HOW TO AVOID TENANT TROUBLES and receive a steady flow of rental income!

Jhai Mitchell

Prop­erty investors who want to avoid any headaches caused by mali­cious or care­less ten­ants in Seven Hills, should take four steps to help them sleep easy at night, accord­ing to Jhai Mitchell from Elders Real Estate.


 


  • Make your prop­erty attrac­tive to good ten­ants “A rental prop­erty that’s well pre­sented and easy to main­tain is more likely to attract good qual­ity ten­ants,” Jhai says. “Ten­ants are also more likely to take pride in a well-presented prop­erty and treat it as if it’s their own. Nobody wants to live in a house that has shabby car­pets, an unruly gar­den and is in need of repair.”
  • Appoint a prop­erty man­ager “Prop­erty man­agers have expe­ri­ence in screen­ing prospec­tive ten­ants and know which ques­tions to ask them,” Jhai advises. “They also have access to data­bases that list ten­ants who have defaulted on rental pay­ments, mali­ciously dam­aged a prop­erty or been evicted.”
  • Inspect the prop­erty reg­u­larly “Reg­u­lar prop­erty inspec­tions can help land­lords to iden­tify poten­tial issues,” Jhai notes. “If a ten­ant is caus­ing dam­age to a prop­erty and reg­u­lar inspec­tions aren’t being held, the dam­age may go unno­ticed and be more costly to fix later on. “The best way to do this is with the help of a prop­erty man­ager who should con­duct an inspec­tion around every three to six months and pro­vide you with a writ­ten report.”
  • Obtain land­lord insur­ance “Tai­lored land­lord insur­ance pro­vides a safety net for land­lords if their ten­ant does the wrong thing and mali­ciously dam­ages their prop­erty or stops pay­ing the rent,” Jhai says. “Unfor­tu­nately even the best ten­ant can acci­den­tally dam­age a prop­erty or fall behind in their rent. Land­lords should choose a com­pre­hen­sive and secure pol­icy that cov­ers them against mali­cious and acci­den­tal dam­age as well as loss of rental income if the ten­ant absconds or leaves a prop­erty unable to be re-let while dam­ages are repaired. “The pol­icy should also pro­vide cover if a court orders a tenant’s evic­tion or ter­mi­nates the rental agree­ment due to ten­ant hard­ship. “An insur­ance pol­icy that cov­ers these spe­cific risks can assist land­lords to safe­guard their invest­ment and ensure they con­tinue to receive a steady flow of rental income.”

When you apply all of these tips you are on your way to trou­ble free Prop­erty investing.


If you are unsure of some of the terms used in this arti­cle, click hear for a defin­i­tive guide on real estate definitions.