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.

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