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18 Things to reduce your stress levels when owning an investment property

8 Aug 2016 Albany 0 Comment

Professional photography: When advertising your investment for a tenant be sure to use professional. Photography, as this helps attract not only a higher return, but also better quality tenants….. The better quality tenant you attract, the less stress you have throughout the management of your investment property. Better quality tenant can equal less money being spent on the property at a later date.

More payment options for tenants: Be sure to choose an agent that has more than one option for tenants to pay their rent, giving tenants more options of payment types, gives them less excuses to not being able to make the rental payments. While managing a property yourself, you are restricted to a couple of ways for accepting payments, and you need to be clear and sure you have the correct rent ledger steps in place.

Application process: Ensure your chosen property manager uses a tenancy blacklist company, so a thorough background check has been done, our agency uses a number of companies who are leading the way in tenancy checks for a background search on prospective tenants.

More open home options: Having an agent that uses an online booking system for potential tenants, helps fill properties with better quality tenants faster. Our agency has a 24 hour 7 day per week online booking system, giving tenant’s ample opportunities to book a viewing to suit their needs, rather than waiting on an agent to call them back with a time.

Payments to owners: Professionals Albany understand the strain when waiting for rental payments at the end of the month, so we offer multiple payments, not just one payment per month, so you can be organized with their financials.

Regular Routine Inspections: Ensure you are doing regular inspections of you investment property, (or your current agent) Be sure to also use a well-documented report, if you stopped telling your children to clean their rooms, can you imagine how they would look after 6 months? Professionals Albany do a minimum of four per year with a photographic routine report system that’s sent to owners within 24 hours.

Longer office opening hours: Managing your investment isn’t just 5.5 days per week, having an agency that’s open 6 days per week means your agency can alleviate the stress for tenants as well as owners, if maintenance arises on weekends Professionals Albany can solve the problem and keep their tenants more settled in the home, giving them less reasons to move out as they know they can access us 7 days per week.

One point of contact: Calling an office not knowing who you need to speak with or who knows about your investment is stressful enough. Professionals Albany have one property manager allocated to your investment as well as having one of the Directors in charge of the company available to speak with you if you ever have any concerns.

Investor Support service: Having an agency that supplies a service to investors prior to purchasing their property is above and beyond the standard real estate Industry, as Professionals Albany have a specialized agent, whom isn’t about making a sale on a property, but giving advice on rental returns & potential tenant attraction ratings regardless of agency you’re looking to purchase through, and it’s FREE

Smoke alarms: be sure to use a specialised technician to install and regularly check your smoke alarms. Having a peace of mind that an expert in the industry has checked the alarms all in accordance to the legislative standards of Australia. Professionals Albany employ the services of a number of industry professionals to do all the works on their behalf, ensuring all properties under our management meet the needs of the Australian standard, if anything was to happen to one of our properties, we have a peace of mind knowing we have done our job for our owners.

Landlords Insurance: Be sure to have the correct cover for your investment property, too many owners think that their property is covered under the standard insurance cover while having a tenant in place. This is not the case, as you are not covered for loss of rent, damage caused by a tenant and much more. It’s too hard to accommodate for circumstantial changes, such as death divorce or a loss of a job, three key areas that can cause a tenant from not paying the rent. Contact Professionals Albany for more information on recommended companies.

Tax Depreciation Schedule: it’s a great idea to have an expert give a depreciation schedule on a property to help save more costs for your investment that your accountant can’t do. There are items in your home that lose value over time, and having the right expert come into your home can save you hundreds of dollars in tax per year, in some cases more money is being saved than what you could be paying in management fees.

Lawns & Gardens: Ensure all gardens and lawns are neat and tidy for your marketing photos and all viewings. If a prospective tenant can see a property in good condition on the outside they are more likely to apply as they feel the owner and agent has more respect for the property, also attracting better quality tenants.

No clutter: Both inside the property during viewings and marketing, as well as the sheds and garages and lawn areas, as they at times can make a place look smaller.

At times it can be more beneficial to show a property when it’s vacant. If you have a vacating tenant, they’re in a position of packing and getting ready to move, so keeping a property clean for your opens isn’t on the forefront of their minds.

Pre- Vacate: Regardless of an owner or a tenant vacating a property, when notice has been given, it’s a great idea to supply the outgoing said people with a list of preferred tradespeople, including cleaners, lawn and garden care, maintenance and specified utilities companies.

Video Marketing: There are various reasons why a prospective tenant may not be able to attend a viewing of a property, work, holiday or even living out of area. An agent doing video marketing, takes bringing the property to the potential tenant to another level. They can gain a better understanding of the feel and size of a home, ensuring when people have watched the video and they then attend an open, there’s a higher chance they’ll apply for the property.

Live Virtual Interactive Video Tours: That’s right you can do a virtual walk through of a property, with video, that feeds directly to the potential client, that can’t make the viewing. An agency who is doing virtual tours can also have the potential tenants asking questions about the property, and the agent can go back to that particular part of the property and show it again, ensuring when people have watched the video and they then attend an open, there’s a higher chance they’ll apply for the property, as most questions can be answered on the spot.

If you’re needing any further information on the tips above, or would like to learn how your office can do any of the tips, please contact us today

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