Are you keeping your investment property in line with current market values??
If you don’t have a property manager who is keeping a close eye on all aspects of the property market, there is a possibility that you could be under charging your tenant. At just $10 a week under value, you could be losing over $500 a year of income.
Your property manager should be able to access all of the data required to determine what is a fair market price for your property and this information should be provided to you either when the property is on the market for rent, during a lease renewal negotiation or on request from you, the property investor.
For those who are not using a property manager, you may be in fact, providing yourself with a false economy. If you do not have the necessary experience and just as importantly, the time to do this sometimes complex role, then your investment may actually be losing you money.
At C (IAM) we have carefully selected property managers that can assist with quick repairs and maintenance that can stop problems from occurring in the long term. Having someone astute to watch over your investment property should allow you to not only rest easy but to also be alerted to any issues with the tenant early on.
A good property manager will keep you up to date with potential rental increases and it is worth checking in with them about their insights into the local market and for any tips on how to push that rent to the highest possible fair market price.
At IAM you can even ask whether any additional items, such as air conditioning or fly screens, will make your property more attractive to tenants or more likely to attract a little more rent.
For more information on this and many more frequently asked questions – contact us on 0488 662 216 or email us at firstname.lastname@example.org
DISCLAIMER: This post is solely to provide information to the property investor. It is intended to provide general news and information only. The content does not take into account your personal objectives, financial situation or needs and the property investor uses this information in all respects at their own risk.