Top 10 landlord tips on the North Shore
MMG Realty can help with all your rental property management needs – from finding an investment property to ongoing management.
- Get help to identify an investment property suitable for your budget. Consider how long it takes to rent it out, resale values and level of maintenance required.
- If you intend to live in the property one day, make sure you consider its long term potential – not just what you need to rent it out now.
- Understand the rental demand in the area you want to buy. Will you buy in an area known for investment opportunity and low vacancy rates, or buy where you want to and then find a tenant to fit – even if it means lower returns?
- Don’t trust your gut instinct when looking for a tenant. Get professional reference checks and financial assessments done. Don’t assume because someone has the money for bond and a month’s rent, they will be great tenants.
- Be cautious about renting to family and friends. It might seem like an ideal solution, but it can become difficult to manage if there are any issues.
- Be aware of your rights and responsibilities as a landlord. You need to be across residential tenancy agreements (leases), rental bonds (held by Fair Trading) and how to manage any issues.
- Be responsive to requests from tenants about issues or maintenance. If you have an agent managing the property, make sure they are responsible and trustworthy and manage issues quickly. Return the favour by responding quickly if your agent gets in touch for approvals.
- Be realistic about the type of wear and tear the property will experience during the tenancy period. Make sure inspection reports are completed thoroughly by landlords/ agents and tenants.
- If you have serious issues with a tenant, try to resolve the issue with them first. If not, you can make a claim through the NSW Civil and Administrative Tribunal (NCAT).
- Understand negative gearing and its implications. If you aren’t sure what it means for you and your finances, get advice from a financial advisor or talk to your property specialist.
Get in touch with MMG Realty for more information on North Shore investment properties and rental property management.