Advice for Landlords
Being a Landlord can be a stressful experience. You can do everything right and still end up at the bad end of an absconding tenant, unpaid rent, contractor issues or legal and insurance issues. The best way to avoid this is of course to appoint us as Property Managers for your investment – but in case you aren’t convinced, here are a few tips to help every landlord.
Do your due diligence
It’s impossible to guarantee the quality of a tenant. There is no perfect formula, no mould or profile that assures you that your prospective tenant is going to pay the rent on time and look after your investment as if it was their own. However it is still crucial that you do as much due diligence as possible. Insist on referees – and speak to them. A previous Property Manager is more often than not going to be upfront and honest with you.
Foster a good relationship with your tenant
In the Property Management industry, both Commercially and Residentially, there is quite often an “us vs them” mentality when it comes to tenants. We have found great success in actually fostering strong relationships with our Commercial and Residential tenants. It results in far fewer arrears, more respect given to the property and most importantly, it allows the tenants to trust you enough to speak to you if they are in trouble. The earlier you know about something going amiss with a tenants financial circumstances, the greater the chance you have of trying to work with them towards a solution. No-one wants an absconding tenant, and no-one wants to go through the painful process of escalating a tenant matter to the tribunal. It can be avoided most of the time by having a strong professional relationship with your tenants.
Understand your rights and obligations
The laws around both Commercial Tenancies and Residential tenancies are an ever changing thing. It is absolutely crucial that you understand your obligations as Landlord, and keep up to date with those obligations if they change. Failure to do so can land you in hot water and also make it very difficult to deal with a problem tenant.
That being said, you also have rights as a Landlord and it is equally important to keep up to date with what those rights are.
Understand your tenants rights and obligations
Your tenants have a number of rights and obligations under their lease and under the Act. Make sure you are familiar with them as it’s no only important to ensure that you don’t impede their rights, but also important to know what you can and can’t enforce if things so sour.
Understand your Lease (Commercial)
A Commercial Lease is a very very important document – and many Landlords don’t have a full understanding of the different implications and responsibilities laid out in that lease. We have discovered a surprisingly large number of times when taking over management of a Commercial Property, that the landlord was short changing themselves in terms of what they were able to recover from their tenants.
If in doubt, seek help
Whilst it’s clearly in our interests to say so, there is enormous value in appointing a Property Manager to look after your property. We understand your legal rights and obligations, we understand your tenants legal rights and obligations – and we know when they change. The purpose of investing is to profit – to not only see a return from your investment but to also see it’s value increase. A good property manager will work with you long term to achieve exactly that – and we guarantee when it’s done right, it pays for itself over and over again.
If you’d like some advice as a landlord or want to enquire about property management – send us an email or give us a call on 8362 1086 — we’d be more than happy to help.