Whether you manage your properties yourself or hire a professional property manager, being a landlord in Canberra requires a lot of time and effort to make a profit and create financial stability. In this regard, we’ve compiled some tips on property management Canberra landlords can leverage to grow their housing business.
Effective landlords enable you to achieve your financial goals faster and give you pleasure in providing excellent housing for your tenants. When things go wrong, landlording puts you at risk and may even put you in legal trouble if your personal protection plan has flaws. Some of the problems regarding property management Canberra landlords face can be easily doused with the tips mentioned in this article.
A professional property manager can provide a tailored assessment and recommendations on how to best manage your landlord assets. Less experienced landlords may find the following concepts and methods useful as a refresher for newer landlords.
Choose a tenant with care.
A little more work spent on screening prospective renters may save you a lot of time and money in the long run.
Definitively less costly than advertising your home, cleaning up after or even evicting low-quality tenants, not to mention the danger of an empty property if a new tenant is not immediately available after a prior tenant vacates. With this in mind, every successful landlord should prioritize tenant selection. As regards property management Canberra landlords can leverage this tip for success.
Assure that your advertising targets the kind of tenants you desire. If you want to rent to high-end executives, paying to advertise on sites like Zillow or Realtor.com with high-quality photos of your property is a better option. If you’re looking for students or young families, Craigslist or even Facebook Marketplace may be cheaper.
Attend property inspections in person if possible or ask tenants for feedback through your property manager. Ensure that the rules are properly stated and have a nice attitude. You want tenants to treat your home as you would and being pleasant can help!
A word of caution—if you can afford to accommodate family members, do so. Many landlords and property managers advise against renting to families.
You may be uncomfortable following up on late rent payments or damages when you must meet the renter at next week’s family barbeque. Before signing anything, have an open and honest conversation about the contract and your expectations.
Get a good lease.
Proper lease writing protects you and ensures that all parties understand their obligations. This is also an issue in property management Canberra landlords don’t handle well. To provide complete peace of mind, use a professional to write your lease, such as a lawyer or a property manager. A competent specialist will know the ins and outs of what is legal and acceptable, preventing future disputes with your residents.
Take notice of your rights and responsibilities. Knowing how late payments are handled, inspection processes, and eviction dates allow you to remove undesirable tenants with confidence that the law is on your side.
It’s all too simple to expect your things to be handled the same way you would. The ideal tenant would use area rugs and not scrape walls, but renters are human, and your property may not be clean after years of use. However, you should study the local legislation to decide what is acceptable.
To cover any potential animal-related damage, you may be permitted to charge a “pet fee” to cover any potential animal-related harm. This is one of the tips in property management Canberra landlords can tremendously leverage.
Make proactive and sensible home maintenance decisions.
Landlords must ensure that their rental properties are safe and compliant (according to your local regulations). Responding to tenants’ concerns shows them that you are dedicated to maintaining your end of the bargain, reducing the chance of future problems.
While it’s tempting to choose the first repair company that answers the phone, it’s important to shop around and obtain several quotes. Choosing the cheapest service and getting to know the owner may save you a lot of money. Set up an emergency repair fund so you’re never short on cash to fulfill your legal obligations as a landlord. Also, if you are aware of bigger maintenance issues, compare the cost of periodic ‘patch’ fixes against the upfront cost of a full repair. This Canberra property management tip can’t be overemphasized.
Hire a seasoned property manager
If you want a property manager to manage your assets, do your homework and shop around. Choosing tenants is important, but choosing the person who will interact with them is crucial! A good property manager will keep you informed and help you resolve any tenant-related problems.
Ask for references, learn about their processes and communication techniques, and schedule a live presentation of any online platforms they use. This will provide you with important information about their business methods and they’re worth to you.
Solving tenant management issues may be frustrating, especially if several properties are affected. You must set boundaries and take breaks from property management to enjoy your life. Isn’t it true that you become a landlord to get more freedom?
For quick relief, consider landlord insurance. You may be covered for missed rent, deliberate damage by troublesome tenants, and even personal items stored in one of your homes.
Some states allow landlords to limit renters. If allowed in your region, this is a great method to add more protection to your house without spending extra money.
All the insurance in the world won’t buy you back your family’s time. Set your own business hours and tell anybody contacting you that they may only do so during certain hours (barring emergencies). The world will not end if you miss a leaky faucet till morning. Setting boundaries with your renters or property manager may help you achieve work-life balance!
File your papers correctly
You’re aware of the need of having good lease agreements and insurance policies, but even the finest documentation won’t help if you can’t locate it!
Beginner landlords often fail to create and maintain an easy-to-use file system that allows them to quickly find information. Physical filing systems are often lost or damaged by fire or water, making electronic filing systems the ideal option. However, combining electronic and physical storage is sensible due to the possibility of cloud-based storage systems failing.
File properly labeled documents. Make a folder for each property, tenant, or management. Choose a route that works for you. This is a simple and effective tip in property management Canberra landlords should use.