How do you manage Surfers Paradise property?
Real estate in Surfers Paradise provides a great avenue for investment property.
Statistics from the Gold Coast council indicate a permanent resident population of around 20,000 that swells to twice that number every day with overnight visitors. Saying that it is a tourist destination would be an understatement!
Tens of thousands of people flock here every week, and what's more, they all need rentals in Surfers Paradise. In order to keep tourists close to the beaches and city centre, properties are predominantly apartment units – 74.7 per cent according to 2011 census data – that are more affordable for investors.
If you do decide to invest, you will need to manage your property. Here are some of the things you will be responsible for.
Marketing your rental
You could sit and wait for capital gains to add value to your investment, or, you could advertise for renters to pay off your mortgage for you.
Whether you do this online or through the local rag is up to you. It's a good idea to have a nice description and some flattering photos. You will also need to decide whether you would like long-term or short-term tenants – the former will probably be harder to find, but the latter will require more frequent advertising!
In order for the photos to be most effective, it's probably a good idea to have the property fully-furnished. You can either lease or purchase the furniture.
Depending on the success of your advertising, you will then have to go through a vetting process, similar to that of interviewing a new employee.
Look deep into your potential tenant's eyes and past their lies. Try to decipher whether they will respect your property and not be thrashing dance music until the late hours of the morning amidst the destruction of your Main Beach real estate.
Once you're satisfied that you've found the one, you will then have to negotiate an appropriate rent before preparing a tenancy agreement.
Once your tenant/s have moved in, there are a number of things that you must do. As there is quite a list, it's probably best to just bullet point them.
- Lodge and collect a bond payment and scheduled rent payments
- Arrange for any repairs or maintenance to general wear and tear
- Pay council rates and taxes
- Chase up any rent that is in arrears
Those are the requirements, but there are also other things that you should do. Regular inspections will ensure your Surfers Paradise property isn't reduced to ruins from one party too many. If even after you're interviews you've employed some difficult tenants, you should nip them in the bud by preparing and issuing a termination notice.
Crikey, that all sounds like a lot of hard work doesn't it!
How to make your life easier
It's all rather obvious isn't it? Put your feet up and use a property manager.
The days when looking after a property just meant collecting the week's rent are long gone. The property managers of Ray White Surfers Paradise are well-trained, highly-skilled and have a deep, intimate knowledge of real estate in the area.
Besides doing all of the above mentioned chores, they will also have insights on potential changes that could greatly affect your investment in Main Beach real estate. Not to mention that having a property manager releases you from any constrains to this particular area – or even this particular country.
Are you interested in property investment in the area? Come and talk to the team at Ray White. We can take you through the whole process from locating and purchasing rentals in Surfers Paradise, through to the management and upkeep.