THREE THINGS YOU SHOULD DO IF YOU’VE JUST PURCHASED AN INVESTMENT PROPERTY

You’ve done all the hard yards of haggling with lenders, researching the market and negotiating with agents to secure your first investment property. Surely it’s time for a well-earned rest? Not so fast!

There are three more critical steps to take before you can sit back and watch the rent roll in.

Hire a property manager

Your life as a landlord should be relatively painless if you engage a great property manager. 

Managing director of propertyplanning.com.au David Johnston says he advises clients to start talking to local property managers as soon as they’ve got a suburb shortlist.

“What you’ll find is they’ll know the better pockets or streets and may be helpful to ascertain where the better quality properties to buy are located,” he says. “Those managers that are more helpful are likely to provide a better service to you and your tenant, so they’ll minimise headaches and how much time you have to commit to fixing problems.”

Penelope Valentine, director at property management agency Property Alchemy, says a referral is one of the best ways to find a top operator. 

To read the other two steps click here