The holiday period may be fast approaching, but that doesn’t mean you should forget about managing your investment property.
The Christmas break provides a good opportunity to look at your investment property and measure what’s working against what needs to change.
Are your tenants leaving?
If you know your current tenants will be leaving this December, don’t wait until New Year to take action. It’s wise to jump on these things while you have the chance before the market is flooded with an influx of rental properties and not enough tenants. Stay one step ahead and get organised at your earliest opportunity. We have a guide to managing your next tenant vacate here. If you self manage your property, consider advertising for new tenants before the old ones have vacated. You can list your property for free on Rent.com.au. Otherwise, speak to your property manager about looking for tenants.
Your Christmas and New Year availability
If your tenants aren’t away for the Christmas and New Year period, you will need to remain available to them if they need to contact you or their property manager over the period. It’s not ideal to return from a short break and find a pile of unresolved maintenance requests. If there will be any time when you won’t be available or may be travelling and unable to take a call, inform your tenant. The last thing you want is to return to a tenant who’s feeling neglected.
Check in with your property manager (if applicable)
If your investment property is managed by a property manager, consider reviewing their performance for the year to date. Did they look at your enquiries in a timely manner? Did they perform the minimum number of inspections required in your state? Did they stay in contact with you regularly? If this doesn’t apply to you and you currently self-manage, look at your own performance. Is being a private landlord worth the extra work? Maybe you need to consider appointing a property manager to free up some time.
Use any vacant periods to manage required repairs and maintenance
You may have been waiting for the summer holidays to start looking at repairs and maintenance on your investment. Does the property need a fresh coast of paint? This period could be a good time to catch up on leftover tenant requests. If you would like to add value to your property and increase the rent for the new year (where appropriate), here are four tips to improve your property.
Make sure your property is properly insured
Security is key, and never more so than in today’s market. Burglaries occur all throughout the year, and can frequently increase in number over the Christmas period as many families choose to go on holiday. Confirm that you have all the necessary locks and alarms on your property to prevent opportunistic thieves from tackling an unnecessary entry. Christmas is also a good time to review your current insurance policy and make sure you’ll be covered for any damage that could arise.