Maintaining tenancy for self-managed properties
John Martinovic and his wife partially self-manage their property portfolio ever since they began their investment journey four years ago, which has grown to consist of a diverse set of assets including traditional units, off-the-plan apartments, and National Rental Affordability Scheme (NRAS) properties.
While managing properties could be quite stressful for the couple, especially as they are also doting parents to twins, they never have had a property untenanted for more than a couple of weeks, John told Smart Property Investment.
The property investor gives credit not only to diligence and his being “pedantic” in terms of keeping tabs on relevant data about their portfolio, but also to the education and mentorship that they continuously sought which ultimately paved the way for them to make smart purchasing decisions.
John and his wife believe that the number of tenants that a property will attract can easily be predicted as soon as the investor looks into a property to buy—through its location, the timing of the market, and even the type of asset.
“It’s about buying quality over quantity,” he said.
“I don't worry about tenants because of where we buy and the type of properties we buy.”
The property investors are currently looking to explore more sophisticated investment strategies but, according to them, they want to maintain a comfortable position to ensure that they are always on the path to success. After all, their ultimate goal is to afford financial freedom and stability not just for themselves but more importantly for their children.
“I just want to keep growing… We've now learned [our properties are] never going to be empty for more than a couple of weeks, so we're comfortable in that degree. We're always getting quality tenants. Now, it's all about how can we take the next step,” John shared.
Smart Property Investment’s Phil Tarrant concluded: “It's about the fundamentals of the property—buying the right property in the right area for the right reason… If you get that right, typically, you shouldn't have too much of a problem with tenants because it's rentable. It's an important word to use: ‘Rentable.’ ”
Tune in to John Martinovic’s bonus episode on The Smart Property Investment Show to know more about the process behind building teams in each state to manage the upkeep of his properties, as well as how being “stung” by property managers for poor, over-priced services taught him to find more effective ways to manage his portfolio.
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