Most successful property investors have a number of tools - Tool 1

One of the most important of them all is using property management platforms to do the heavy lifting for you and help you with all your property management needs.

That’s because to create significant wealth, investors not only need to be strategic with their property purchases, they also need to hold for the long-term.

Not considering vacancy rates

Ignoring vacancy rates are always a bad idea, whether you are buying or already own a property in a particular location.

High vacancy rates mean’s there is too much supply, which will drag down rents as well as yields – sometimes for years.

You need to understand that just because you were getting one rent for years, that you can get the same or more rent now. Rents do go up and down with the market.

Not knowing the market rent

Whether your investment property is currently tenanted or vacant, not knowing the market rent will likely cause you cash flow problems in the long run.

That’s because advertising it for a sky-high rent will see it sit empty and trying to increase the rent when the market is soft may motivate your tenants to move somewhere more affordable.

The best way to work out what rent you should get when your property comes up for rent or the lease ends is to look at what is currently available for rent in the same area as the property you are renting out. This is as easy as going onto realestate.com.au and looking at the properties for rent.

You would want to make sure your property is not at the high end of the current market. As you need to think, that if it takes one or two more weeks to rent the property, that one, or two weeks lost rent will be a lot higher than the extra rent you are trying to get.

Keep tuned for your next tool

Right now at RealRenta Join now and get 50% off the normal low price:

RealRenta also has a FREEvision, so why not check it out

Jason Gwerder
Monday, 13 July 2020

Join our mailing list Receive Free Property Tips and news

Now Partnered With


Contact Us

1300 11 RENT (7368)