You may think that once you have tenants in your investment property, you can just sit back and wait for your monthly rental fees to be transferred to your account. While investment properties are less work once they are leased there’s still occasional work to be done.
Rental properties will have a variety of paperwork and occasionally may need inspections, maintenance work, or emergency repairs. You’ll also want to make sure bills are being paid (if you are covering items such as gas and water) and everything is organised come tax time.
Beyond rent collection, here are four tips for areas of property management you want to stay on top of.
Rental properties create paperwork, and you’ll want to keep everything in one place so that you aren’t floundering when tax time rolls around. You’ll want to have copies of:
- Work orders
- Repair invoices and purchase receipts
- Rental payments
- Any bills for professional services related to your rental unit (for example, if you have a gardener to tend the outside landscape)
There are many ways to manage your paperwork, including scanning and uploading them to your laptop or adding physical receipts to a file folder. It’s best to find a system that works for you and stick with it so you always know where all of your paperwork is at any given time.
Be sure to also tuck in a copy of the lease agreement as well.
Enure you are accessible to your tenants
While you probably won’t need to have weekly meetings with your tenants, it’s important to ensure you are accessible and easy to contact should they need to reach you. There may be times when emergency repairs need to be discussed or tenants have other matters at hand they need to touch base on. Make sure you give your tenants a few ways to get a hold of you and suggest the best form of communication, whether that’s phone, text, or email. It’s also best to give them a back-up contact as well, in case you are unavailable and they need assistance.
Stay up-to-date on legal requirements
In Australia, in order to protect both tenants and landlords, there are various legal and legislative structures in place. As a landlord, you’ll need to be aware of any relevant Acts and Legislation. You will also need to obtain access to standard agreements and bond lodgement forms.
By following the law and keeping a paper trail of all correspondence with the tenant, you’re protecting yourself in the long run and ensuring you have backup documentation should you ever need to go in front of a tribunal for rental disputes.
Keep a personal and professional distance
It’s important to keep a professional distance between yourself and your tenant. Being a landlord means dealing with difficult issues like demanding rent, evicting tenants and claiming bond money for property damage. You’ll have to ensure you can handle these responsibilities without getting emotionally involved.
Remember that the tenant also has the right to enjoy the property in a peaceful manner as well. That means you need to create and follow protocols for communication and give your tenant notice if you need to stop by for inspections or maintenance. Keep encounters professional and record all correspondence. This ensures communication is always clear and misunderstandings are kept to a minimum.
How Instarent does all this and more
As a landlord, it’s always a good idea to have everything related to your investment property in one central place. That way, nothing gets lost, and everything is easy to find. Platforms like Instarent, an app for property management, make it easy to keep it all together by placing everything rent-related on one platform.
For example, with Instarent, landlords can:
- Receive and record rental payments
- Keep copies of invoices and receipts in one convenient place
- Communicate directly with tenants and have those conversations archived
- Keep blank and existing copies of rental and bond agreements
- Advertise their property and screen tenants
- Find and pay tradies
- Arrange rental inspections
- And more
The best part is that since all of your documentation is saved to the app, it is easily accessed from anywhere. Landlords have complete tracking of all of their records that are ready at tax time and a click away throughout the year.
Being a landlord doesn’t have to be a challenge. By clearly laying out your terms in your lease agreement and staying organised you’re well on your way to making managing your investment property seamless and efficient.
To learn more about how Instarent can help simplify your investment management tasks, contact us today!