First time investor?: Janaury 29, 2018 Carolyn Parrella from Terri Scheer, Australia’s leading landlord insurance…
Your Ally in a Successful Tenancy: March 5, 2018
It hardly needs to be said that the health of your investment property lives by the tenants who occupy it. The value of a tenant who always pays their rent on time and takes immaculate care of your property’s assets can be measured in real currency compared to one which doesn’t.
It’s lucky then that an expert in making sure the right tenant ends up in your property is never far away. But come on, can a property manager really ensure a correct judgment more than you can as landlord?
Without casting shade on your abilities in this area, consider the following:
Property managers know things you don’t
The idea of a ‘tenant blacklist’ almost seems like a it could be an urban legend: a rumour started long ago and propagated by paranoid renters ever since. But according to Carolyn Parrella, there are actually several databases consisting of tenants who have in some way breached the conditions of their rental agreements- including a record of exactly what it was that earned them their place. It could be news to us to hear this actually exists, but it’s a tool property managers are well aware of and in most cases have easy reference to.
Property managers can spot a good tenant
If you had to conduct job interviews for the same job every week, continually monitoring those whom you approved, is it fair to say you might develop a sense for who is best for the job? It’s precisely the same for property managers. With experience comes a better ability to recognise the things that actually translate into a more successful tenancy- and to recognise them more rapidly, at that. Property managers are also often in a better position to meet with tenants face to face at the inspection or open house, giving them access to even more information.
Property managers do the leg work
Exciting as it is, chances are that your investment property is only one of many things you have going on in your life. As such, you simply might not have the time to be as diligent in your tenant selection as you might like. A property manager is not only afforded this time and has all the information readily available but has their own vested interest in having the right tenant in your property. If they aren’t 100% on a prospective tenant, they’ll do the work until they are.
For even more, have a listen to Carolyn Parrella from Terri Scheer, Australia’s leading landlord insurance specialist, joining Steve Price in the player above.
The Seasoned Investor: March 12, 2018
Disasters, Insurance and your Property: March 19, 2018
In the wake of the tragic events on the South Coast of NSW this week, alongside feelings of empathy and compassion for those affected, other “there but by the grace of God go I” type thoughts are only natural- and with them, perhaps some real questions about what would happen to with an investment property of your own in a similar situation.
These questions were the topic of discussion as Carolyn Parrella joined Steve.
Are you covered?
In the majority of cases, if you have a building insurance policy, your property is covered in the event of a natural disaster. Still, it’s always a good idea to make sure your insurance is up to date, even if it’s just for your continued peace of mind.
However, perhaps the more important issue to consider when casting our minds to natural disasters isn’t insurance, but rather maintenance.
Prevention through maintenance- whose responsibility is it?
We know that simple acts of property maintenance can make a huge difference when it comes to property damage in the event of a natural disaster. Take bushfires for instance- if you’re in a bushfire prone area, the cleaning of gutters and trimming of scrub and undergrowth is vital in minimising risk.
But in the case of investment properties, whose responsibility is it to conduct this maintenance?
Ideally it’s shared. By default it falls to the property owner, but the responsibility of certain maintenance duties can be included as part of a tenancy agreement.
What about liability?
Far more important than property is the threat natural disasters pose to the individuals in their path- and although very much a secondary concern, it’s unlikely a property owner could be found liable for any injury resulting from natural disasters.