Once you have made your decision to become an Investment Property Owner you need to make another decision, that is getting a return on your investment. This means renting the property. You should remember that the Investment Property is a significant investment so you don’t want to rent too just anyone. You also don’t want the stress of trying to find/ manage your investment you should find an expert property manager to do this for you.

Below are some ideas as to how to avoid tenant pitfalls.

How to Avoid Bad Tenants:

  1. Appoint an Expert Property Manager
  2. Conduct Adequate Background Checks at application stage
  3. Don’t accept anyone with a bad rental history or who is blacklisted
  4. Always get a bond of 4 weeks and put it into the RTA Rental Bond Scheme
  5. Get 2 weeks rent payment upfront
  6. Get a well written Tenancy Agreement
  7. If approved with pets get a pet agreement in place
  8. Undertake Routine Inspections every 3 months
  9. Maintain Good Relationships with Your Tenants

 

We believe that Point 1. Appoint an Expert Property Manager is the key point. Why? Because the other 8 Points are what we do, day in, day out. We take pride in your property and treat it like our own. Our goal is to minimise your risks and maximise your returns.

This is what FAA Property Management do in Managing your Property to achieve this goal:

  1. Assess the Property and compile market reports
  2. Organise the Marketing
  3. Create and Place Advertising
  4. Organise and Label Keys
  5. Organise Pool Safety Inspection, Water Efficiency, Carpet Cleaning, Pest Control
  6. Handle phone, email and walk-in enquiries
  7. Conduct Open Homes and Individual Appointments
  8. Liaise with Lessors, Body Corporates/Onsite Managers and any Contractors completing work
  9. Process Applications including Screening Procedures
  10. Negotiate Tenancy Terms and Prepare the Tenancy Agreement
  11. Prepare Entry Condition Reports/Inventory
  12. Conduct the Sign-Up Appointment
  13. Organise the Smoke Alarm Clean/Test
  14. Conduct Routine Inspections
  15. Collect Rent and Bond, Lodging the Bond with the RTA
  16. Keeps Records Relevant to the Tenancy

 

There are a lot of things to think about when renting your Investment, but it is important to know that you don’t have to do it alone and you can get someone else to do all of this thinking for you whilst you sit back and relax knowing its all handled for you.