Verify previous tenant references, check on wage slips, income statements, utility accounts, identification if the tenant has the same address in all fields and if not why not?
Cross reference contacts on the application, is all references ‘friends’ ensure you ask the right questions as ‘friend’s or family’ will not know the answers.
Ensure you have a detailed in-going property condition report
Carry out regular inspections on the property (In WA 4 x per year maximum)
Have any repairs taken care of straight away, don’t leave it until the tenant vacates
RELAX! – Having an investment property can be stressful. 99% of properties can be cleaned, repaired through the bond and if you have insurance you will be left very little out of pocket.
Insurance – Ensure you take out a detailed policy and ask them what they cover! Many insurance policies are no more than a weeks rent.