Managing a rental property can be a rewarding way to grow your wealth, but it comes with its fair share of challenges. Whether you’re new to the game or a seasoned investor, focusing on the right areas can make all the difference.  To help we’ve outlined six practical tips to help you stay organised, keep your tenants happy and get the most out of your investment.

1. Keep your Finances and Records Organised

Let’s start with the basics: keeping your finances in order. Take some time to review what’s coming in and going out to make sure your property is turning a profit. Are you accounting for all the costs, like maintenance, taxes and insurance? Using a property management app can make tracking these things a breeze. And if taxes or long-term planning feel a bit overwhelming, your local SBA accountant is just a call away.

Gather all your rental income records, like bank statements, tenant payments and any other sources of rental revenue. Don’t forget to have documentation for your deductible expenses, including:

• Rates and insurance
• Repairs and maintenance (just remember to separate capital vs. non-capital expenses)
• Property management fees
• Mortgage interest (check the interest deductibility rules)
• Depreciation on chattels (like appliances)

2. Stay Ahead on Maintenance

No one likes surprise repairs, right? Staying on top of maintenance is your secret weapon to avoiding big, costly problems. Schedule regular check-ups for things like plumbing and heating systems to catch any issues early. Keeping your property in great shape keeps your tenants happy and protects your investment. It’s a win-win.

3. Changes to Interest Deductibility Rules and the Brightline Test

Make sure you are across the new tax rules for property investments.  From 1 April 2025 Interest Deductibility will be fully restored and you will be able to claim 100% of the interest incurred. If you’ve sold or are planning to sell a rental property, check if the Bright-Line Test applies. 

4. Know the Rules and Regulations

Let’s talk about legal stuff – not the most exciting topic, but definitely important. Make sure you’re up to date on rental laws in your area, like notice periods, bond rules and eviction processes. Staying compliant helps you avoid legal headaches. And if you’re unsure about anything, reaching out to a property lawyer or experienced property manager can give you peace of mind.

5. Build Great Relationships with Your Tenants

Happy tenants = happy landlord! Good communication is key, so try to be responsive when they reach out and address maintenance issues quickly. Even a simple check-in now and then can show that you care. Building a solid relationship not only keeps tenants around longer but also makes it more likely they’ll look after your property and pay their rent on time.

6. Plan for What’s Next

The property market doesn’t stand still and neither should you. Are you thinking about raising rents, buying another property or maybe doing some renovations? Regularly reviewing your goals and plans helps you stay ahead of the curve. Being proactive now means your investments will keep growing in the future.

Final Thoughts

Managing a rental property can feel like a lot, but it’s also incredibly rewarding. Take a moment to think about these tips and see where you can make small changes that have a big impact. And remember, you don’t have to do it alone – the friendly team at SBA is here to help with the financial side of things.