Failing to Plan Is Planning to Fail
Property management is more than collecting rent and organising repairs.
An investment property requires planning and follow through.
There are many events that need to be scheduled over the course of a tenancy. For some events the reminders come in the form of invoices such as Council and Water rates. But even these need to be scheduled to make sure they get paid on time.
Missing deadlines can be costly, for example, forgetting to pay the insurance can put your whole investment at risk. Overlooking rent reviews means you are missing out on potential income whilst missed routine inspections may mean the difference between a simple timely repair and a costly emergency.
It’s easy to create an annual calendar on which you can record the events for the year and check them off as they occur. This way nothing gets missed and once you know everything is covered, you can relax.
The dates you’ll want to monitor include:
|o Tenancy expiry date
o Routine inspections
o Rent due dates
o Insurance due date
o Smoke alarm inspections
o Rent review date
o Pest inspection
o Pool and garden maintenance
o Council rates due dates
o Water rates due dates
o Strata levies due dates
o Dates to invoice tenant for water usage
o Dates to follow up water usage invoice
o Budget review
o Regular maintenance
Add any event to this list that is specific to your property that is necessary for the protection and maintenance of your property and income.
For the financial component to planning see our blog “Budgeting and Expenses”
Do you know what’s due or coming up this month?
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