Top Property Management Tips for Innisfail Landlords
Renting out a property in Innisfail can be a profitable venture for landlords, especially since the average rental yield is currently 7.32 per cent. If you own an Innisfail property and want to get the most out of your investment, you’ll need to manage your assets with care.
In this article, we’ll cover the top seven property management tips for landlords in Innisfail, as well as provide a basic overview of the current state of the Innisfail rental market.
Understanding Innisfail’s Rental Market
Innisfail has a population of just 7,236, meaning the rental market is highly competitive. This is great news for landlords. The average weekly rent is $320, and is growing steadily. It’s a great area to invest in property (if you haven’t already).
With innisfail rental units in short supply, you won’t have issues when it comes to finding tenants. But, when you do find residents, you’ll need to practice effective property management to keep them in the long term.
7 Property Management Tips For Managing Your Innisfail Properties
As a landlord, you need to carry out effective property management to ensure your tenants are both happy and keep your home in tip-top condition. Here are seven property management tips for your Innisfail property.
- Clearly Communicate with Tenants
Clear and regular communication is the key to maintaining a beneficial landlord-tenant relationship. It helps to prevent any misunderstandings early on, making your life that much easier.
Make sure the tenant knows how to contact you, whether by phone or email. When they do reach out, you should reply quickly and maintain a professional approach. You should reach out regularly, too, especially if your expectations change or you’re making a change to your rules or policies.
When your tenant moves in, you should provide an emergency, out-of-hours number if things go wrong. Specify that the number is for extenuating circumstances, like burst pipes or boiler issues.
- Perform Routine Inspections
To ensure your property is being well looked after, you should carry out regular property inspections. In Innisfail, local regulations state that you can carry out inspections every three to six months. Just make sure you give your tenants proper notice (at least seven days).
During these inspections, you should check for wear and tear, making sure everything is functioning properly. You shouldn’t only check tenants are abiding by the terms of the lease – but also look for potential maintenance issues that could become major (and expensive) problems.
- Comply with Local Laws and Regulations
Innisfail falls under Queensland’s Residential Tenancies and Rooming Accommodation Act, which sets out both the rights and obligations of landlords and tenants. As a landlord, you need to stay compliant with these laws to avoid disputes and fines.
This includes:
- Carrying out a tenant character and credit check
- Installing smoke alarms
- Having landlord insurance
- Keeping the rental property in a liveable state
You also have rights as a landlord, including:
- Having the right of entry to your property with seven days’ notice
- The ability to give a Notice to leave if tenants are more than 14 days late in rent
- The right to increase rent. You must give at least two weeks’ notice, and rent can’t be increased more than once every six months.
- Collect Rent Effectively
Rent collection can be a pain for landlords, but with the right systems in place, it doesn’t have to be. The most efficient way is to set up automatic payments for tenants so the rent goes straight into your account every month. Making it more convenient for tenants will help you prevent late payments.
Having a clear rent collection policy outlined in your lease agreement will help tenants know what to expect. Include information on late fees and be consistent with enforcing the rules.
- Handle All Vacancies
Having vacant Innisfail properties will slowly drain your profits. You need to act fast to get your property back on the market when a tenant moves out.
Start out by inspecting the vacant property. You should make sure it’s clean and carry out any repairs necessary before the next tenant moves in. When your property is in tip-top condition, you can start advertising it straight away.
Because Innisfail rental properties are in high demand, it shouldn’t take you too long to find a suitable tenant. Don’t rush into signing your next lease, though. You need to screen every potential tenant to make sure your property is in good hands.
- Use Project Management Technology
Taking advantage of technology can help simplify the property management process. These tools can help you do everything from automating your rent reminders to alerting you to any maintenance issues.
Popular tools include:
- Partner with a Property Management Company
While managing your own rental properties can be rewarding, it’s not without its challenges. If you find yourself short on time or want your properties to be professionally managed, partnering with a property management company like One Hive can be a smart move.
A property management company will handle all the day-to-day responsibilities, including tenant screening and rent collection. It takes all the hassle of managing your Innisfail property yourself.
Because regulations can be complex, and the rental market is so competitive, an Innisfail-based property management company, like One Hive, can provide you with valuable expertise.
Final Thoughts
Renting out a house or unit in Innisfail is undoubtedly lucrative, but only if you practice salient property management. Following the tips above will help you get the absolute maximum out of your investment.
By staying both proactive and organized, you’ll keep your property in great shape, keep your tenants happy, and your rental income steady.
If you’re overwhelmed, consider partnering with a property management company like One Hive. As Innisfail locals, we understand the intricacies of the market and will ensure that your property is rented to the best possible tenants for the best rental price.
Contact One Hive Property Group today. Call us on 0439 451 915 or email us at info@ohpg.com.au to learn more about renting your Innisfail property.