The holidays period is a good opportunity to look over your investment property and measure what’s working against what needs to change.
Are your tenants leaving?
If your current tenants are preparing to leave in December, don’t wait until the New Year to take action. Stay one step ahead to manage their vacate at the earliest opportunity. Do you self-manage your property? Consider advertising in advance for new tenants if you know your current tenants are leaving in coming weeks. Rent.com.au has a number of advertising options for self-managing landlords to consider. Otherwise, speak to the team managing your property about the best marketing options for your property on Rent.com.au.
Your Christmas and New Year availability
Are your tenants home across the Christmas and New Year period? If you’re self-managing, you will need to be available to them if they need to contact you over the festive season. You don’t want to return from a short break to find a pile of unresolved maintenance requests. If there is a period where you won’t be available (travelling) or unable to take calls, keep your tenant informed.
How is your investment property being managed?
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.
Manage requested 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 outstanding 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.
Need a change in the new year? Consider leasing your property to DHA
If you need a new tenant for your property, why not consider leasing your property to Defence Housing Australia? (DHA) If you don’t have the time to find and manage the tenants or the ongoing repairs and maintenance on your property, then leasing your rental property to DHA could be a good option for you. Register your interest today.