A landlord’s worst nightmares are phone calls at 03h00, late rental payments, damaged property, drug dealing tenants and forced evictions. With the right level of management savvy, a well looked-after property and a healthy tenant relationship it’s possible to avoid all of these things.
Maintaining an investment property doesn’t have to be a challenge – even whilst there are tenants in it. From ground rules to starting off on the right foot, we look at what you can do to take care of your property, and your tenants, at the same time. Here are three ways to do just that:
1. Maintenance before move in
Before you’re even approached by tenants, ensure that your property is up to scratch. This includes making sure that you have the right insurance for your property and possessions, and deciding whether you want to hire a property manager or not. Furthermore, get your property to the standard that is expected before anyone moves in – whether long-term or short-term. It is worth considering whether your property will be accessible to tenants who are disabled.
2. Break it down
There are a few basic things to take care of when you’re assessing what maintenance needs to be done. As the owner of the property you must ensure that:
3. Dig a little deeper
There is no point investing in property maintenance if your tenants are going to trash the home within a few days. How do you avoid this? By performing a background check on prospective tenants with regards to the following things:
If you’ve checked all these boxes before the tenant moves in, the maintenance will be much easier. Moreover, if the tenant is happy upon arrival and you have handled them professionally from the start, the relationship will have the best possible foundations. With an open line of communication, you won’t feel that you are intruding if you need to enter and do some general maintenance, and the tenant won’t feel like a nag if they need to phone you in an emergency.
Perhaps the last thing you can do to protect your property, and your relationship with your tenant, is to compile a list of ground rules. It might sound unnecessary or childish, but having a set of parameters will help both parties to understand the expectations of them. That’s not to say that things will never get broken – accidents do happen – but it will be clear how these situations should be resolved.
If you have any questions about how to better manage your investment property, holiday home or your own house, get in touch with us. Visit our website or contact us directly on 021 801 3946 or firstname.lastname@example.org.