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For extra income, many people decide to rent their real estate investment. However, people do not think about who will help with the rental property management. For some who are not living near their residential rental property or who do not have the time, decide to consider hiring a property manager to ensure everything runs smoothly.

Aside from finding someone who will be helping you manage your own residential rental property, there are a number of things you need to consider. One of the cornerstones of being a successful property investor is being able to keep a firm finger on what is happening with your residential property.

Another factor to consider is the rules and regulations implemented by the authorities. When it comes to keeping track on how your rental property operates, insurance companies take charge and failure to do so can result in not having your claims paid if they arise. It is recommended that you scour the fine print of your insurance policy just to see what they expect of you.

In addition to that, it is very important for landlords nowadays to be vigilant by watching over our investments so that our property will not be used for crimes such as drug production, child slavery, etc.

Learn more about investing in residential rental property from Australian Taxation Office: https://www.ato.gov.au/General/property/residential-rental-properties

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