How to get the best tenant
In the same way that you need a strategy when investing, you will also need one when finding a tenant. If you’ve bought the right type of property, you should attract the right type of tenant. The bad news is there will still be rogues out to get you.
It’s about knowing the rental value and being realistic with rental demands, as well as knowing your target tenant. Crucially, you must correctly reference and vet your prospective tenant. The following factors are important when identifying a good tenant from a bad one:
This takes time and, when you are new to property investing, you might get it wrong.
Reducing tenant risk and buying your time
An annuity gives you income that you don’t have to work for, but you only have to do some rudimentary research to find out that the penalty is a potential halving of the retirement income a property could pay you.
Residential property investment can also provide great passive income. You don’t have to be involved in the day-to-day problems of managing your property.
By hiring the right property management company, you will benefit from almost effortless property management. It will find and vet clients, conduct viewings, undertake regular inspections, compose property inventories, collect rental income on your behalf, and coordinate all repair and maintenance work.
While the day-to-day time consuming, boring property management work is being carried out, you could be experiencing the world on holiday or spending time with the family.
Taking advantage of professional property management isn’t free, but it is a lot less costly than you might think. It’s an investment that makes sure your tenants are found, vetted, and managed effectively and it’s an investment that ensures your retirement is your own, and not the tenant’s time to spend as they see fit.
Contact one of the team here at Nova Financial to ask about our property investment opportunities, and to discuss how to use property to produce real retirement income whenever it is that you are due to retire.