From a Property Management point of view, branding covers
personal branding of the Property Managers. This includes signage (office and
street sign boards), the office, the website, profiles, uniforms, brochures,
window cards and the properties that they are leasing out.
If a home is not well presented it will reflect on the
property manager and owner as well as the real estate business and will not
attract the desired tenants. While some Landlords understand this and keep
their homes well presented, others do not see the relevance.
I always suggest that our Landlords, where possible, do a
drive-by or visit their property at least once a year. Things like faded paint,
overgrown trees, leaning fences etc. really do put off tenants and your
investment becomes 'the rental' in the street. It can also mean the difference
between good tenants and the not so desirable applying for your property.
Most repairs and upgrades are tax deductible and actually
prevent further high maintenance costs. Your tenants will also appreciate the
upgrades ensuring the tenants stay longer term which minimizes costs and gives
you security. You can also consider that tax depreciation will ensure higher
tax returns on your investment.
It would be worth considering some internal works between
tenants as well. You may consider painting throughout the property, changing
carpets or window fittings or re-laying tiles or even staining wooden floors.
All of these items are really difficult to do with tenants in the house. It is
hard to predict how long someone will live in your property and no-one wants to
move a great tenant out to do renovations. Just doing one of these things
between tenants at each change can boost your rental income.
While a good Property Manager will inform you of this, it
still sometimes helps to see it for yourself so you can make an informed
decision on routine maintenance and future preventative or upgrade maintenance.
Ask them to help with quotes, arrange tradesmen, organize key collection, even
to pay invoices on your behalf.
I believe there are three types of maintenance on your
investment property:
1. Routine repairs: These are run of the mill, wear and tear
items. Routine repairs could be dripping taps, broken down air conditioners or
a garage door that does not roll smoothly.
2. Emergency repairs: These are unexpected and usually
require immediate repair. Emergency repairs include hot water systems
splitting/exploding, a gas leak, plumbing backing up or bursting or securing
the property.
3. Future repairs: This is your long term list for things to
do when you have the money or between tenants. Future repairs include things
like carpet replacement and painting as above.
There is also another side to consider. Don't spend so much
that you don't have an income. While it is lovely to make everyone happy, it is
still an investment so every bell and whistle is not necessary.
Did you know you can attend a routine inspection at your
property? It might be worth considering.
Brenda Mitchell is a Head of Department for Property
Management at Harcourts Ashmore. In her 6th year of real estate, she is
passionate about the industry and strives to find innovate ways to support her
investors to increase their return on investment. Contact Brenda at
brenda.mitchell@live.com.au or by Facebook
https://www.facebook.com/brendaleemitchell1971
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