Spring is the ideal time of year for landlords to review their property portfolios, according to leading landlord specialist Terri Scheer Insurance.
Terri Scheer Insurance executive manager Carolyn Parrella said the change of season generally signalled the start of a boom period for the real estate market.
“The weather is warmer, gardens are starting to bloom and properties tend to be more highly sought-after in spring,” she said.
“It is also a time when investors may think about ‘spring cleaning’ their investment portfolios.”
Ms Parrella said investors generally enter the property market with the intention of making a profit.
“Landlords are entitled to raise the rent periodically and spring is a good time to review this,” she said.
“No tenant wants to pay more rent, but it is sometimes necessary to implement rental increases to cover the rising costs of maintaining a property.
“Before increasing rent, however, it is important to familiarise yourself with the legislation in your state or territory to ensure you aren’t breaking any laws or rules,” she added.
Ms Parrella said with an “abundance” of new properties coming onto the market, spring is also a time when investors may consider growing their property portfolio.
“Consider the type of tenant you’d like to attract - for example a family, sole tenant or couple - and choose a home that is likely to appeal to them,” she said.
“Look for a low-maintenance property as it will make life much easier for both tenant and landlord and minimise the effort and cost involved in the upkeep of the home.”
Finally, Ms Parrella said having adequate landlord insurance in place can protect the landlord if the unforseen occurs.
“Specialised landlord insurance cover can protect investors from many of the risks associated with owning a rental property,” she said.
“This includes covering for risks like malicious and accidental damage, loss of rental income and potential legal liability.
“Standard building and contents insurance policies usually don’t cover landlords for these risks.”