When it comes to property management, it is good to have the right understanding and expectation.
Here are some common areas that can cause conflict and upset with landlords and investors:
- General ‘Wear and Tear’: This is understanding that every person who rents your property will always live differently than you would. ‘Wear and Tear’ is the allowance of some ‘bumps and scratches’ to paintwork, woodwork and other items.
However we must also be aware of the lifespan given to a number of key items in the property, like carpets that are seen to have a 10 year lifespan before needing to be replaced and paintwork is given 5 years etc. So if these items are damaged, then their age is taken into account at the time of loss.
- The Rent Arrears Process: We are a strong believer in the zero tolerance approach! We believe that tough early intervention is the key to ensure that rent arrears do not get out of hand. However every now and then, despite all our best efforts a tenant may for whatever reason not pay and the situation is headed for eviction.
In just about all cases, the rent left owing has exhausted the bond, let alone the clean-up and re-letting expenses still required. It is crucial to understand there will be a substantial financial loss in such situations. Thus we strongly urge landlords to be covered by a quality landlord insurance policy in order to minimise such risk (speak to your Property Manager for more details).
- Repairs and Maintenance: This is simply having the right expectation that everything that is provided as part of the tenancy, whether inside or outside, on the grounds or in a shed, has been provided in good working order. If an item breaks down, it must be repaired within a reasonable time frame. If it cannot be repaired, it must be replaced quickly.
Unfortunately with the threat of further action by a tribunal and compensation awarded to a tenant, it is far easier and cheaper to quickly allow for repairs or replacement of items. In these cases, we do recommend a limit be authorised to allow us to get the repair sorted as soon as possible and only contact you if the likely expense exceeds your written limit authority.
These tips here will help keep you, the landloard and investor, to have the right expectations and to enjoy your valuable property investment more with less problems and less risk of financial loss.