{"id":20860,"date":"2018-04-19T01:00:33","date_gmt":"2018-04-18T15:00:33","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=20860"},"modified":"2018-04-19T01:00:33","modified_gmt":"2018-04-18T15:00:33","slug":"your-first-property-a-guide-lauren-robinson","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/your-first-property-a-guide-lauren-robinson\/","title":{"rendered":"Your first property \u2013 a guide \u2013 Lauren Robinson"},"content":{"rendered":"<p><strong>Lauren Robinson<\/strong> is a property manager and has her own property management business.\u00a0 We talk to her about her book \u2013 \u201c<em>Rented: Everything You Need to Know to Succeed With Your First Investment Property\u201d<\/em>.\u00a0 In the book, Lauren provides a basic structure of property management as well as tips and procedures for first-time investors and what they can do to develop and manage their rental property.<br \/>\n<strong>Transcript:<\/strong><br \/>\n<strong>Kevin:<\/strong>\u00a0 In the show, I love the opportunity to talk to people who have written books, because I have great admiration for them \u2013 I said that to my next guest before we started the interview \u2013 because I know how difficult it is to get a book off the ground.<br \/>\nThe book I\u2019m referring to is simply called\u00a0<em>Rented: Everything You Need to Know to Succeed With Your First Investment Property<\/em>. It\u2019s written by Lauren Robinson, who is a property manager, has her own property management business. It\u2019s called Rental Results. She is the CEO and founder of that company, and she joins me now.<br \/>\nLauren, congratulations and thanks for your time.<br \/>\n<strong>Lauren:<\/strong>\u00a0 Thanks very much, Kevin. I appreciate you having me on.<br \/>\n<strong>Kevin:<\/strong>\u00a0 That\u2019s okay. What prompted you to write the book?<br \/>\n<strong>Lauren:<\/strong>\u00a0 The reason why is because we often to speak to new clients or new property investors and we always get asked the same questions. So, it was more to educate people on the whole process of making sure your investment is successful.<br \/>\n<strong>Kevin:<\/strong>\u00a0 What is the question you\u2019re commonly asked?<br \/>\n<strong>Lauren:<\/strong>\u00a0 A lot of people just do not know where to start and what is the process to make sure that they actually do have an investment that is successful. So, in the book, I provide a basic structure of property management as well as tips and procedures for first-time investors and what they can do to develop and manage their rental property.<br \/>\n<strong>Kevin:<\/strong>\u00a0 You have five strategic steps or stages that you go through. We won\u2019t be able go through each of those in detail; I suggest that you pick the book up and have a look at it. It\u2019s a really easy read, and you could read it in a matter of a couple of hours or a day. But there\u2019s a lot that you would refer back to. It\u2019s one of those books, I think, that you would pick up and refer back to it because there\u2019s a lot of information in here.<br \/>\nThe first stage is the investment stage, which is the foundation for any good investment.<br \/>\n<strong>Lauren:<\/strong>\u00a0 Exactly. The book has checklists at the end of each stage, so it\u2019s really easy to follow and you can tick things off as you go.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Take me through the various stages that you think someone should be considering. The first is the investment decision. Is that the why?<br \/>\n<strong>Lauren:<\/strong>\u00a0 Yes. The first thing is when you\u2019re looking to invest, most people either invest in shares or property or a business. Property, a lot of people really love purchasing property, so it just runs through that first decision.<br \/>\nAnd it\u2019s really important to make sure you surround yourself with property professionals, so have all those people, like your mortgage brokers, your financial planners, your quantity surveyors, your accountant, everyone lined up so that once you make that decision or you\u2019re looking around and you think you\u2019ve found that property, you\u2019ve got the right knowledge and back-up support around you to make that decision.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Once you do that, you then have to move into setting it up for yourself \u2013 don\u2019t you \u2013 setting up your business?<br \/>\n<strong>Lauren:<\/strong>\u00a0 Yes, making sure you have the right structure that\u2019s going to suit you. That\u2019s definitely where your accountant comes in. It\u2019s really important to know the market and what\u2019s a reasonable price because you want to make sure you\u2019re not paying too much or have an understanding of what the expenses are going to be in order to maintain that property to get it up to the right standard to attract a quality tenant.<br \/>\n<strong>Kevin:<\/strong>\u00a0 A lot of the things that we talk about here in this interview and that you discuss in the book will come down to the choice of getting a really good property manager. I know an accountant is important, but at the end of the day, it\u2019s the management of that property that\u2019s the key thing. That\u2019s what I would think, anyway, Lauren.<br \/>\n<strong>Lauren:<\/strong>\u00a0 Yes, I 100% agree. That\u2019s why I\u2019m in the business. The second stage is setting up your investment property, so it\u2019s choosing the right property manager for you. There is a checklist again in there, learning the type of demographic and the likely rental return so that you can maximize that rent that you\u2019re going to get on your investment.<br \/>\n<strong>Kevin:<\/strong>\u00a0 And making sure it\u2019s productive. I guess, once again, you get the right property manager and it will become productive and it will become efficient, because I think while you can\u2019t have no relationship with the tenant, it\u2019s always best to have an arm\u2019s-length relationship, so you need to know your property manager is managing it efficiently.<br \/>\n<strong>Lauren:<\/strong>\u00a0 Yes, definitely. And you want to make sure you have the confidence that that property manager knows the legislation, they\u2019re professional. I have an investment property myself and I personally don\u2019t manage it because I find it\u2019s difficult to manage your own investment. It is much better to have someone else in the middle working on your behalf, who understands the legislation, who can deal with that. It just takes the emotion out of it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Stage four is the transition, and I think this is really where you\u2019re going to tell if you get a good property manager. I always believe that the properties that we have that are managed, if our property manager is pushing us to maintain it well, I know they have my best interest at heart and I feel confident they\u2019re looking after it well.<br \/>\n<strong>Lauren:<\/strong>\u00a0 Yes, exactly. There are a lot of things that can be done, like preventative maintenance to ensure that things don\u2019t escalate and all of a sudden, you have quite a large expense on your hands that could have been dealt with months prior. Yes, it\u2019s about minimizing those large expenses, as well.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I do think anyone listening to this who has rental properties, if you\u2019re experiencing any kind of difficulty with them \u2013 in other words, if the tenants are always complaining or if they\u2019re falling behind on their rent or you\u2019re just having hassles with it \u2013 I can guarantee you that you\u2019re with the wrong rental manager, because that\u2019s the litmus test for us. If we can not \u201cset and forget,\u201d but if we don\u2019t have any hassles, I know it\u2019s being managed well.<br \/>\n<strong>Lauren:<\/strong>\u00a0 Yes, exactly right. It\u2019s inevitable that things are going to pop up during the tenancy, but obviously, if you have the right property manager working with you, then you can make the decision that\u2019s in your best interest to get things dealt with quickly.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Stage five of the book deals with getting a return, and I don\u2019t mean an ongoing return; I\u2019m talking about when, and if, you decide to sell the property \u2013 when you sell it, how you sell it, the sort of questions you should ask. I find that\u2019s also an important part, because when you go into something, you have to plan your exit. You have to know what your exit plan is all about, don\u2019t you?<br \/>\n<strong>Lauren:<\/strong>\u00a0 Definitely. And knowing the property clock and when is the best time to sell your property to get the return. In that stage, we also provide a checklist for preparing your property for sale if it\u2019s tenanted.<br \/>\n<strong>Kevin:<\/strong>\u00a0 There\u2019s a checklist for everything. And you\u2019ll find it all inside the book called\u00a0<em>Rented<\/em>. It\u2019s written by Lauren Robinson and I strongly suggest\u2026<br \/>\nWhereabouts can we get the book? Is it at all good bookstores, or is it online?<br \/>\n<strong>Lauren:<\/strong>\u00a0 It\u2019s online. There\u2019s a Kindle version or you can buy paperback. We have a website called RentedBook.com.au.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Or if you go to the website RentalResults.com.au, all the information will be there, no doubt.<br \/>\n<strong>Lauren:<\/strong>\u00a0 Yes, definitely.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good on you, Lauren. Great talking to you and thank you very much. I love your work too, by the way.<br \/>\n<strong>Lauren:<\/strong>\u00a0 Thanks very much. Appreciate it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lauren Robinson is a property manager and has her own property management business.\u00a0 We talk to her about her book \u2013 \u201cRented: Everything You Need to Know to Succeed With Your First Investment Property\u201d.\u00a0 In the book, Lauren provides a basic structure of property management&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":20858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,34,10,11,13,36,18,25],"tags":[101],"class_list":["post-20860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-management-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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