Managing Your Investment Property Over Christmas
Merry Christmas, thank you for a great year and best wishes for 2020!
We hope 2020 is successful for you all.
The Christmas festivities are nearly here and it’s a time when most of us take a break. But this isn’t a time that an Investor can forget about their investment property.
It’s a perfect time of year to take a good look at your property (or properties) and assess what’s worked, and what hasn’t.
Here's a few thoughts
1. We're here for you!
Our staff are working over the Christmas break taking care of your investment property, our commitment to our owners is 365 days a year so the phones are manned and emergency trades people are available so feel free to relax, you're in safe hands.
2. Take action if your tenant indicate they're leaving.
Speak with your agent and plan in advance for the change, talk about the advertising, do you need new photos? Think about the price because it may be a quieter market. We always try to end a lease prior to December, but it does happen and you dont want a vacant investment property.
3. Be available, or give us instructions if not.
Make sure your manager can contact you over Christmas as issues do arise from time to time and decisions must be made. Our tradies are working so we have you covered! If youre going to be away on hols please give us instructions as whom to contact in case of an emergency.
4. Is your maintenance up to scratch?
Has your property manager suggested some maintenance requests? Now is the time to address them to ensure they dont turn ito a bigger issue, and become an emergency callout over Christmas.
5. Can you add value?
Christmas is a great time to make plans. There comes a time with every property that they need an upgrade or refresh. Have you assessed your property lately, it could be a good time to chat with your property manager to see where you could improve the living standards for your tenant. This could lead to the rental value increasing, or it could be that the tenant remains longer in your property. If there's been a lot of new homes constructed in the area these become your competion so you may need to upgrade to keep up with them.
- Installing security screens or doors
- Installing air Conditioning
- Installing Fans
- Does the property need a paint
- Does the kitchen or bathroon need attention
With any of the above you should always chat with your accountant to see if any undertakings are claimable.
6. When’s the last time you made sure you were adequately protected in case of a claimable situation arising?
You must have Legal Liability Insurance as per Legislation but we always request that you also have Landlords Insurance, Terri Scheer or AON are 2 well known providers, but you must ensure that your policy is still valid and please update your manager.
7. Have you got the best homeloan for your current situation?
It's a great time of year to assess your financial goals, and results! There’s no doubt that it’s worth making the effort to research this area as savings could be made, there’s always a better deal out there. Just chat with your Mortgage Broker, or ask us to provide you ours.
8. Have you enjoyed a great tenancy
Although it may seem a little old fashioned in 2020 it would be a lovely touch for a good tenant to receive a Christmas card or even a little gift as a thank you,everyone enjoys a little appreciation. Your manager can help you here, and are happy to put something together for you.
9. And Finally
Would you give your property manager a thank you?
Click here to post your thoughts.
Thank you again for your business in 2019, we look forward to serving you in 2020
If you have a property in Brisbane that you would like to consider engaging a new property management team for, please feel free to contact Paul Tooze directly on 0414 037 007 or the friendly team at All Properties Group (07) 3800 0988.
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