SPRING CLEANING YOUR PROPERTY PORTFOLIO
Once a year all prudent investors should pull out the investment scrapbook, clean off the dust and ensure that everything is as it should be. We’ve included the following tips of our own and also as read in an article by Margaret Thomas found recently.
Here are a few tips as to what you need to be doing, right now:
- Discuss with your Property Manager their plan for rent reviews for your investment property in toongabbie, seven hills or the local area.
- Review your last property Inspection Report and consider the suggested work required in terms of its ability to increase income to you.
- Discuss with your Property Manager how you can benefit cost effectively by having us manage all your properties rather than having multiple Managing Agents.
- What is the current value of your property? Even in a downturn, some areas still increase in value. Examine your own portfolio to see if you have enough equity increase to add to it. Contact us if you’d like to arrange our Sales team to provide a Current Market Analysis for the sales value of your property.
- Ensure that you have started the current financial year more organised than you were last year! The more properties you acquire, the harder it gets to track the financial details of each of them, and the more costly it is to have your accountant sort through the mess at tax time. Start the year with an organised approach to your property accounting so that you can simply hand over spreadsheets with full details once tax time rolls around again. Our Statements are detailed to assist in this process.
- Last, but by no means least, don’t forget your personal financial housekeeping. The coming few years will bring a rocky roller-coaster ride from an economic perspective and you can expect interest rate instability as our country fights the inflation crises which threatens us. Now is the time for you to get really serious – the easy property investment ride is well and truly over for now and if you want to invest today (which is probably the best time to buy property), then you will have to make sacrifices to do so. Look at your spending and cut where you can. Pay extra money into your loans and if rates are cut, keep your repayments high so that you can gain equity, sooner.
About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.