Top 10 tips to be your own Property Manager

  • Hire a good property management company: If nothing else works or you are not able to find time for your property or you are moving to a new city or a new country, hire a company that provides property management services. You can also find property management companies who specifically manage properties for NRI customers or Maha RERA registered projects.
  • Fix up a rent that is up-to-date with the market: Rise in interest rate, strata levies and land tax, the landlord is left to carry the extra burden. It is only sensible and fair to make sure that your rental income generated by the property is optimum as per the market rate and not considerably low.
  • Tend to minor repairs to avoid major costly repairs: In case of repairs, it is always better to take care of it at the earliest. The more you will keep it for later the heavier it will get in your pocket. Not just that, if your property is in good condition, it will attract good tenants. If the landlord has taken good care of the property, there is a high possibility that the tenant will take care of it too.
  • Set the right rent for the vacant property to avoid lengthy and costly vacancy factor: Increasing the rent by a small amount can add up a lot if the property sits vacant. It is always better to have a payer at fair a price then not having any tenant at a dream price.
  • Increasing rent in excess can make you lose a good tenant: If you have found a good tenant for your property, try to keep the rent at market value. If you will increase the rent more than its market value, your tenant might leave and your rental income will stop, maybe for an extended period of time. A quality tenant who looks after the property as if it is his own and pays rent on time is much more valuable than a tenant who is a non-payer at a higher rent.

tips for prchasing building

  • Take advice from your accountant before investing in a property: It is always better to seek financial advice, preferably from your accountant, before entering into real estate investment market.
  • Make sure you have landlord insurance: You might have got your property insured, but that will not cover the few of the unfortunate events that can cost you a fortune. Those can be anything – tenant defaulting on rental payment or he may have caused damage to the property where repair cost exceeds the bond. Though it is not a legal requirement, it is always recommended to have one.
  • Sounds difficult, but it is always better not to be emotionally attached to your property: An investment property should be treated as a business and mixing business with emotions have never been a good idea.
  • Carry out appropriate checks on all prospective tenants at the application stage: Many prospective tenants have a history of default. Ensure that you have carried out all the required checks on them to avoid a non-payer tenant on your property.
  • To avoid misunderstanding, maintain a professional relationship with your tenant: Remember that your investment in real estate is your business so treat your tenants nothing differently. Uphold a professional relationship with your tenant to avoid any communication issues. They are the ones paying rent and you want them to keep paying it.