Managing Your Investment Property

By Blue Wave Property Strategies

Managing Your Investment Property

Investing in property can be a rewarding journey, but managing it efficiently is crucial for maximizing returns. At Blue Wave Property Management, we specialize in finding the perfect tenant and ensuring your investment property is well-maintained and profitable.

Finding the Perfect Tenant

After purchasing your investment property, the next step is to secure a high-quality, long-term tenant. A stable tenancy is more beneficial than frequent turnovers, as it helps in maximizing your investment returns. Here’s how we achieve this:

Open Homes: Given the rising demand for rental properties, we may suggest scheduling open homes at agreed times. This strategy allows a larger pool of candidates to view and apply for your property.

Advertising: Our property managers stay updated on the best advertising mediums to attract suitable tenants. Your property will be advertised through various channels, including:

  • Popular rental websites and portals
  • Classified sections of newspapers
  • Signboards
  • Brochures and flyers distributed by the agent
  • Email newsletters
  • Social media platforms

Setting an attractive rental price is key to maximizing your investment. Our property managers possess deep knowledge of current rental prices in your area and will assist you in setting a fair market rental value.

Factors Influencing Rental Prices

Three main factors impact rental prices:

  1. Property Location: Proximity to amenities, schools, and transportation can affect rental values.
  2. Property Condition: Well-maintained properties attract better rents.
  3. Length of Lease: Longer leases can provide stability and potentially higher rental income.

Avoid setting the rent too high, as it can lead to wasted advertising dollars and increased vacancy periods.

Ongoing Property Management

Property Condition Report: We compile a detailed property condition report at the start of the tenancy. This report is used to compare the property’s condition at the end of the tenancy before releasing the security bond.

Bond Collection: A bond equal to a minimum of four weeks’ rent is collected from the tenant and held with the local Bond Authority. The bond is released only by mutual agreement once all tenancy obligations are fulfilled.

Periodic Inspections: Regular inspections ensure the property is maintained to a satisfactory standard. We provide a full report to the owner and inform tenants of any defects they are responsible for. These inspections may also include maintenance recommendations to uphold the property’s value.

Repairs and Maintenance: Under the Residential Tenancies Act, owners must maintain their property in good condition. You can authorize us to handle repairs and maintenance, referring costly repairs for your consideration.

Professional Management Services

Choosing the right property manager can significantly impact your returns and overall investment experience. Blue Wave Property Management offers a comprehensive range of services, including:

  • Thorough tenant screening
  • Rent collection and issuing receipts
  • Arranging repairs and maintenance
  • Paying accounts like water services and council rates
  • Processing insurance claims
  • Reporting on property condition throughout the tenancy
  • Managing lease terminations and re-letting
  • Preparing property inventories

Marketing Your Property

Our professional marketing packages ensure your property is advertised effectively to minimize vacancy periods. We use various tools, such as:

  • Competitive print advertising
  • Brochures available at open homes
  • Online listings on major rental websites and social media platforms
  • Signboards for 24/7 property visibility
  • Direct marketing to our extensive tenant database

Tax Deductions for Investment Properties

As a property investor, you must declare rental income but can claim relevant expenses. Deductible expenses include:

  • Agent’s fees
  • Borrowing expenses
  • Depreciation on furniture and fittings
  • Repairs and maintenance costs
  • Construction costs for new buildings or improvements

Consult your tax advisor to confirm allowable deductions and maximize your tax benefits.

Steps to a Successful Lease

  1. Appoint us as your exclusive managing agent.
  2. Opt for a signboard to display your property.
  3. Market your property as per a tailored campaign.
  4. Match pre-qualified tenants to your property and invite them for inspections.
  5. Record visitors to all inspections.
  6. Thoroughly check tenant applications.
  7. Discuss shortlisted applications with you for approval.
  8. Lease the property successfully.

At Blue Wave Property Management, we don’t just collect rent – we ensure your property is fully cared for. Our proven systems and attention to detail provide peace of mind, knowing your investment is in safe hands. Let us safeguard your investment journey with our professional and personalized service.