If you’re new to property investment, it’s very easy to sit back and think “now I’ve bought the investment property, I can watch the money roll in”.

And indeed you can, but for new landlords, it’s worth noting there are some things you need to keep on top of so the money does continue to roll in.

1. Learn the legalities

There are many regulations in Australia to protect both you and your tenants, so make sure you’re on top of latest legislation. For instance, just because you own the property, you can’t turn up unannounced to check the place over or make repairs.

You also need to ensure your property is compliant with the latest regulations. For instance, it needs to be safe for your tenant and there is legislation regarding smoke alarms, pool safety compliancy, window locks and more.

The NSW Office of Fair Trading website is packed with information to help you understand what the tenancy laws in NSW mean for you, at the beginning, middle or end of a tenancy, and what your legal obligations are as a landlord.

2. Remember your repairs and maintenance

Keeping on top of repairs and maintenance not only looks after your investment, but also shows your tenants you care about them too.

Acting quickly on issues such as a leaking tap or faulty air-conditioner helps build a respectful relationship between you and your tenant.

Furthermore, if a property is well maintained, the chances are you’ll attract good tenants who will want to keep it in the same condition.

3. Reasonable rent

There are many things to consider when you’re looking at rental prices – location, state of the property, and what the market is dictating are just a few. It’s no good expecting a top price if the property is not up to scratch; it will only sit empty for months on end.

In the same breath, it’s not unreasonable to raise the rent if you’ve made improvements and the market rate is increasing.

But we refer back to Point 1, if you’re thinking of increasing the rent; you can’t just put it up on a whim. Tenants have to be given proper notice in writing of any rent rises and they do have the right to object if they think the rise is unreasonable.

4. Keep your business head on

Investing in property is a business, so try to keep distance between your tenants – even if you know them.

Be as professional as possible by making sure you have all agreements and communications in writing – that way there is no misunderstanding over issues.

Using an agent can give distance between you and tenants and can really help with ensuring your property is adhering with current legislation and you are operating within the law.

Plus they are a tax deductible expense!

We look after your property as if it is our own. With over 40 years of experience behind us, we use the best marketing techniques and screening technology to find good tenants, and once we do, we manage them, keep your property properly maintained through our network of skilled trades people and ensure you’re compliant with the latest legislation.

If you want to know more about our property management services or investing in property, get in touch. Simply give us a ring on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office for a chat.

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