While property investment may sound like an incredible opportunity filled with financial growth and investment stability, there are many pitfalls that are often overlooked. Being a landlord is hard work - there is a lot to keep track of when managing a tenant in your property. Without proper help from a property management team, it’s easy to take a wrong turn.
Here are the most common mistakes landlords make.
Being afraid to increase the rent
Landlords often fall into a comfortable relationship with their tenants - perhaps they become a bit too friendly and lose the professional relationship, or they become comfortable with their tenants that they then feel too afraid to increase the rent as time goes on. This is an easy trap to fall into and it often happens! However, it’s important to keep up with local property trends and local area rents. Your property manager is a good go-to to handle this conversation and ensure your rental yield is increased in regular intervals.
Not keeping up with property maintenance
An essential part of owning property is keeping up with regular maintenance. If you have a tenant installed, it can be difficult to organise, keep track of and ensure maintenance is conducted. This is another easy pitfall of being a landlord - with many often neglecting their responsibility to keep their property in good shape. Your property manager will conduct regular routine inspections and keep you in the know about what maintenance needs to be done as well as organise and manage tradesmen for urgent repairs.
Taking bad property photos
One factor that helps any property be leased is great marketing - and first on that list is taking great photos of your property. Pictures taken on your phone with bad lighting or blurred edges will not attract potential tenants to reach out - having professional photos taken will increase the number of people interested in renting your property. Your property manager is on hand to advise you on who your ideal tenant is and what they will be looking for - they will also be able to take good photos of your property that best represent your unique selling features.
Need help with property management services in Sydney? Give us a call today!
1300 588 855