How do you Manage your Property Investment

General tips

• Always maintain the property in a good state – when you care about the property, so will the tenants – it may also save on large expenditures in the longer term.
  
• Remember, it’s an investment, so minimize repairs to what is essential rather than a luxury.
  
• Do not skip on the safety or security of the tenant to save money – this is a legal and moral obligation.
  
• Always ensure you have allowed for unexpected expenses and potential vacancy.
  
• Consider landlord protection insurance which covers you against extensive damage by your tenants.

Using a real estate agent or doing it yourself

Here we take a quick look at the pros and cons of each situation

DIY landlord	Using an agent
Saves on agents’ commission fees	Someone else deals with the day to day maintenance issues and tenant concerns
Allows you to build good relationship with tenant and local tradespeople	A local representative that has access to known tradespeople
Gives you greater control over what is happening with property	When tenants go into arrears or cause problems, you have access to experience to deal with the situation and protect your investment.
Avoids the hassle of chasing up an agent to resolve issues.	You have access to the expertise required to manage the property such as tenants rights, notification periods etc.

 

Its more than just the agent or being a DIY landlord. How do you know when its time to sell, how much equity is in the property to use for another investment property purchase. Using Real Estate Investar you are able to track exactly these things in portfolio tracker. Click on the following link to watch a webinar which explains it all.

PMP offers a wide range of Home Loans and home mortgage products to suit your every need. To find the best home loan for your needs speak to an authorised PMP Credit Adviser, check out our mortgage calculators and our current home loan rates today.