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What Do Landlords Fear Most?
1) Property not renting quick enough / How long it takes to find a tenant / Vacant Properties
Unoccupied rental properties can place great stress on a landlord’s cash flow. In fact, landlords could miss out on thousands of dollars of income if their properties remain unoccupied for a few weeks.
Real estate can be a competitive environment, so it’s important for landlords to offer a rental property that best appeals to prospective tenants. Presenting a well-managed property can broaden the pool of prospective tenants and reduce the time and money spent on advertising for re-let.
2) Not getting the best rental price or not getting enough rent for their properties
Your property manager should be able to provide you with a clear justification and reasoning for your asking rent, plus evidence of other rental properties in the local area to support the argument. It doesn’t hurt to jump online every couple of months to see how many rental properties are available in your local area and how much they are asking for them. It’s not just your property manager’s responsibility to know this information, you should keep your finger on the pulse too as it’s your investment property and ultimately your responsibility.
3) Not finding the right tenant
There are so many trustworthy tenants out there who will love your home as if it is their own – you just need the right property manager to find them. Ask your property manager what processes and reference checks they use to qualify prospective tenants and if you want to have the final say in your tenant selection process, don’t be afraid to voice this to your property manager. You need to trust your property manager to do their job properly but if you are also involved in approving the chosen tenant, it is harder for you to blame someone else if things don’t turn out quite as you had hoped!
4) Tenants not paying their rent or falling into arrears
Unpaid rent can be a major contributor to stress for landlords. To counter this fear, landlords should have a plan for meeting their mortgage repayments if their tenants fall into arrears, as many rely on the rental income.
Since even the best tenants could fall ill and be unable to work or lose their jobs, landlords should thoroughly check tenants’ rental history during the screening process, looking for issues with missed or late payments. If a tenant falls into arrears, it’s important to follow the correct procedures and issue the right notices within the proper timeframes to help ensure the debt can be recovered.
5) Tenants trashing / not looking after the property
Your tenant has a legal obligation to look after your property but unfortunately sometimes malicious or accidental damage can occur. A good landlord’s insurance policy will help to put your mind at ease and will cover you for repairs and any loss of rent while the damage is being fixed. It’s a worthwhile tax deduction and definitely worth considering.
This video is a summary of what Dot Hamilton, Director of Property Management & BDM does every day and how much she's loved and respected in the Property Management industry. This will give you a great little insight and will make you feel very welcome.
For further information, you can read Dot's profile on our website: dorothyhamilton.palmbeachfn.com.au
by Celine Battendier
What Do Landlords Fear Most?
palmbeachfn.com.au February 2019
First National Palm Beach
Cnr of 6th Ave & Cypress Terrace, Palm Beach, QLD 4221 Ph: 07 5559 9600