If you own a rental property or have ever considered investing in the real estate market you should know that the value of your investment can be significantly impacted by the way it is treated by your tenant.
While disconcerting knowledge, it is useful to know. The obvious way to protect your investment is to select the right tenants and to be proactive in your approach to your investment.
Property manager for your rental property
Choose an agent who is thorough in their tenant selection process and enthusiastic about maintaining a good relationship with your tenant. Having a professional to liaise between yourself and the tenant is an effective strategy to adopt.
The insurance
It is imperative to have the right cover in place to protect your rental property, you and your tenants. Discuss building insurance and landlord protection insurance with your insurance broker and ensure you have adequate and sufficient coverage…you do not want to be underinsured.
The maintenance
If you don’t look after your rental property, your tenants will not see a need to either. Providing a neat, clean and secure residence will encourage your tenants to maintain the property and hence its value. Always attend to repairs promptly too.
You may also consider outlaying a little on extras such as secure locks, security screens, fly screens, ceiling fans or even hiring a gardener to keep the outside areas tidy. The money spent on such things could save you a lot in the long run.
Always respect your tenant’s privacy too. It may be your investment property but it is their home. By remembering this and the other tips outlined above, you will go a long way to ensuring the value of your rental property is protected.
