1. Hire a good property manager
Hiring an experienced, qualified Property Manager is the key to owning a stress free rental home. Your Property Manager should specialise in managing property and give you their best efforts at all time. If you are unsure about who to hire as your Property Manager, ask friends and family for recommendations. Word of mouth is a really good way to find out who is the best in their field. If you own an investment home in Cairns, you can't get much better than our friendly team at Rent City Cairns. We take pride in providing reliable service that you can trust and we always put our investors and their needs above all else!
2. Tax depreciation schedule
You can save yourself hundreds of dollars of tax every year if you get an expert to give a depreciation schedule on your property. Your property and items in your property will loose value over time and this can be used as a tax deduction to save you a lot of money!
3. Landlords insurance
Make sure that you have adequate insurance cover for your investment home. Many people just presume that they can just use their regular house insurance when renting out an investment home. However it is beneficial to have Landlords insurance so that you are covered in the case of unpaid rent, damage caused by your tenant and much more! If unsure, speak to your Property Manager who can advise you about landlords insurance.
4. Regular inspections
Regular inspections are a must when you own an investment property. The inspections should be well documented so that you can access any information from past inspections. By performing regular inspections, maintenance issues can be identified and rectified as soon as possible.
5. Good garden maintenance
When you are first presenting the property for rent, it pays to have your garden well maintained and looking its best. A well presented house and garden generally attracts higher quality tenants that are likely to take care in maintaining their home. If a prospective tenant can see the property is kept in good condition on the outside, they are more likely to apply as they feel the owner and agent has respect for the property.
6. Professional photographer
While hiring a professional photographer to take pictures of your investment home will cost you money in the short term, you will find that in the long term you will get a lot more interest in your property from prospective tenants. Having professional photo's taken will also attract a higher rental return and better quality tenants.
Deciding to invest in property can be an exciting and stressful time. Take the stress our of owning an investment property by talking to us at Rent City Cairns. We can help you with everything, from finding a property to renting it out. Contact us today!
Phone: (07) 4031 4890