How to save money as a landlord
An investment property can be a steady source of income for landlords, but there are also times when the costs involved can leave you feeling out of pocket. Despite this, there are some easy steps you can take to retain the income, as a landlord.
Minimise vacancy periods
Reducing the time your property is vacant between tenancies is a key factor in minimising expenses as a landlord. For example, if a property we manage is available for rent, we try to arrange inspections based on times suitable to prospective tenants, getting them through quicker and keeping vacancy rates low. As the landlord, you can minimise vacancy periods by offering a competitive market rate and presenting the home at its best to attract the right tenant.
Stay on top of maintenance
Prevent small issues becoming a big problem by keeping on top of maintenance issues as they arise. We provide regular updates for our landlords, with thorough routine inspections which identify any repairs that may be needed. A small issue that is left unattended can escalate into an expensive repair further down the track. By addressing these issues immediately, we can keep costs low for our landlords and ensure their asset remains in prime condition.
Reduce emergency call outs
Keeping on top of maintenance also reduces the potential for emergency call outs. A well maintained property is less likely to have electrical or gas issues which can incur hefty charges if an emergency happens outside of business hours. Our property management team are always contactable after hours, providing advice for our tenants and helping to ascertain if an emergency call out is necessary.
Look after your tenants
When you find a great tenant who looks after your investment, pays rent on time and works with you, you want to make sure you take care of them. A high tenancy turnover can be an expensive game, adding unnecessary stress and causing vacancy periods to stretch out. Look after your tenants by responding to repair requests in a timely manner and avoid increases in rent if it isn’t justified – a great tenant can often be more valuable than the extra $5pw.
As a managing agent, we care about our tenants so they care about our clients’ properties. A simple concept, yet something many agencies seem to forget. We pride ourselves in knowing each of our tenants on a first name basis and if a lease is not renewed by the landlord, we often go out of our way to move our tenants into one of our other rental properties. We find that a tenant will respect the property, if they believe the agent and owner respect them.
Are you happy with your current Property Manager?
At Byrony O’Neill Estate Agents we offer high quality, bespoke property management services which are tailor made for our clients. Each personalised strategy will maximise your rental return and increase your property’s value.
We are dedicated to showing landlords that it doesn’t have to be a headache to own an investment property.
A change in your property manager is as easy as calling us on 0412 132 480.