Whether you’re just starting out or have been property investing for years, managing a property portfolio can feel overwhelming to the best of us. Below I’ve outlined the best approach to creating low-stress investments.
Control The Fear of ‘What If’
Don’t stay up all night worrying about the ‘what if’. Getting adequate insurance for your residential rental property is an important step to reducing stress about potential damage your tenants may or may not cause to your property.
While insurance does come at a price, ensuring you are covered by policies you have carefully considered can help mitigate your risks, provide some peace of mind and protect you from any unexpected situations.
Draw A Hard Line On Airbnb
To help ensure your tenants aren’t letting out rooms without your permission, don’t underestimate the importance of regular property inspections. Regular inspections not only help you keep an eye on the property’s condition, it also shows them you’re not an absent landlord, encouraging them to take better care of your investment property.
Purchase Quality Fittings To Reduce Enquiries
We’ve all fallen for it at least once before, we buy a low-quality fitting at a great price only to find it break a few months later, causing the tenants to call you up while you’re at work or with your family, then again several months later because it’s broken again.
Unfortunately, low quality fittings, fixtures and appliances usually have a shorter life, and frequently require more regular maintenance, causing them to call you more often. Purchasing quality fittings at a reasonable price is the best way to reduce enquires, so you can get back to your family or work uninterrupted.
Avoid Difficult Tenants By Taking The Time To Reference Check All Applicants
Calling references during business hours while you're at work can be stressful and inconvenient, and there’s no doubt avoiding reference checking does save you time and effort during the applications process, but in the long-term you run a high risk of accepting inconsiderate, unreliable tenants that require stressful, time-consuming management – a situation to avoid.
Our Quinovic Kent Terrace property management team always credit check and triple reference check each applicant to help us get a good idea about their character and ensure their previous landlords haven’t had issues with them in the past.
Make Sure Your Property Is Compliant With NZ Law
Little else brings about stress more than the prospect of a Tenancy Tribunal hearing, and with the MBIE compliance team continuing to investigate landlords this year, landlords should take the time to ensure they have a proper look at the Residential Tenancies Act 1986 and the latest law changes to ensure your rental property is in alignment with New Zealand laws.
Balancing family, work and being a landlord can be difficult, and as a private landlord you may never have a truly stress-free investment property.
If you’re interest in making your rental property a stress-free, passive income our property management team is happy to help. We can also provide you with customised advice on cost-efficient ways to maximise your rental income with a complimentary Property Improvement Report.