Common Mistakes Property Investors Make - Indifferent Expectations

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:

1. General 'Wear and Tear'- this is understanding that every person who rents your property will always live differently than you would. 'Wear and Tear' is the allowance of some 'bumps and scratches' to paintwork, woodwork and other items however we also must be aware of the lifespan given to a number of key items in the property like carpets are seen to have a 10 year lifespan being need to be replaced and paintwork is given 5 years etc, and so if these items are damaged, then their age is taken into account at the time of loss.

2. The Rent Arrears Process- we are a strong believer in the zero tolerance approach! We believe that 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. However as in just about all cases the rent left owing has exhausted the bond, let alone clean-up and re-letting expenses, it is crucial not only to understand there will be a substantial financial loss, but also we strongly urge landlords to be covered by a quality landlord insurance policy. Ensure your landlords insurance covers you for loss of rent, loss or damage to the contents and loss or damage to the building. Remember to compare policies. This is the best way of determining the right policy for you.

 

3. Repairs and Maintenance- this is simply having the right expectation that everything that is provided as part of the tenancy, whether inside or outside, on the grounds or in a shed, has been provided in good working order. If an item breaks down, it must be repaired within a reasonable time frame. If it cannot be repaired, it must be replaced

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Unfortunately with the threat of further action by a tribunal and compensation awarded to a tenant is far easier and cheaper to quickly allow for repairs or replacement of items to occur. We will always contact you prior to arranging any maintenance so if you are going away or will be out of reach please let your property manager know. It can pay to leave a number of an emergency contact in case we cant reach you and we require urgent maintenance.

These factors keep you, the property owner and investor with the right expectations and to enjoy your valuable property investment more!