First Time Landlords, Here’s What You Need to Know
You may have just purchased your first investment property or become a landlord unexpectedly due to relocating for work or personal circumstances. Becoming a first time landlord is a rewarding, although at times overwhelming prospect.
At Marshall White our Property Management experts are available to guide first time landlords, helping you to navigate the process and maximise your investment, while providing the highest level of service at all times. The following are some of the most relevant issues concerning first time landlords and how we recommend tackling them.
1. Set a realistic rent amount
When assessing the amount of rent you hope to obtain from your property it is best to be as objective as possible, taking into account its size, location, appearance in comparison to other properties in the area. It is useful to do your own research to inform your expectations and as dedicated area specialists, operating in four key areas: Stonnington, Bayside, Boroondara and Port Phillip we will be able to guide you. We also recommend setting a well-defined budget, putting aside a portion of your rental income for insurance, taxes and maintenance.
2. Select the right property manager
Property managers fulfil essential tasks such as advertising your property, drafting your lease, selecting the right tenant, collecting rent in a timely manner and performing routine inspections on your behalf. Choosing the right person to manage and protect your asset is crucial.
Our Property Management team are proactive rental market specialists, committed to the seamless ongoing management of both properties and tenants. Providing a complete package to landlords, our focus is to manage your property to an exceptional standard, placing a particular focus on selecting high calibre tenants to match the quality of the property.
3. Prepare your property for rent
As a landlord, it is your responsibility to ensure your property is in reasonable condition for your new tenant. This could include installing operational smoke detectors and light bulbs, a coat of fresh paint, as well as ensuring all locks are in good order and that the property is secure. The appearance and state of your property will be precisely noted in your condition report, prior to the tenant moving in to ensure the property is left in the same condition at the end of the lease.
Ongoing upkeep and maintenance is vital for new landlords as tenants will notify property managers of any necessary maintenance or repairs in writing. We have access to a team of trusted tradespeople who are able to efficiently undertake any necessary repairs, ensuring properties are kept in superb condition and making our clients’ lives easier.
For more information on becoming a landlord, refer to our handy Owners Handbook or contact Marshall White Property Management on (03 9822 8711). If you are looking for your next investment see our current properties for sale.