Skye shares ten practical tips for first-time investors:

1. Pre-tenancy clean — A thorough, professional clean sets expectations for how the property should be returned.
2. Pre-settlement inspection — Negotiate the right to inspect the property just before settlement to ensure the seller has left it clean and tidy; this allows you to avoid inheriting rubbish removal or cleaning costs after settlement.
3. Marketing — Plan your marketing strategy well in advance. List the property 7 – 21 days before it’s available, schedule the first few open dates, and use social media and signboards to reach more people.
4. Repairs and maintenance — Decide whether you want to be consulted for every maintenance request or whether you will delegate this entirely to the manager. Provide instructions or spending limits accordingly.
5. Keys — Ensure there are at least three sets of keys (two for the tenants and one for the property manager). Skye warns against having keys cut at hardware stores and recommends professional locksmiths.
6. Water charges — Decide whether to pass on usage and supply charges to tenants. This may depend on strata arrangements or whether you want to encourage garden watering. You can set thresholds where tenants pay only usage above a certain amount.
7. Managing outgoings — Determine whether your property manager will pay bills on your behalf or whether you prefer to handle them. If the manager pays bills, keep a float in the trust account to ensure funds are available.
8. Landlord insurance — Choose specialist landlord insurance rather than standard home insurance; the cost is minimal compared with potential savings if issues arise.
9. Smoke alarms — Arrange annual checks by a specialist company. Property managers are not qualified to verify functionality; specialist services will replace faulty alarms as part of the fee.
10. Choose the right property manager — You’re entrusting your biggest asset to someone; ensure they have your best interests at heart and are motivated to achieve the best outcome for you.

Skye notes that these points are discussed with prospective landlords and that focusing on them makes property management fees seem less significant by comparison. The article invites readers to call or email Skye for more information.