After building up equity in your home, you may be using this to start or continue your investment property portfolio.

If you are starting to outgrow your home or on the opposite end of the scale, it is getting too big, are you considering making a move and turning your home into an investment property? Here are a few things to consider.

• Is it structurally sound? Inside and outside, are there any repairs that need to be done to not only make the house appealing to future tenants but also to make sure it is safe. Consider the bathroom, kitchen, outdoor steps or retaining walls, to name a few.
• Check the local rental ads, are there any properties in your area currently on the market? Take a look at the properties and make a note of the rental price. This will all help with your research and give you an idea of what rent you could ask for.
• Before you call your local property manager make sure you call your mortgage broker first. It is important to discuss your current mortgage and any investment loans you may have to make sure the right structure is in place before you make the switch from home to investment property. 

We offer the most friendly and accessible property management in Newcastle. Contact us and experience the difference today. 

Have you recently turned your home into an investment property? If so we would like to hear your helpful tips.

Selecting a Property Manager is an important step in establishing your investment property portfolio. A Property Manager can either be a great asset or hindrance. So what should you look for when selecting the right person to join your investment team?

• What do they charge? Make sure it is clear what charges and fees are involved when signing an Agency Agreement. The Management Fee can range from 5.5% or lower up to and over 8%. Be clear on what service they provide for this fee and all other costs associated with managing the property.
• Inspections on the property. Enquire as to how many inspections they perform on a rental property in a calendar year. The maximum number is 4 in accordance with the Act however, it could easily slip the to do list and not be performed at all. These inspections are integral in keeping an eye on the condition of your investment.
• How long until you return my call? Ask what their policy is on returning your calls. Ideally a phone call or email should be returned within a 24 hour period to either the Landlord or the Tenant. Any urgent repairs need to be attended to as soon as possible along with any other important issues that you want to discuss as Landlord.
• Don't be restricted by Suburb. You do not need to appoint a Property Manager in the same suburb as your investment property. Feel free to look outside of the boundary and talk to a few different agencies. Within a reasonable range, a good Property Manager will be happy to travel and can attend to a majority of tasks from the office. 

Like most things, a recommendation from a friend or work colleague can always help when selecting a Property Manager. There are plenty of choices out there, knock on the door of a few agencies and start talking. After the initial meeting you should start to get a feel for how the Property Manager performs. 

We offer the most friendly and accessible property management in Newcastle. Contact us and experience the difference today.