Most successful property investors have a number of tools - Tool 5

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 having insurance

Similar to thinking that property management platforms are not worth the expense, some landlords believe that insurance is not needed either.

Savvy investors, on the other hand, always have landlord insurance as well as the relevant building insurances to ensure their asset is always protected from damage.

Remember that investment properties are a business and you need to think of it that way. You can’t teat the property as your home and get attached.

Not treating property investment as a business

Far too many landlords adopt a set and forget mentality about their portfolios.

The most successful investors remain engaged, including regularly their portfolio’s performance.

You have to treat it as a business not a hobby that "hopefully” will make some money someday.

If a tenant stops paying rent or damages the property, it’s a business, give tenants notice to leave, claim their bond and claim on the insurance, fix the property and rent it out again. There should be no loss of income (or very little) and you just move on.

Keep tuned for your next tool

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Jason Gwerder
Friday, 17 July 2020

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