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Rookie property investor mistake

We kiwis are well known for our DIY abilities but a rookie property investor mistake is to do repairs on the cheap.

Experienced investors have the advantage, however. They develop a network of quality builders, plumbers, electricians, property maintenance people and others who give them great rates and speedy service.

Your tenants want and deserve to get repairs fixed at the earliest possible opportunity. They shouldn’t have to wait till Uncle Joe can do it at the weekend simply in order to save a few bucks. Inevitably what happens then is:

  • The tenant has to wait and becomes unhappy
  • The problem becomes worse the longer it is left
  • Uncle Joe makes the problem worse rather than fixing it, so when a professional is finally called in the job takes longer and costs more.

Those with short arms and long pockets, who fail to see the value of using contractors who know their craft and who deliver services quickly, efficiently and without fuss will inevitably waste time and money.

Of course, finding quality tradespeople is no easy task. It pays to ask around to see who else has uncovered a gem and then request they add you to their preferred customers list. Online reviews are another excellent source of quality tradies.

Conversely, tradies look for reliable customers who pay promptly, don’t waste their time with frivolous requests and send work their way regularly and often.

Finding good tradies will help a rookie property investor prevent small problems becoming big problems that cost time and money to solve. It can make the difference between a rental property being a good investment and a poor one.

If you want to have a chat at any time about this common rental market mistake or other property investment issues, do get in touch. Also, please do connect with me on LinkedIn.

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