By being actively involved with your Property Manager there are some things to keep in mind that may assist you in maximising your investment return.
Some things that you may be able to do along the way
- Maximise your rental income by reviewing your rent at each lease renewal with your Property Manager
- Minimise the vacancy period by discussing the new rent with your Property Manager who will advertise your property as soon as practical following receipt of the tenant's notice to vacate. Set your rent to the market keeping in mind to maximise your rent without creating vacancy. Respond quickly to your propery manager when presented with new tenant applications
- Optimise the length of your lease. You may be required to pay your Property Manager 1 week's rent to find a new tenant. The less frequently this happens the more rent you receive.
- Minimise non-chargable wear & tear by reviewing and repsonding to your routine inspection report promptly and attending to any minor maintenance before it becomes worse or identifying unreasonable wear & tear and charge to the tenant if required.
- Take out a Landlord Insurance policy. The right Landlord Insurance Policy will protect your investment against loss if your tenant fails to do the right thing. If you don't have the right policy you may be left with a big bill at the end of such a tenancy.