Good tenants are the backbone of a stress-free investment.
Owning an investment property is a rewarding way to build wealth, and if you take the right approach, you can capitalise on your investment with less stress and effort involved.
But your property’s success relies a great deal on the tenants who live in it. Reliable renters will help you cover the mortgage, protect your asset and give you peace of mind. On the flip side, poor tenant selection or missed responsibilities can lead to late payments, disputes, or even tribunal cases.
Fortunately, many of these headaches can be avoided with the right systems and professional support in place
Biggest Investor Mistakes to Avoid
- Not vetting tenants properly. Failing to screen tenants could leave you relying on someone with a poor rental history or fluctuating income. This increases the risk of unpaid rent and property damage.
- Ignoring your legal responsibilities. Landlords who delay repairs, skip safety checks or neglect compliance often lose good tenants and risk tribunal action, which costs a lot of money.
- Trying to self-manage. Property management requires time, knowledge, and patience. Handling everything yourself might save money upfront, but it often costs more in the long run.
Tip: A professional property manager can minimise risks and keep your investment running smoothly.
Set Yourself Up for Success
Your property will stay occupied for longer and cause you fewer headaches if you:
Buy in a good area: Close to hospitals, shops and transport so you can have a greater selection of tenants.
Respond to your tenants quickly, accommodate reasonable requests and make repairs promptly.
Provide perks & quality appliances: air conditioning and good quality appliances like dishwashers and ovens will keep your tenants happy and in place for the long-term.
Between tenants, consider upgrades like fresh paint and carpet, so your place maintains its appeal.
Make things easy on yourself
There’s a lot involved with owning a rental property. It’s worth getting Professional help to take the stress and risk off your plate.
Want help to maximise your investment property returns? Connect with a Professionals property manager today.
