Find a trustworthy Property Manager
This is one of the most important things you can do if you plan to invest or already own an investment property interstate. They will be watching over your property and ensuring it is clean and well looked after, they will be listening to complaints and feedback from your tenants, and they will often be passing on information and actions from you to your tenants or to tradespeople servicing your property.
Keep up-to-date on what’s happening in your area
The events, developments, and news for the area in which your investment is located are important and frequently overlooked. For example, if a new shopping centre opens nearby and you’re unaware, you could be missing out on an opportunity to increase the rent. Alternatively, if the anything happens to decrease the value of the neighbourhood and you’re left out of the loop, you may find yourself frustrated at unexplained, prolonged vacancy times
Get comprehensive Landlord’s Insurance
Landlord insurance is crucial, especially for landlords who can’t be close by to their properties. . Yes, it’s an initial outlay, but you’re really better off safe than sorry. We know this may seem expensive when you initially outlay the money. However, if and when the worst happens you will be thanking yourself for having the foresight. Not to mention, your bank account will be much, much happier.
Get yearly appraisals on your property
A yearly appraisal can be handy to overseas and interstate landlords for a couple of reasons. Firstly, it helps you keep tabs on whether you’re charging enough for rent or if you may be overcharging. Secondly, it will help you understand the right time to sell the property to make the best return on your investment.