Four experts every rental owner should have on hand
Owning a rental property is a bit like running a business. And as such, you’ll want a few experts in your corner to help you guide that ‘business’ to success.
So, who should be on your team? Here are four experts every rental owner should know…
Property manager
A property manager is the person who will look after your investment, seek out suitable rental occupiers and act as the middleman between you, the property owner, and the rental occupier, along with any tradespeople that might be needed for routine maintenance or repairs.
This property manager should be someone you trust, with a great track record of looking after properties and being proactive with communication.
A great property manager is a trusted expert who advises you on things like rent, which rental occupier would be most suitable and when your property is in need of repairs.
A good insurer
Your rental property is likely to be among the biggest investments you make in your lifetime, which makes protecting that asset a must.
That’s where insurance comes in and you should take the time to get to know the insurance products available and exactly what they offer.
A great insurance policy for rental owners includes three elements:
- Public liability insurance – to protect you if someone injures themselves in the home
- Building insurance – to protect you if the unforeseen occurs and the property is damaged, including if that damage is caused by the rental occupier
- Rent protection – which protects you and helps cover the shortfall if your rental occupiers cannot reside at the property due to unforeseen damage.
A good accountant
Owning a rental property adds a little extra paperwork to your annual tax return, which is where an expert accountant can be an invaluable addition to your ‘business team’.
This accountant should be conversant in all the expenses that can be claimed on a rental property, including interest on the loan, council rates, property management fees, and repairs and maintenance charges.
They should also be across depreciation, which applies to any fixtures you might have added to the property but will go down in value over time.
Trusted tradies
Your property manager will likely have a great list of tradespeople that they can utilise should your property need repairs or maintenance.
But you can also opt to use tradespeople you know and trust as your preferred suppliers.
These are people who have the necessary licences, are adequately insured, have previously offered great service, and completed work to a high standard within a required timeframe.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, you can find further advice on things to consider when moving into a new rental here, or if you are looking to rent a property, you can view the properties we currently have available here.
