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 property owners and investors:
General ‘Wear and Tear’- Understand that every person who rents your property will live differently to you. ‘Wear and Tear’ is the allowance of some ‘bumps and scratches’ to paintwork, woodwork and other items. We also must be aware of the lifespan given to several key items in the property. For example, carpets are seen to have a 10 year lifespan, requiring replacement after this time. Paintwork is given 5 years and so on. If these items are damaged, the age of the item is taken into account at the time the damage occurs.
The Rent Arrears Process – we believe in a zero tolerance approach to unpaid rent! 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 most of these cases, the outstanding rent & associated expenses, is greater than the bond amount and Landlords can incur substantial financial loss. For this reason, we strongly urge landlords to be covered by quality landlord insurance (speak to your property manager for more details).
Repairs and Maintenance – everything that is provided as part of the tenancy, whether inside or outside, on the grounds or in a shed, should be provided in good working order. If one of these items breaks down, it must be repaired within a reasonable time frame. If it cannot be repaired, it must be replaced quickly. By acting quickly, you are saving yourself from drawn out and expensive court proceedings, should a tenant have a case against you.
To minimise the time to get repairs/replacements, we do recommend a limit be authorised to allow us to get the repair sorted as soon as possible. Only contacting you if the likely expense exceeds your written limit authority.
These factors allow you, as the property owner and investor to have the right expectations from the start, helping you to enjoy your valuable property investment more!