Investing in property for the first time is an exciting milestone, but it can also raise plenty of questions.
For many new investors, the process feels like uncharted territory, which is why having clear answers is essential. At MyPlace Estate Agents, we know that feeling informed makes all the difference.
Here’s a guide to some of the most common questions first-time investors ask, along with practical advice to help you make confident decisions.
How Long Should My Property Sit on the Market?
One of the first concerns for new investors is how long it might take to secure a tenant. The answer varies based on factors like rental price, location, and how the property is presented to potential renters. In Sydney’s competitive rental market, properties in areas like Zetland and Alexandria typically lease within two to four weeks when well-priced and marketed effectively.
The following factors influence this timeframe:
- Rental Price: Pricing the property competitively attracts interest quickly, while overpricing often leads to longer vacancies.
- Presentation and Marketing: Clear, high-quality photos and detailed descriptions are important to standing out in the market.
Our team at MyPlace Estate Agents ensures your property is presented professionally, helping to minimise any downtime between tenants.
How Often Should I Inspect My Property?
Regular property inspections are vital for maintaining the condition of your investment and ensuring your tenants are caring for it appropriately. In New South Wales, routine inspections can be conducted up to four times a year with adequate notice to tenants.
Inspections allow you to:
- Check that the property is being well-maintained.
- Identify any maintenance needs early to prevent larger issues.
- Maintain a good relationship with tenants by showing you care about the property.
At MyPlace, we conduct inspections quarterly, ensuring your property stays in great shape while respecting tenant privacy. *We conduct the first inspection 3 months into the tenancy, and then every 6 months.
What Happens if My Tenant Falls Behind on Rent?
The thought of rent arrears can feel unsettling, but having a clear plan in place helps to avoid prolonged issues. In New South Wales, landlords must follow guidelines set out by the Residential Tenancies Act when dealing with arrears.
Here’s a general overview:
- Reminders: Tenants are reminded as soon as rent becomes overdue.
- Breach Notices: A formal notice is issued if the arrears continue.
- Termination: If the rent remains unpaid, a termination notice may follow, giving tenants 14 days to vacate.
At MyPlace, we have systems in place to manage arrears efficiently and with open communication, aiming to resolve issues quickly to protect your rental income.
How Are Tenants Treated During Their Lease?
For new investors, the landlord-tenant relationship is often a point of curiosity. Treating tenants with respect and professionalism creates a positive rental experience, which can lead to longer tenancies and fewer issues.
Our approach at MyPlace Estate Agents aligns with NSW Fair Trading’s guidelines. Good communication and fair treatment build trust, making your property a preferred choice for renters.
What Is the Process for Repairs and Maintenance?
Keeping tenants happy often comes down to how quickly maintenance issues are resolved. In NSW, urgent repairs, such as plumbing or electrical faults, must be addressed immediately, while non-urgent repairs are expected to be handled within 14 days.
At MyPlace, we prioritise quick responses and keep both landlords and tenants informed. This approach ensures that any issues are resolved promptly, helping to maintain the value of your property and tenant satisfaction.
Confidence Comes with Clarity
As a first-time investor, it’s normal to feel uncertain at times. However, with the right support and answers to your questions, you can feel more in control of your property journey. At MyPlace Estate Agents, we provide:
- Expert guidance on pricing and marketing to reduce vacancy times.
- Regular inspections and proactive maintenance management.
- Clear processes for arrears to protect your investment.
- Transparent and respectful tenant interactions that build trust.
Your investment property is a stepping stone toward financial security, and managing it successfully begins with the right advice and support.
Let Us Guide You
Have more questions about being a first-time investor? Contact us at MyPlace Estate Agents today to learn how we can help you in this exciting chapter. With a friendly, experienced team on your side, you’ll have all the tools to start your property investment journey with confidence.