When you’re a landlord, it pays to have expert advice in every area.
From legal to insurance, we’ve compiled an easy list of experts that will ensure your property investment is safe, secure and profitable.
Here are the people you should go to for the best advice – and what to ask them.
1. Insurance experts
Landlord’s insurance is a vital protection, but before you take the plunge, ensure you’ve spoken to the right people and have a policy you’re happy with.
“Terri Scheer is Australia’s leading landlord insurance specialist catering specifically to the landlord market offering products,” Terri Scheer’s Head of Niche Distribution, Carolyn Parrella, states.
“To avoid not having enough insurance, consider what it would cost to rebuild your house or replace your contents at today’s prices, and that could help determine the right amount of cover.”
Furthermore, you can use online tools, like the Terri Scheer Building Calculator, to help quantify this cost. However, professional valuations and discussions with an insurance expert should be done before purchasing any insurance.
2. A solid legal team
Anyone who wants to buy real estate needs to have a lawyer, and if you’re investing, you may need more than one.
Not only do you need conveyancers to help with sale and purchase of property, but you may want legal assistance tailored to your needs as a landlord. While real estate agents can help in this department, you will need someone to ensure your rental property and tenancy agreements are legally sound.
3. A specialised accountant
Tax time is stressful for most people, even more so if you’re trying to factor an investment property into your return. An accountant that is attuned to the needs of investors is a must!
A tax specialist that knows how to claim the right deductions and prepare your financial statements can save you thousands of dollars and keep your finances airtight in the event of an audit.
You may also find a two-for-one financial advisor, who will help you understand and maximise your finances well into the future.
4. Reliable tradespeople
When leasing properties, you never know when you’re going to get a call from your tenant with some plumbing or electrical disaster. From broken door handles to flooded bathrooms, it’s always handy to have a favourite tradie in your speed dial.
Have a few reliable trades on your contact list, but the goal is to get one or two that you can call upon frequently and trust to do a good job for your tenants and your property without your constant supervision.
5. Building inspectors
These guys will be particularly vital in the purchasing stage, when qualified inspectors, specialising in building and pests, can save you from sinking hundreds of thousands into a dud.
While, fingers crossed, you won’t need them much beyond then, it always helps to have some trusted names in your phone contacts should they ever be required.
6. A property manager
Real estate agents and property managers come at a cost, but often with good reason. If you don’t have the time or patience to be dealing with the above (except your accountant, of course), a real estate agent will take it all off your hands.
They also help with the vital task of finding tenants to keep your investment rolling.
Parrella also points out that a property manager can help guide you through some aspects of landlord ownership that you may not be aware of.
“Property managers can be an invaluable asset to a landlord and can assist in unexpected areas like providing knowledge surrounding tax-deductible features,” she notes. “They should also be up to date with legislation and can be of invaluable help in the event the rent arrears or tenant damage and so on.”
This article was originally published on
29 Mar 2023 at 4:05pm
but has been regularly updated to keep the information current.