Home' API Magazine : September 2014 Contents While you may carefully vet your tenants before leasing your
property, it’s impossible to vet their friends, or friends of
friends. Even if you aren’t renting your house or apartment
furnished, it’s amazing what could be potentially stolen.
> Cover for malicious damage or vandalism by tenants
or their guests. Malicious damage can be a significant
issue, as the many segments on current affairs programs
have shown over the years. A party that gets out of control or
simply a vandalism spree can cause many thousands of dollars
damage as well as potentially leave you with a property that’s
uninhabitable for a period of time.
> Cover for loss of rent due to tenant default. Tenant
default and eventual tenant eviction can be a lengthy and
time-consuming process. It can also be expensive, and while a
bond may cover you for some of this loss, you may still end up
significantly out of pocket.
> Liability cover. A broken floorboard, a faulty light switch, a
poorly maintained pool fence – there are hundreds of ways in
API SEPTEMBER 2014
SEPTEMBER 2014 API
Research manager with CANSTAR,
> Keep it clear. Make sure the tenant is in no doubt about what
you expect in terms of payment, maintenance (e.g . lawn-
mowing), paperwork etc. You can’t blame them for doing things
wrong if you didn’t explain it clearly in the first place.
> Be fair with the rent. Don’t overcharge ‘just because you can’.
The same applies to putting the rent up. Don’t hike it up after
six months if your own costs haven’t risen proportionately. The
tenants will be able to work out if you’re being greedy, and it will
lead to resentment.
> Respond promptly. Always react to queries and maintenance
issues as soon as you possibly can. Nothing frustrates a tenant
more, and fosters unhealthy relationships, than issues left
unfixed, taps left dripping and pests left to fester.
> Empathy. Try to understand their requests, rather than just
dismissing them as silly or unnecessary. If they’ve gone to
the effort of contacting you, there’s a good chance the issue is
affecting their day-to-day life, regardless of how petty it seems.
> Learn about them. Familiarise yourself with their names.
Perhaps find out what hobbies they have. You shouldn’t try to
be their best buddy, it’s still a business relationship after all, but
a little interest can go a long way.
> Use good quality tradespeople. Don’t skimp just because you
don’t live there. If you live locally, use the tradespeople you’d
use for your own home, and if not, use a locally recommended
professional. Poor workmanship and tasks left half done doesn’t
make a happy tenant.
> Remember it’s their home. Know what your legal obligations
are in terms of requests and property inspections. It may be
your property, but it’s the tenants’ home, and they have a right
to privacy. Giving plenty of notice before visits is also a must.
> Get everything down on paper. Make sure things are signed.
Everyone benefits in that situation. Don’t assume that people
prefer a casual arrangement. When things are official, the
tenant feels secure knowing they can’t be kicked out without
notice and, of course, you have your own peace of mind too.
> Stay in touch without being a nuisance. Your tenants should
be able to contact you, so make sure they have your details.
Perhaps send a welcome card when they first move in, to let
them know that you’re around, but don’t overdo it.
> Choose your tenants wisely. It’s easier to be a good landlord
and have a good relationship with your tenants if you have
chosen carefully in the first place.
10 tips to be a good landlord
Seeking A High Return Investment Property?
2 year old home on 920sqm of land with a large
Currently Yielding $78,000p.a. rent
Proven performer located in an area of limited
future supply and high demand.
Exceptional 12.5%PA Return
Please Call Sean Weiser for further details
0407 380 093
which tenants could injure themselves. If they do, you as the
landlord may well be ultimately responsible. As such, liability
cover is a must. Typically a landlord insurance policy will cover
you for around $10 to $20 million.
There are many other useful policy inclusions and conditions to
look for, including specific storm and flood cover, underinsurance
protection, fusion and covering the cost of a locksmith.
¿ HOW TO FIND GOOD VALUE?
CANSTAR has just finished researching landlord insurance for
2014, encompassing 40 products available throughout Australia.
You can check the five star-rated products on our website. API
Links Archive October 2014 August 2014 Navigation Previous Page Next Page