The 5 Things to Check on Your Investment Property Right Now

Between reform after reform, a market that has shifted significantly this year and the usual day-to-day of managing a rental property, it’s easy for an investment property to run on autopilot.

Most of the time, that’s exactly what you want. A good tenancy should be relatively uneventful. But every now and then, it’s worth taking a step back and checking that the fundamentals are still where they should be.

Here are five things worth checking right now.

1. Is your rent still in line with the market?

This is one of the easiest things to leave alone for too long.

The rent that felt right when a renter moved in may no longer reflect what similar properties are achieving today. Melbourne’s rental market has continued to evolve, making regular rent reviews an important part of protecting your investment return.

It’s worth knowing when your last review took place, what comparable properties are currently achieving and whether your property is positioned appropriately.

Of course, it’s not simply about achieving the highest possible rent. The right rent is one that balances market conditions, renter retention and the long-term performance of the property. Any increase also needs to be handled correctly, with the appropriate notice and documentation.

2. How far away is your lease from ending?

Knowing that a lease is “coming up sometime soon” isn’t quite enough.

Understanding exactly when your current agreement ends gives you time to make informed decisions rather than reacting at the last minute.

If a renewal is approaching, it can be a good opportunity to review the rent, discuss the renter’s plans, identify any maintenance that should be addressed, and consider whether a further fixed term makes sense.

The more notice you have, the more options you have.

3. Is your property in the condition you think it is?

It’s easy to assume that because a property has been well maintained in the past, everything is still fine today.

Regular inspections and maintenance checks are important for exactly this reason. Small issues such as a leaking tap, deteriorating seal, blocked gutter or early signs of moisture can become much bigger and more expensive problems if left unattended.

It’s also worth making sure your compliance requirements are up to date, including smoke alarms, gas and electrical safety checks and Victoria’s minimum rental standards.

Good property management isn’t just about fixing problems when they arise. It’s about identifying them early.

4. Does your insurance cover what you think it does?

Insurance is one of those things most of us don’t think about until we need it.

It’s worth taking a moment to review your current policy and understand exactly what is and isn’t covered. In particular, landlord protection for situations such as loss of rental income or a renter falling into significant arrears may be treated differently from cover for damage to the property.

It’s also worth checking that your sums insured still reflect the property's current circumstances and that your policy remains appropriate for how the property is being used.

A five-minute review now can save a lot of uncertainty later.

5. Where does your property sit in today’s market?

Finally, take a step back and look at the bigger picture.

How does your property compare with similar properties in the area? Is rental demand still strong? Are comparable properties achieving more or less rent? Has the local sales market changed? Are there improvements that could make your property more appealing to renters?

You don’t necessarily need to make a change just because the market has moved. But knowing where your property sits today, rather than relying on where it was 12 or 24 months ago, gives you a much better foundation for making decisions.

Why check now?

None of these things necessarily require immediate action. That’s exactly why they’re easy to overlook.

The best time to review your property is before a small issue becomes an expensive one, before a lease catches you by surprise or before you realise your rental return has gradually fallen behind the market.

A well-performing investment property shouldn’t need a crisis to prompt a review.

How LongView can help

These are the kinds of conversations we encourage our owners to have regularly, rather than waiting for something to go wrong.

If it’s been a while since you’ve had a proper look at your property, we’re happy to talk through where things currently stand, from rental performance and upcoming lease dates through to maintenance, compliance and the local market.

No obligation, just a clear picture of where your investment sits right now.