If you’re a landlord, there are a few key things you can do to make sure your property investment is as successful as possible and ensure that your tenants are happy. Investment properties are a big responsibility, but with the right management, they can be a lucrative and rewarding endeavour. Here are a few tips for landlords looking to make the most of their investment.

Have a goal

First and foremost, make sure you’re clear on your goals and expectations for your property investment. What are you hoping to achieve? Are you looking for long-term growth or immediate income? Once you know your goals, you can develop a strategy to achieve them. Your investment property will likely fall into one of two categories: a buy-and-hold investment or a fix-and-flip investment.

The buy-and-hold strategy is more common for those looking for long-term growth. In this case, you’ll purchase a property and hold onto it for years, slowly building equity and rental income. The fix-and-flip strategy, on the other hand, is more about immediate income. You’ll purchase a property, make some renovations, and then sell it for a profit.

Don’t go at it alone

If you are planning on using it as a buy-and-hold investment, you’ll want to find a property that is already in good condition. This will minimize the amount of work you have to do and help keep repair costs down. If you’re planning on flipping the property, you’ll want to find one that needs some work but has good potential.

Either way, it’s important to have a team of professionals to help you. A good real estate agent will be able to help you find the right property and a good contractor will be able to help you with the renovations. Furthermore, property management companies will be able to professionally handle all the day-to-day tasks of being a landlord, freeing up your time.

Find the right investment

As we mentioned, a team of professionals can help you with the process of finding an investment property. However, you must do your own research as well. You should have a good understanding of the market and what type of property is likely to appreciate in value. You should also be aware of the risks involved in any investment. For example, if you’re buying a fixer-upper, you should be prepared for the possibility that the renovations will take longer and cost more than you anticipated.

If, on the other hand, you intend to lease your investment property, you should be aware of the risks that come with being a landlord. The condition of the property, the area where the property is located and the local economy are all important factors in achieving a good rental yield. There is also the possibility that your tenant may damage the property or fail to pay rent on time.

Before making any decisions, it’s important to do your research and seek professional advice. This will help you understand the risks involved in investing in property and make an informed decision about whether or not it is the right investment for you. 

Reg Strow Real Estate has over 50 years of experience in Brisbane real estate, specialising in residential sales and property management. You can rely on our dedicated team to look after you whether you’re looking for your dream home, purchasing your first home, buying an investment property or needing a property manager. Contact our team today at 07 3848 9433 or via our contact page to discuss how we can assist you.