Tips for First Time Landlords

Whether you are looking to turn your owner-occupier home into an investment property or purchase an investment property, it is important you consider the following as a first-time landlord.

Becoming a first-time landlord may seem daunting if you are not prepared for the property milestone. As the demand for rental properties continues to skyrocket, the need for investors in the market has become even more prevalent than before. 

As a first-time landlord, you should examine the following factors whether you want to convert your owner-occupier home into an investment property or buy an investment property.

Using a Rental Agency to Manage Your Property

As a first-time landlord, it is important you use a knowledgeable rental management agency, as their guidance on managing your first rental property is vital for making strategic investment decisions. 

The purpose of using a property manager is to have an expert on hand to effectively manage your investment property. They can provide you with insight on the current rental market and provide an update on any new or revised tenancy laws. As an interstate investor, it is important to have a reliable rental manager to advise if there are any changes to the tenancy laws as tenancy laws can be different in each State.

As the property owner, the main benefits of utilising a property manager includes reducing risks, increasing your return and minimising your time spent looking after the property.  

The property manager’s responsibility is to prioritise your best interest when making decision for your rental property. Common responsibilities of a rental manager include:

  • Liaising with the tenant;  
  • Conducting routine inspections; 
  • Organising any repairs; 
  • Paying your property related bills; and 
  • Administration.  

Rent your investment property with reassurance with QPG Realty. QPG Realty is confident that their personalised service and competitive rates will outrival any of our competitors. Click here to be connected with QPG Realty. 

Landlord Insurance 

Landlord insurance should be one of the first things to research when setting up your property as an investment. With the effect of Queensland’s recent natural disasters and the impact the pandemic had on society, it is important to protect yourself and your belongings from the unexpected.  

If you are comparing landlord insurers, you should check to see if the following scenarios are covered in the policy: 

  • Unpaid rent;
  • Tenant theft; 
  • Accidental or malicious damage;
  • Natural disasters; and
  • Loss of rent following damage to property. 

If you are looking to purchase an investment property, most banks require your insurance party of choice’s certificate of currency to ensure the property will be insured. 

Pet Applications 

Are you looking to make your property pet-friendly? There is no right or wrong answer on if pets are allowed in a rental property as it is entirely up to the owner, and potentially body corporate. 

When a rental property is pet-friendly, renters tend to stay at the property for longer. The high demand of prospective tenants may significantly increase which can reduce the vacancy period between tenants. 

Get help managing your rental property

If you are worried for any damages that may be caused, your lease has you covered! Your lease should include specific clauses to include any damaged caused by pets.  

Click here to connect with QPG Realty.

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