How To Be a Great Landlord

5 Tips to Be a Great Landlord

1. Keep Good Records

Paperwork is the least enjoyable task of running any business. However, there’s no way around it as it’s is important for understanding how your investment is performing.

To keep good records, you can:

• Schedule time each month to review your bank statements
• Check to make sure rental payments are in order
• Ensure outgoings are as expected
• Ensure you are on track with mortgage payments (if applicable).

2. Maintain the Property

Upkeep of your property is crucial.

We’ve all heard the horror stories of what some tenants have to live with due to a lack of care, and poor attention by their landlord.

For example, having no hot water due to a broken system, a blocked or broken toilet, excessive mould from structural issues, to unnecessary delays undertaking repairs. The list goes on!

Don’t be that landlord. Lead by example by:

• Showing that you take pride in the property
• Respecting the tenants living there
• Attending to issues as they arise.

Doing so, this will both demonstrate to the tenants that you are a responsible landlord and ensure your property maintains a high standard.

3. Communicate Openly

Having good communication with your tenants is the best way to foster a long, successful relationship.

Stay informed about what is happening at your property, how your ‘business’ is running and what’s coming up. To do this:

• Respond to emails and phone calls in a timely manner
• Liaise with tenants when scheduling any upcoming works at your property
• Give them proper notice for access requirements

And so on.

Good communication will make the tenants feel valued, and we all know how nice it feels to be appreciated and valued in what we do!

4. Inspect Your Investment

It is a good idea to visit your property once every 1-2 years so you can see how it is looking.

Owners often forget how long it has been since they have been to a property, and sometimes get a shock when they haven’t seen it for five or so years.

With annual visits, you can:

• See the state of the rental property
• Make note of anything that looks tired or would benefit from an update.

Keeping your property looking fresh and well-maintained will help your investment have the highest return, and in addition, attract quality tenants.

If this all sounds a bit daunting and time consuming, don’t worry. Help is at hand!

5. Get a Great Property Manager – like Habitat!

Most basically, rental property management involves:

• Sourcing tenants
• Collecting Rent
• Undertaking Regular Property Inspects
• Organising Maintenance.

However, at Habitat Real Estate, we go beyond the basics (After all, our motto is ‘property management with a difference’). Our team are skilled at developing and maintaining rapport with your tenants.

With our skills, this directly benefits you through quality lease renewals, renegotiations of rent (when applicable), and maintaining open lines of communication.

Having a sound relationship with the tenants also helps ensure they are doing their job and keeping on track with their responsibilities.

We also ensure you are helped every step of the way. For instance, by:

• Motivating/informing you about potential issues
• Proposing upcoming maintenance on a suitable schedule to reduce loss of rental income
• Providing quality suggestions to keep your Darwin property in tip-top shape.

You do need to spend money to make money! But, if you’d like to leave property management to the experts, trust us.

Habitat Real Estate have been successfully assisting landlords and tenants in Darwin for years. We know what it takes to be a great landlord – and we can help you achieve it. Get in touch today and let us take care of business.