Want to be a successful landlord? Here’s how.
One of the stark realities of Australia’s property investment market is that some people quickly build a portfolio of three or more rental apartments or houses while others struggle to make a success of just one investment property.
But it’s easy to discover why.
The “secret” to being a successful real estate investor boils down to paying attention to detail, working hard to grow your investment portfolio and not being afraid to access professional help and advice.
Winning investors are meticulous about carefully evaluating when and what to buy, so they hunt down the best opportunities in the market.
They also recognise that properly managing a rental property is critical.
It’s only by taking a planned approach to repairs and upgrades that investors can optimise the returns from a rental letting.
And by partnering with Nelson Alexander and its support services in property management, landlords typically generate high returns and reduce much of the personal hassle in managing an investment property.
True success in any venture in life depends on being prepared to put your shoulder to the wheel.
But we also live in an era where investors are time-poor and simply don’t have the hours in the day to devote proper attention to managing a rental property.
It’s relatively easy to maximise financial returns if you harness the services of a full service real estate agency staffed with property management specialists.
Landlords quickly realise when they use Nelson Alexander to manage a property asset that they are able to better plan for repairs and upgrades. Consequently, they can more easily budget for rent increases and greater future income.
Nelson Alexander’s team of property managers are committed to keeping landlords fully aware of their property’s condition. They also point out the potential upside of making improvements at key times in the life of a tenancy.
The delivery of timely information is crucial in today’s competitive rental environment.
Nelson Alexander provides continual updates during the tenancy period itself. This up-to-date information means property owners have more opportunities to match their property offerings to new and emerging tenant demographic groups, to increase rents and reduce vacancy periods.
The company’s property condition reports contain detailed information about how the unit or house is being maintained. Photos revealing the current state of play with the kitchen, bathroom, and external paint work and so on are also included.
When works need to be carried out, Nelson Alexander can link up landlords with a team of tradespeople and builders it has on its books, so that upgrades are completed in the shortest possible time frame.
The company’s reports to its landlord partners typically include comments such as the carpet is becoming worn or that the property could not be released without A, B and C happening.
These early warnings may come one year or 18 months before the expiration of the current lease, allowing the landlord to budget ahead for the expenditure. The forewarnings also mean, in some cases, that a landlord can spread expenditure over several financial years to put themselves in a tax-effective position.
This sharper emphasis on planning for upgrades is the driving factor in boosting the bottom line for many landlords whose investment properties are managed by Nelson Alexander.
The changeover periods between the end of one tenancy and the commencement of a new letting period is the best time to repair or upgrade a house or apartment.
Planning for repairs and updates involves a lot more than just carrying out the works.
A trained professional real estate agent, who conducts regular, routine inspections, will forewarn landlords that they need to consider undertaking an upgrade at the end of the tenancy.
It’s a subject that should be approached well before the tenant gives their four weeks’ notice to vacate. Little wonder, that this is a make-or-break issue that separates the high achievers in property investment from the second-place-getters.
Nelson Alexander managers can also give you highly current advice on the best times of the year to let properties in specific areas as well as detailed information on the state of supply and demand within particular areas and markets.