Owning a rental can be a smart move, but it’s not easy money, it’s a business. In my role, I often meet and consult with people considering their first investment, and the same truths come up every time: before you jump in, get clear on your responsibilities and your realities. You’ll need to understand the legal standards, your obligations around bonds, privacy and maintenance, and the record-keeping that proves you’re doing things right. If your plan is “I’ll sort it later,” pause. Later gets expensive.

Know your market. What’s renting quickly in your suburb, and at what level? Set rent by demand and comparables, not by what you need to cover the mortgage. .Who are you likely to attract—families, professionals, students? Great marketing and fair pricing reduce vacancy and stress. Also be honest about your time. Advertising, viewings, screening, inspections, organising trades, handling the odd 10pm call, being a landlord requires active management. If your diary is already full, factor in professional help.

Done well, landlording can be incredibly rewarding. You’re providing a warm, well-kept home for someone who needs it, while building equity and a steady, long-term return.

My most important advice is that cash flow matters. Could you cover rates, insurance and the mortgage if the home sat empty? Plan for a realistic vacancy buffer and set aside a maintenance fund. To reduce risk, use a robust application and screening process, a clear tenancy agreement, routine inspections with good reporting, timely maintenance, and the right landlord insurance.

This is where a professional property manager earns their keep. A good manager knows the legislation, tracks the market, crafts effective advertising, screens thoroughly, sets and reviews rent, coordinates maintenance, conducts regular inspections, keeps the paperwork tight, and navigates disputes if needed. The outcome is fewer vacancy days, better tenants, solid compliance—and often a lower total cost than going it alone.

 
Bottom line: treat your rental like a business serving customers. There’s real satisfaction in doing this right. If that mindset fits, you’re on the right track. If it feels overwhelming, partner with a pro and do it properly from day one. I’m happy to sit and discuss your plan.
 
Audrey Grinter, Property Management Advisor – Watson Integrity