Do you want to become a landlord and rent your investment property? Managing a rental property is like running a small business. You will have outgoings such as mortgage repayments, council rates, maintenance and repairs, etc. You will also receive a rental income stream to offset these outgoings. If you are thinking of investing in the real estate market, here are some tips to help you get started.
A first time property investor should speak to a specialist property management agency, who are experienced in property management. A professional property manager will have successful processes to ensure you receive a consistently high rental income through quality tenant screening, annual rent reviews and collection of rental payments. Receiving a regular, rental income is important but, maintaining the value of your property through regular inspections is also a very important task which a property manager performs.
An experienced property manager will also be across all tenancy regulations to ensure you and your property are protected at all times. With 120 new changes to the Residential Tenancies Regulations, the job of a property manager has become more important. As part of these changes the Residential Tenancies Regulations 2021 (RTR) now requires all residential rental properties to undergo the following: Annual Smoke Alarm Safety Service, Gas Safety and Carbon Monoxide Service (every 2 years), Electrical Safety Service (every 2 years).
First time investors should speak to a property manager before committing to the renting process. Our property management team will be able to provide you with an accurate rental appraisal for your property and information about our quality property management services.
Speak to your financial planner or accountant about how your property investments should be structured to handle the ups and downs that could come with investing. You should be having this conversation with your accountant before before purchasing a property.
Once you have purchased a property in the right investment structure for you, it is extremely important to have your property insurance.
Having an investment property can be a tax life saver, as it be reduce your taxable income and decrease the amount of tax you are required to pay. Talk to your financial planner or accountant about ways you can save, for example, arranging a depreciation schedule.
Find out the rental value of your property with our no-obligation & same day rental appraisal from Verdi Property Management
We provide an accurate rental appraisal for your property by taking into account the following:
Our rental appraisals are highly sought after for the following reasons: