Buying property? Then this blog is for you!!

This blog helps the property buying community to more easily share strategies, stories and helpful tips. It is an open blog. Anyone can join, contribute and invite others to join.

If you would like to talk property, please contact us:
Office: 1300 911 576
Martyn Fleming: 0400 000 822
Guy Clarke: 0409 055 128

06 June 2008

Property Management

Successfully managing an investment property doesn’t just happen by chance. You must have a structured framework to manage your investment property so that you minimise the risk of having a property damaged by a tenant.

Damage to a property can range from an accident leading to a hole in the wall through to a tenant trashing a property. How do you prevent this from happening to you? You should do the following things as a minimum strategy to protect the property and yourself:
  • Obtain the services of an excellent property manager with a good reputation
  • Treat the selection of tenants as if you were employing them to work for you, with interviews, references checks and have in place a lease agreement that helps maintain yours and their rights.
  • Ensure you and/or the property manager performs regular Property Inspections
  • If a tenant does not pay rent on time and/or causes a nuisance in your street then move them on at the first possible opportunity
  • Become friends with the neighbours so that you have an extra pair of eyes looking out for your interests
  • Have a good insurance policy so that if all other strategies fail you can at least minimise the impact of a bad tenant on your property and cash flow.
Want to know the whereabouts of a good property manager contact Morpheus Property.

Yours in property

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