There’s a lot going on when you buy an investment property, and there are many things first time investors just don’t know they need to consider.
But that’s where I come in, I go through these questions with every new investor, provide landlord tips, and by taking the time to consider what will work best for you and your situation will set you up for success.

Deciding on a property manager and considering the fees is just a teeny tiny part of being an investor, but thinking forward and strategically applying best practices will ensure there are no surprises and you are prepared for every eventuality.
Tip #1 - Pre-tenancy clean
This is crucial if you have just purchased the property and it’s being rented out immediately after settlement. A sales clean is never good enough for rentals, its usually a surface level wipe over, and we want the property as sparkling as possible, as that is not only more appealing but also sets the expectation for how we can expect the property to be returned to us upon vacancy.
Tip #2 - Pre-settlement inspection
Speaking of which, I always recommend negotiating this at the time of contract if you can. Once the property settles, you have very little method of recourse and i have seen many owners get stuck with rubbish removal, cleaning and even painting. Your power sits in the moment before settlement, definitely not after.
Tip #3 - Marketing
Setting out a marketing plan is more than just putting it on realestate.com. I plan out when it will be launched online, (ideally 7-21 days before its available depending on price and property) what the first 3 open dates are, what other marketing strategies we will use such as socials and signboards, and you are prepared for every step.
Tip #4 -Repairs and maintenance
This one is simple, but it’s worth considering. Do you want to be notified every time there is maintenance? Is there a dollar value you’re happy to authorise for repairs?
My process is to call my landlords every time there is maintenance, and follow up with an email for record keeping. I understand some landlords want to use their own tradespeople and or attend to maintenance and repairs themselves so I will seek instructions on how you want me to proceed.
Perhaps you don’t want to be bothered at all, I can take care of everything, I just need your instructions.
Tip #5 - Keys
We need 3 sets of keys, 2 for the tenants, and 1 for the property manager. This includes all of the keys, so if there is only 1 letterbox key, we will need 3 of those (in the event that the tenants keys are lost or stolen). I can get these cut for you, and the cost can be deducted from the rent.
Hot tip - I never cut keys at Bunnings (it always ends in tears!)
Tip #6 - Water charges
There are a number of considerations with passing on water charges. A standard process in SA is to pass on water usage and water supply. However your property may have water usage included in your strata fees, or perhaps you have a large garden and you want to incentivise the tenant to water it often. It can be set up that only supply charges are passed on.
You can also charge usage over and above a certain kL, it’s really flexible based on what you decide for your property, but this will be detailed in the tenancy agreement.
Tip #7 - Managing outgoings
You will need to consider how you want to manage your outgoings. Your property manager can pay all your bills on your behalf, but I do find that most owners prefer to pay their own for greater control over their cashflow. It is a personal preference, but something to be considered.
You will need to give your assessment numbers, account numbers etc to your property manager and they can setup the redirections.
One other thing to consider if you opt for all bills to be paid is to run a “float” within the trust account. If funds are paid to you on a more frequent basis than monthly, you will want to ensure there is enough money held to pay the bills on time. This might look like $500 being retained to ensure the balance is never zero.
Tip #8 - Landlords insurance
We all know we need landlord insurance, but do you know what type to get? Getting a general insurance product is a path to disappointment. Property managers recommend specialist landlord insurance because they are more comprehensive and have less inclusions (not financial advice!) and the cost is pretty minimal considering how many thousands it can save you if things go wrong.
You might have the most perfect tenant, but things and circumstances change. This is why you need excellent coverage so your investment doesn’t turn into a nightmare.
Tip #9 - Smoke alarms
Most property management companies will recommend a specialist smoke alarm check be conducted annually. We can go in to do a routine inspection and visually sight the smoke alarm, we could hit the test button, but we’re not electricians. We are not qualified to assess if that smoke alarm is working. The company I work with also replaces any faulty smoke alarms included within that cost, so it’s a once off payment each year.
Very recently a father and his children lost their lives in a house fire, and a woman was charged because her property did not have compliant smoke alarms. So not only would your insurance be void, but you risk potential charges being laid against you as the property owner. A small annual cost provides safety for your tenants, and peace of mind for you.
Tip #10 - Choose the right property manager
You are giving control of your biggest asset to this person. Do they have your best interests at heart? Are they motivated to get the best outcome for you? Or for themselves? Can you trust them?
I usually run through all of these items when I meet a potential new landlord, and it can be a lot of information to absorb. It makes the fees seem a little irrelevant when you have so many other decisions to think about! However discussing these items upfront ensures all parties are on the same page, and new investors know what to expect on their foray into property investing.
If you would like to discuss any of these items further, give me a call on 0426 241 676 or hello@tayloredproperty.com.au
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