Weekend challenge: 6 easy ways to get ahead in two days
If you're keen to get a head start on investing this weekend, then you're in luck. We have five things that every investor should be doing if they're intending to push their investing journey a little bit harder. And, luckily, you can do these things for free over just two days.
1) Check the statistics
You might want to go online and hunt down statistics for the area. Quickstats from the Australian Bureau of Statistics uses Census Data to provide you the latest demographic and area snapshot. SQM Research is also an invaluable source of information about stock on market, asking prices and vacancy rates as well as their new 'implied gross rental yield' statistic.
Here are 10 online research tools you might also want to consider.
2) Get some quick reading done
We provide a range of eBooks written by Property Observer journalists. From guides to refinancing, tax strategies, SMSFs and tips for buying off-the-plan, there's a wealth of information you can get your hands on. They come in PDF format.
3) Figure out what your property/ies are worth
If you have a portfolio of property, then it's worth keeping an eye on how much they may potentially be worth - and therefore how much of a buffer you have. Extra equity can always be re-invested, while those seeing their value decrease should consider how they might act.
Online valuations can be indicative, however we've previously warned that they are often askew, and you'll want to hop onto listings websites (such as realestate.com.au and realestateVIEW) to undertake some of your own comparison research. Be sure to check to find out what properties have sold for in your area and ensure they are comparable before leaping to conclusions.
If you have some extra time, you could always line up an appraisal with a real estate agent for some further insight.
4) Check in with your tenants
Speak to your property manager and just double check how your tenants are going. Ensure you know when the lease comes to an end, and whether there have been an queries or complaints from the tenants. Ask your property manager, if you are not in contact with your tenants, to ask them if there's anything they need fixing or that would make them more comfortable. Some tenants, for instance, are happy to pay more weekly if you provide them with air conditioning or something similar that would make their lives more enjoyable.
Ensure that all repairs have been undertaken and that your property manager has undertaken regular inspections as required.
5) Put into place a savings plan
If you haven't already got a budget and a savings plan, then you'll want to take action quickly. We've put together a guide to saving that you can glean some useful tips from.
6) Attend some open homes in your target area
Start having a look at what type of stock is on the market and get an understanding of buyer interest at the different properties. You'll want to keep detailed records so you can start tracking how quickly different types of property sell. We recommend reading these nine areas to check when you're at an open house, and the breakdown of each room. You'll quickly get an understanding for the different properties around and which streets are more popular.
Remember to keep your ears open for what other attendees say about the property.
What are you going to do this weekend?
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