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Creating a Positive Rental Experience

With preparation and dedication, property investment can be an attractive wealth creation strategy for many Australians.

However, the risks of owning an investment property have been heightened during the Covid-19 pandemic due to economic uncertainty.

For example; even the best tenant can face financial hardship or lose their job that may leave them unable to pay their rent.

Property managers have reported to us that instead of going into rental arrears, tenants who may be struggling financially are breaking their lease and moving out of properties they can’t afford.

This shows tenants are wanting to do the right thing by their landlord. Part of this comes down to the relationship between the tenant, landlord and property manager.

There’s a number of ways property managers can nurture their relationship with a tenant and create a positive rental experience for them.

Screening tenant

Attracting a suitable tenant from the outset should be a priority for a property manger if they are looking to retain them in the long-term.

Thorough checks of potential tenants’ references during the screening process should specifically look for issues relating to missed or late payments.

For example; a tenant who has a history of going in rental arrears should raise red flags.

Maintain positive relationships with tenants

Property managers know that maintaining a positive relationship with a tenant can help to ensure that they remain cooperative throughout their lease agreement.

If a tenant falls into financial hardship and fears they may have issues paying rent, chances are if they have a good relationship with their property manager, they will raise the issue sooner so it can be addressed.

Listening and carefully considering requests for changes to lease conditions and responding quickly to queries or concerns also helps build rapport.

Requests to change lease conditions should be carefully considered and if rejected, sound reasons should be provided in writing. There may be specific requirements about dealing with requests in your rental agreement or by law.

Attend to maintenance issues promptly

For tenants, how quickly a property manager attends to maintenance issues can be an indication of how they view and value the relationship.

Property managers who act promptly and keep their tenants informed of progress show that they care.

Responding quickly to issues that affect a tenant’s enjoyment of the property, such as malfunctioning air conditioners, blocked drains or rainwater damage is vital.

It may take a few days for a tradesperson to actually undertake the repairs or replace a broken unit, but if the tenant knows that action was taken as soon as the issue was reported and they are kept informed of progress, it may help to ease stress levels.

For further information, visit www.terrischeer.com.au or call 1800 804 016.


Editor’s note

About Terri Scheer Insurance

Terri Scheer Insurance Pty Ltd ABN 76 070 874 798 (Terri Scheer) provides insurance cover for landlords, helping to protect them against the risks associated with owning a rental property. These include malicious damage by tenants, accidental damage, landlord’s legal liability and loss of rental income. Terri Scheer acts on behalf of AAI Limited ABN 48 005 297 807 AFSL 230859 trading as ‘Vero Insurance’, the insurer which issues the insurance cover. Terri Scheer has not taken into account the reader’s objectives, financial situation or needs. If you are interested in any of Terri Scheer’s insurance products, the relevant Product Disclosure Statement should be considered first. It can be viewed online at www.terrischeer.com.au or obtained by calling 1800 804 016. Based in Adelaide, Terri Scheer services all states, territories and capital cities.

Disclaimer

The information contained in this article is intended to be of a general nature only. Terri Scheer does not accept any legal responsibility for any loss incurred as a result of reliance upon it.

Insurance issued by Vero Insurance. Read the Product Disclosure Statement before buying this insurance and consider whether it is right for you. Contact Terri Scheer on 1800 804 016 or visit our website at www.terrischeer.com.au for a copy

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