Once your investment property has been rented out and you’ve left all the trust in your property manager to look after your best interests, it’s very easy to just set and forget. The only problem is, in a lot of cases property managers can be inundated with work due to the lack of support by the companies they work for and your property stands the risk of being mismanaged.
Organising an external party to do a sales appraisal and while they’re there, make note on how the property is being looked after, quiz the tenant on whether regular routine inspections are being done, make sure rental increases have been implemented and also ensure that the current rent is in line with today’s market value. This way you can keep completely up to date with your property and know whether the agents you have hired to look after your asset are doing their job.
It’s an easy process and a great way to stay connected with the quality of your tenant and how they’re keeping your property. The best way to go about it, is to organise with an agent from another real estate company to go over and do a sales appraisal as well as a complete rental health check.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.