My husband and I are lucky enough to (almost) own our home in Sydney. Holding significant equity in our own home has afforded us the opportunity to invest in additional property.
Sydney’s explosive growth in house prices over recent years has been kind of a win / loss for us: A win in that we have built up significant equity we can reinvest; but a loss in that we can’t afford to invest in another Sydney property. And our kids – like everyone else’s – will struggle to ever own property here.
One market that has remained relatively affordable is Brisbane. I don’t think Brisbane could ever yield the same kind of capital growth that we’ve seen in Sydney, or even Melbourne, but the rental yield is much better given the lower property prices.
After much deliberation and discussion we decided to invest in a new home earlier this year in the south of Brisbane. Luckily we found a tenant straight away, but it is an odd feeling to have such a big investment in a place so far away. In a place we’ve never been. In a street we’ll probably never drive down. With people living in it that we will never meet.
We rely totally on our local property managers. They collect the rent on our behalf and – most importantly – they are responsibly for periodically inspecting our property to make sure that our tenants are not behaving badly.
It is reassuring to know that our property managers have the Inspection Manager app at their disposal. Inspection Manager is essentially software that makes completing inspection reports a whole lot easier. Agents can dictate comments; select from pre-filled options (e.g.: walls are in good condition / need to be painted / slightly scuffed etc); take timestamped photos for easy reporting; easily share reports back to base and ultimately back to property owners.
The technology frees up a lot of the admin time so that property managers can really focus on the actual inspection. They can keep their head up and really look around and make sure that the asset we have entrusted to them is being looked after the way it deserves.
Inspection Manager has really been developed to make life easier for property managers. But as a landlord I really want to know if someone has started painting murals on our walls. Toddlers, teens or otherwise. Or if the house is in need of some TLC that will keep our tenants happy to stay. We need the property condition reports and routine inspections to give us all the detail we need for peace of mind. Especially because we are putting so much trust into our long distance property managers. And because our family’s future depends on it.
This post is in collaboration with Inspection Manager.
Please note: The author of this article is not qualified to offer financial advice. If you are looking at investing please consult a qualified financial advisor.