that enables a ‘blanket approach’ when dealing with all tenancy related issues/decisions.
As a landlord, having an understanding of the terms within the Residential Tenancy Act can help avoid future faults, whilst maintaining a healthy and successful relationship between landlord, property manager and tenant.
3: Commit to landlord insurance
Whilst most landlords would like to think their tenants would treat their home as if it were their own, unexpected situations can unfortunately occur. Whether it’s an illness preventing continued employment and a slip in rent, or extensive damage to the property, landlord insurance can provide a subsequent financial imbursement to the landlord to off-set the loss.
Of course, the landlord can also utilise the bond to rectify property damage, however landlord insurance has the option to provide a much larger sum of money, and additional help, dependant on the policy.
Understanding the extent of coverage is a priority as a landlord, so make sure you research and commit to the ‘right’ policy that fits with your individual situation.
4: Appreciate your tenants
If you’ve been lucky to secure good tenants – don’t lose them!
Sometimes the smallest of gestures can have a big impact and are worth taking the time out to complete. A Christmas card, a small gift or a little token of appreciation can help communicate your gratitude and thanks, and will no doubt help you keep their loyalty in the future!
How we can help
If you are considering an investment property, our Eview Group Proud member agencies would love to hear from you. With experience, thorough and friendly client-centric service a priority, our property managers are eager to help.
Our expert property managers have experience with an array of properties, tenants and unique situations and would love to help you create a positive experience for both yourself, and your tenants.