Landlord Tips

Landlord Tips for investment owners in Greater Dandenong.

Here is our property managing guide and top 3 pieces of advice for Landlords when renting out your investment property.

Being a Landlord and having an investment house in Dandenong you want to ensure you get the best Property Management team to guarantee you the highest possible return on your rental property. Here are some Landlord Tips for Dandenong Landlords to maximise your profit.

property managers in dandenong

1. Choose your tenant carefully

A good property management company will conduct a thorough screening process of all potential new tenants who apply for your property. This includes things like their employment history, current earnings, references, background checks and financial security. National Tenancy Databases such as TICA and Equifax are available to assist in conducting these checks. When choosing the right tenant ensure your Property Manager knows how to check rental history correctly and does the relevant checks with the Government.

2. Choose a local Rental Centre who knows Greater Dandenong Specifically

The demographic of each suburb is in correlation to what kind of tenant you will attract to your investment property and what rental return you will receive. Your Rental and property management team should know their tenants specifically

3. Be prepared with your Rental Mortgage and finances

Showing landlord tips on renting their property
One of our most important Property Management Tips Dandenong landlords should adhere to. Be prepared to put to the side “emergency money” for your investment. Do not reply on the rental payment coming in one day. Also do not reply on the mortgage being taken out the next, this can lead to disaster. Before you go ahead and rent the property out, you should discuss a property maintenance plan with your property manager. Your qualified property manager should give you tips and advice. This advice should ensure the house is well kept throughout the duration of the tenancy. This will help you to be able to manage your finances wisely and hopefully avoid any overdrawn bank fees or bad credit on your investment properties mortgage. By putting aside some ‘rainy day reserve money’, you are being proactive rather than re-active. Our Property Managers at Dandenong recommend you put aside a minimum of two weeks rent to help cover this.

Keep an eye on our rental and property management news section for further advice on how to best manage your investment property and maximise you rental income.