Calling all landlords! Have you recently purchased a property, and unsure how to navigate your status as a brand new landlord or landlady? Well, you’ve come to the right place indeed where you learn how to bring your landlord A-game to the table.
But first, why is nailing the landlord role so important?
When one becomes a landlord, you’re basically running a business, which is investing in property – you need to treat it like that.
1. Invest in your property
When you want to attract good tenants, you should also be investing in the property itself.
Think about the environment – does the property need an air conditioning system, repainting, making sure the floors are in good condition, installing a dishwasher or good quality blinds – these are all investments that will help you attract and keep good quality tenants for a very long period.
Hiring a good interior designer will definitely help! Check out IQI Concept for your next dream home in the making.
2. Go professional
Nowadays, tenants use smartphones when they’re searching for property online so that first photo is the most important. That will determine whether they click through or just keep scrolling to look at another property.
Investing money in professionally taken photos, in-depth description and providing a floor plan is a good long-term investment. It’ll keep paying back every time your property becomes available to lease, as future tenants will appreciate the effort of glimpsing into their potential new home.
3. Maintain your property
You might think you can save money by knocking back tenants’ requested maintenance, but in the long term, it really does cost you as a property investor.
You need to make sure your property doesn’t deteriorate and that you continue to address maintenance issues as it comes up – maintaining your property throughout the tenancy period is a vital long-term strategy.
If you’re investing to make sure your tenants are happy, it really does benefit you in the long-term.
4. Have a financial buffer
Before starting your property investment as a business, you’ll want to ensure you always have a financial buffer as you don’t want to be financially stressed all the time.
Having a buffer to get you through short-term bumps is a good long-term strategy. And having an insurance policy backing you as well just even that out.
Remember, you don’t want to risk your credit rating either by defaulting on your mortgage if your rent’s not coming in.
If you’re renting your property out short-term, look upon policies that are designed specifically for landlords of short term rentals and holiday homes as a consideration.
5. Finding a real estate agent
When looking for a real estate agent look for one that has experience in the legislation area but also has experience in that suburb and understands the rental market.
Ensure they can accurately price your property – not underprice it or overprice it – and find good quality tenants that have been vetted correctly.
They’ll also need to make sure the property is looked after on an ongoing basis and that tenants are dealt with correctly during the lease.
Looking for trained professionals? Let our IQI agents strive to provide you with tip-top services!
Here at IQI, we provide services in finding our clients to their perfect home, aligned with the budget that suits their needs.
Help us by asking your burning questions, and we’ll provide a free consultation!