As a property management team, we work with investors every day. Some are seasoned with an established portfolio of properties, while others have become investors for the first time.
There are many resources online to provide tips for what to look for and how to select an investment property. In this article however we take a look at the most common mistakes we see investors make.
Online property management tools have increased in number in recent years. These systems generally offer low monthly fees in return for largely automated and online service. The most dominant service of this kind in Australia to date is Cubbi, though there are many others.
Generally, the way these online property management services work is that a very low management fee is taken (in Cubbi's case, currently 2%) and the online platform is used to manage the processes which can be automated. For example, the Cubbi platform forwards any rental enquiries and applications on to you as the landlord, will collect and deposit rent into your account, and will follow up on any unpaid rent.
In reality, these are the easiest aspects of property management and require little skill or knowledge to complete.
In our discussions with a landlord prior to taking on management of their investment property, we always ask whether landlord insurance has been arranged. In what can be a hectic time finalising a property for rent, this critical insurance can sometimes be overlooked.
It is essential. Let's find out why.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Charlestown real estate agent offering expert property management across Newcastle and Lake Macquarie.