Welcome to Top Tips Tuesday!
This week’s tip is for those that currently own investment properties. The tip is that I would strongly recommend that you review your rental income and have a discussion with the property manager.
What we’ve seen in the last 6 to 12 months is a real scarcity of rental properties. Vacancy rates are probably the lowest I’ve ever seen in my term of investing. What that means is a lot more demand for properties than it’s ever been. What we’re seeing are quite large rental increases.
Your property is a return on investment, you are buying an investment property to make money. Every $10 in your pocket each week is going to help reduce the debt of that property and build your equity further.
When the property manager contacts you about the lease expiring, I would just ask that simple question, how is it going? What is the market rent and what would you recommend? If you’ve got a great tenant in there and you may not put it up to full market rent just to keep that tenant happy.
Always review the rent and be guided by the property managers, because they’re the ones that are speaking to tenants and renting properties out on a daily basis.
See you next Tuesday.
If you would like to see the full video click here.
If you would like to have a discussion about your property needs click here to book a time in my calendar and I will give you a call.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
