OK, so you might not be investing in property for the accolades but striving for a gold medal in The Outstanding Landlord Olympics* is a must as we head into a new decade.
Why? Because the most committed and involved landlords are the ones who get the best tenants, most rent and least amount of problems throughout the year – and we love working with them at Elevate!
These New Year’s resolutions will stand you in good stead as you make the most of your current property and look to invest further.
1) Put yourself in your tenant’s shoes. Not literally, you might hurt yourself, but visiting the property and walking through with an attitude of improving the tenant’s experience will do wonders for your relationship with them. Your Property Manager will report any maintenance issues, of course, but is there anything you can do to make the tenant happy and improve your property? Because happy tenants are the best kind of tenants!
2) Prep your property team. If 2020 is the year that you expand your property portfolio, then get your house in order well before you start your search. Your Mortgage Broker is an excellent place to start, as well as your Property Manager. They will have a very good idea about your property likes, dislikes, fears and goals. A Property Manager also has access to a great bunch of professionals who will be in your corner when it’s time to take the plunge.
3) Do your numbers. Sure, you might be able to afford to buy a second property in terms of the purchase price. Still, there are many variables that you need to factor in and having a clear idea of those expenses will prevent nasty surprises further down the track.
4) Use a specialist. Working with an experienced Buyer’s Agent or Property Investment Specialist not only gives you a distinct edge in the market but offers peace of mind as well. Their knowledge of the local market will save you time, money and stress and supercharge your confidence as you make a decision.
5) Get educated. A process of ongoing education is the best way for any landlord to become gold standard. The four points above are all part of that learning curve – from finances to research and property partners – and as Property Managers, we are happy to answer any of your questions at any time. We are also happy to do all the heavy lifting for you, but we love it when we can work together as a team.
We hope the above is useful as we head into a new decade of investment opportunities. We find that January is a great time to fine-tune your property investment plan, so please book some time with our MD Daniel Bligh to talk about your goals for 2020.
*The Outstanding Landlord Olympics doesn’t exist. Although it really should.