If you’re a property investor in ____________ (SUBURB/TOWN/CITY) then listen up.
Here are our top 3 tips for getting the best returns possible in this current market.
Tip 1 – Review your lease and rents at least 2 months before expiry
It might not seem like a big deal, but renewing the lease with your current tenant and reviewing the rent you’re charging is an important part of owning an investment property.
You should work with your property manager to negotiate a new lease (and new rent if that’s their advice) a couple of months before the current lease expires.
Tip 2 – Be proactive with maintenance.
Sure, your tenant will let you know when something important needs to be fixed, but they might not tell you when the carpet is getting worn, or the paint needs a refresh.
Your property manager should be reporting this to you at each inspection, so you can prepare to be proactive with maintenance and improvements on your property.
Tip 3 – Update your market appraisal
Even if you’re not planning to sell your investment property any time soon, you should be getting an updated market appraisal every 12 months or so. Ideally, your property manager will arrange this for you each year, so you know roughly what your property would sell for in the current market.
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