Anything good in life requires work and effort. Take for instance a marriage, two parties comes together and negotiate and compromise on a daily basis for the benefit of each other.
Making money out of real estate works the same way. In addition to the skill needed in buying a successful investment property, there is a whole new skill set a landlord must obtain to be successful.
Below are some basic tips on what it takes to be a successful landlord.
1. Cleanliness is next to Godliness.
A clean, well-presented property can increase a prospective tenant’s interest during initial inspecting times. This allows them to start thinking about how their furniture fits each room, rather that the work and improvements that need to be done.
Is the property aged? Things like good functioning tap fittings, freshly painted walls, mold-free grouting in wet areas, odor-free flooring and functioning window coverings are essential too.
Even on a budget, many of these things are simple fixes that a landlord can do themselves and in a reasonable timeframe.
2. Maintained Gardens.
The sound of having a free gardening service is something that would get any tenant excited. Landlords can request a slightly higher rental rate and offset the cost against their tax return.
3. Save Money With Property Maintenance
Stained ceilings or flooring? Cracks or mold build up in walls? Many general issues can be avoided by regular maintenance. General repairs of cracked roof tiles, cleaning of gutters, fixing small leaks around windows and maintaining gardens could avoid future costly repairs and keep tenants happy.
4. A Property Manager That Listens:
A good property manager that has great rapport with tenants can keep them happy and in a property, long term.
Attributes of a good property manger:
Benefits of a good property manager to the landlord:
5. A Winning Attitude:
Most of the time if a landlord hears about a tenant’s maintenance request, it’s usually something that will improve the quality of living for a tenant.
A good response can change a bad situation and avoid a tenant potentially moving out.
Unreasonable requests should be dealt with by a good property manager.
Partners in business
Everyone wants to live in a neat and clean property where everything works. This is the minimum requirement tenants expect when selecting a property to live in.
Yet, some landlords forget about keeping their property maintained and in good running order. As an in-direct result, this can make it harder to find or keep tenants in a property.
A landlord wouldn’t be able to afford to keep an investment property if they didn’t have tenants paying rent.
Likewise, tenants wouldn’t have good living quarters if they didn’t have landlords.
It takes a little work on everyone’s part to have a good, successful partnership that benefits all parties.
Property Management Melb makes leasing / property management simple. We reduce risk with our careful tenant selection process and therefore maximise your returns when setting a rental yield.
If you are considering leasing your property or would like to know your properties’ value in the current market place, our leasing managers will conduct an appraisal and provide you with professional advice including comparable rentals in your area, advice on timing and market trends and a marketing strategy designed specifically to locate premium tenants in the shortest possible time frame.
Fill out the below application, email us at info@pmmelb.com.au or call us direct on 1300 00 MELB.