In an industry with as many variables as the property game, it’s important to be on top of as much as you can – from legal, to technical, maintenance and more. So if your ambition is to become a DIY landlord, look no further. We’ve got some tips for you to help you better manage your rental property in Australia
Know the market
A true understanding of the market is key when it comes to renting out your property. Put the rent below market value, and you risk missing out on extra income. Misjudge demand in the market by setting your rental too high… and you might not fill the property. The more you learn about the location of your property, the better.
Do your research by looking at both historic data and current trends in the market. Compare your property to others in the area that are similar, and see if you can find a common theme in price or an average benchmark to set your rental price at. The more accurate you are in developing a price point that is not only fair to tenants but also profitable for you, the more likely you are to minimise your vacancy rates.
Understand the legal side of things
This is where it gets tricky. Do you know what to do in case of tribunal? Have you got all of the necessary agreements and legal documents ready for your tenant to sign? As a DIY landlord, you need to become entirely up-to-speed with all relevant acts and legislation at both the state level and federal. New changes & updates are happening all the time.
Before From the moment you fill your vacant property, you need to make sure you have some form of formal agreement signed by all parties involved which dictates rental price, rights and responsibilities, and more. The clearer your documentation is, the better chance you have in court if your tenants become a headache. Make sure you’re up-to-speed on all legal aspects of renting out a property, and be on top of the legal side as much as you can. If you’re unsure about the legal side of things, check out Office of Fair Trading website
If your property is vacant, the internet is your friend. As a DIY landlord with a vacant property, you’re also going to have to become a DIY internet marketer to make sure your property is seen by those who are looking to make a move. Head over to popular real estate sites such as domain.com.au and realestate.com.au and investigate the potential of advertising on those channels.
In addition to this, photography is key in attracting the eyes of those who might be interested. Go and buy a nice digital camera, and spend some time making your place look nice. The more attractive your rental property looks in photo-form, the more likely you are to have potential tenants knocking on your door to fill your vacancy.
Become well connected with tradies
This one should speak for itself! Whether your property gets hit by a storm and you need emergency roofing repairs, or you need a plumber or a sparky for general maintenance – becoming friendly with some go-to tradesmen who can provide you with general and emergency work is key to ensuring you’re ready for any scenario that might arise in relation to maintaining your property. Cheapest is not the best, you need them to be licenced, insured and experienced
Know your limits
While you might have massive ambitions as a DIY landlord, it’s important to understand your limits when it comes to the many variables in the property management game. Important things such as legal, taxation, maintenance, and more might need to be delegated to ensure you not only protect the asset, but also protect yourself and your income. Sometimes you need to turn to the experts who may be able to save you time and money, while putting your best interests at heart. And if you find it all to be too much down the track… just contact Elevate and everything will be alright!