Rental Property Nightmares and How To Avoid Them!
Investing in rental properties can be risky as not all tenants are as respectful of your property as you would be if living there yourself. There are risks with any investment but with research and planning you can minimise the risk of damage to your property and avoid the pitfalls of non-payment of rent and bills that sometimes happen.
If you venture into renting out your property privately without the assistance and support of an experience property rental manager than you may experience more nightmare situations with your tenants than if you allow experienced professionals to protect your investment for a small fee (usually a percentage of the weekly rental).
If you have more than one property you may find your time is taken up with dealing with maintenance issues, finding new tenants, chasing late rent payments etc. employing the services of a property manager can save you time. A property manager may also be able to save you money as they will have preferred contractors on their books who complete good work in good time frame for a reasonable fee.
Common Rental Property Nightmares include:
- Non-payment of rent
- Using home to make or sell drugs
- Extensive damage to property
- Keeping unpermitted pets at property
- More people than allowed living in property
- Parties in your property
- Tenants making changes without permission
- Property untenanted for long periods
- Having to evict tenants (can be a length process with no income)
- Disputes over condition reports
Top Tips for Avoiding Property Nightmares
1. Find the right tenants
2. Prepare the house
3. Document and discuss
4. Finalize carefully
5. Outdoor Areas
7. Don’t be an absentee
Finding the right tenants is key to avoiding many problems often associated with tenants. Having credit and background checks carried out is essential practice when selecting new tenants and will rule out unsuitable or more risky clients in the first stage. If you prepare the house so it is in a good, tidy condition then it more likely the tenants will maintain that standard.
Give the house a thorough clean and tidy up any outdoor areas; repair any damage, fresh coat of paint will make a difference. Take photographs as a part of an entry condition report to document any pre-existing damage or issues; landlords or agents and tenants should be present for the condition handover if at all possible to avoid issues in the future. Be specific about fixtures that can be used for hanging pictures etc. to avoid unwanted damage to walls.
It is very important to establish who is responsible for outdoor areas including gardening, maintenance of plants and lawn mowing. Often landlords charge a slightly higher rent to cover garden maintenance costs and have these included in the lease terms. Providing local information in icluding that of your preferred repair men can be useful for tenants and good for your property.
It can be extremely difficult to manage a property. It would be wise to invest in the services of property managers in Wellington
, New Zealand. Engaging the services of local rental managers in Wellington will ensure you have a local presence for your investment. With careful selection of tenants, regular inspections and good practice you can be reassured of a strong commitment to protect your investment. For all your property management needs Wellington region wide contact rental managers Manage My Rental via their website www.managemyrental.co.nz
Contact our friendly team to make a booking!