What to look for in managing your investment property

Investing in property is just the beginning. To maximise your returns, it's important to manage your property effectively by maintaining its value and minimising any costs.

Look after your tenants
Maximising your rental income is more easily achieved by maintaining consistent, reliable tenants than by undertaking expensive renovations or by pricing the rent at the very top of the market. A good property manager should take all the burden of looking after your property for you. The property manager will screen your tenant and present you with a recommendation. Of course, this will all be done at a cost.If you're going to manage your own property, make sure all prospective tenants have references - and make sure they are not just work references. References from previous real estate agents are essential, although first time renters will have to rely on character references and other relevant information.If you treat your tenants fairly, they are more likely to treat you exactly the same way.

Keep your maintenance up!
All residential property that is rented out should be 'fit to live in'. This is a legal requirement and you, as a landlord, should organise for any urgent repairs to be fixed as soon as possible. After being notified of the fault or damage, a qualified tradesperson must carry out all repairs. Apart from keeping your property in a suitable state, you will also be keeping your tenant happy, which means that they are more likely to stay.

Make sure you have regular pest inspections
Termites can be a major problem, especially in timber homes. They can also invade brick properties, attacking any timber in the structure. Your local professional pest inspection company will advise you how often an inspection is needed, but it is normally required approximately every two years. If you have a lot of trees near your property, an annual inspection might be best.

Insurance is important
As you may be tempted to minimise your expenses in order to maximise your investment return, insurance may seem unnecessary or too expensive. However, it's important not to skimp on insurance.If your property is under-insured and it is damaged or destroyed, your policy may not cover its full replacement value. It's a good idea to make sure you get a professional valuation before you get insurance quotations.

If you're not adequately covered with the insurance from your Body Corporate, you can top up your insurance on an individual basis. As the regulations vary, it might be wise to check the role the Body Corporate plays, and if you're still concerned, speak to your Building Manager.

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