Do You Own a Rental Property? Protect your investment with these five tips…
- Written by
- Deepika Sulekh
Renting out an investment property can be hard work. Difficulties around securing the right tenants, managing inspections, communication and finances, are just a few of the issues you can be faced with. Staying on track – and reducing the stress – is dependent on how successfully a property’s managed. So, here are our top five tips for keeping your finger on the pulse:
1. Advertise appropriately
Keep your ads simple and don’t use cluttered photos. Accentuate the positive features and amenities.
2. Research your prospects
Thorough background and credit checks are extremely important. Don’t rush into the first applicant that looks good, you don’t know what’s hiding in the closet.
3. Create a thorough tenancy agreement
Ensure all the legal requirements are included, such as insulation, heating, vehicles, Healthy Homes Act, inspections, etc. The more detailed the agreement, the easier it is to remedy through court if anything goes wrong.
4. Always keep on top of minor repairs
Be available if your tenant wants to contact you in case of repairs or hazards. Keeping on top ensures better condition of your property long term.
5. Keep your rent value current
If you have a good tenant, don’t reward them by leaving the rent value unchanged for years. Instead, give a rent vacation at Christmas or even gifts. This way the investment returns stay current and you have loyal tenants.
Need help?
Central City Rentals can manage everything from the letting and maintenance of your property, to tenant and financial management – saving you time and worry. Whether you just need a word of advice or full management, entrust your property in the best of hands.
Contact Paul Carter on 021 242 1649, email paul@centralcityrentals.co.nz or visit www.centralcityrentals.co.nz