1. Think like a business
In order to succeed in property investment, you need to have a strategy and the discipline to keep tabs of your medium and long term goals. When it comes to managing your property portfolio, you should think like the owner of a business. Use the best people for your team, take an interest on what work they're doing and communicate with them regularly. it’s your asset and you need to make sure it’s being looked after.
2. Take out your emotions
Allowing your emotions to get "involved" when it comes to your property investments is a big no no. Think about the type of tenant you want to engage and if they would be happy living there. The tenant will help to pay your mortgage and by knowing your target audience and catering to their likes & dislikes, you’re more unlikely to have prolonged vacancy periods and likely to achieve best rental income.
3. Keep your property maintained
One way to get the best tenant to look after your asset, and in parallel ensuring it retains its long-term value, is to conduct regular maintenance on the property. With rising rent, tenants are increasingly demanding about the condition of properties and will be reluctant to pay top dollar if the property is not well maintained. You are more likely to attract a tenant who pays their rent on time and treats the property with respect as they would their own property. A well looked after property will be a money maker for the long term as it continues to appreciate in value. Everest has a team of contractors which they haved used for over 10 years, please contact us to know more.
4. Stay on top of rent reviews
To maximise the return on your investment, it is essential to keep on top of the rental market. Conducting annual rent reviews will ensure you always realise top price and returns on your investment. By increasing your rent comparative with the market, you can decrease the difference between rising monthly mortgage repayments and the contribution your tenant makes each month. However, don't get too greedy - as it can have the opposite effect and anger a good tenant, who might decide to leave. The pros/cons of gaining a more in the short term could see you lose out in the long term because your property is over priced and remains vacant for longer.
5. Be a landlord not a friend
Getting too cosy with your tenants can actually cause a world of pain for landlords. Firstly, there’s more chance of complications when it comes to the tenant paying their rent in a timely manner, as they might feel they can take advantage of your personal relationship. if you leverage the friendship and visit too frequently, the tenants might end up accusing you of breaching their legal right to the property. Benefits of employing a business management attitude toward your property investment, as opposed to getting personal, is invaluable.
6. Have good hired help
A good business owner recognises that they can’t do it all themselves. They hire a good team of professionals to help them effectively manage their interests and generate the best possible profits. Employing an experienced property manager who knows the area your property is in intimately, will be fo great benefit in the long term. A good property manager will collect the rent, handle maintenance issues and liaise with the tenants on your behalf. Conducted all within the parameters of the laws and in a professional manner. Contact the team at Everest here. By handing your asset over to a property manager and paying a small, tax-deductible fee for their services, you will ultimately free up your own invaluable time to do what matters most – finding more lucrative rental properties to add to your portfolio.