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Property Managers: Prepare for a Happy New Year

By Sarah Barton, Terri Scheer Insurance Distribution Channel Manager

As we near the end of this challenging year I encourage you to pause, take a deep breath and pat yourself on the back. You’ve made it to the end of 2020.

The property management industry has been through a lot over the past 12 months. While Covid-19 will continue into 2021, Terri Scheer Insurance acknowledges the tireless support you have provided to your landlords and tenants during this difficult period.

As you prepare your rent roll for 2021, here are some friendly tips and suggestions:

Confirm emergency contact details

Do your tenants know who to contact in the event of an emergency if your office is closed over Christmas or if you are taking leave?

Now is a good time to confirm these details and supply an updated list of professional tradespeople if appropriate.

Monitor arrears over Christmas / New Year

Christmas can be a stressful time for many people and the additional pressures that some tenants may be facing in the current economic climate could contribute to a larger arrears list.

From an insurance perspective, it’s important to ensure the relevant arrears, breach and termination notices continue to be issued to tenants within the required timeframes.

These will be necessary to support any loss of rent claim that may eventuate so we encourage you to take care in meeting the requirements of your local Residential Tenancies Act. Failure to do so may result in a reduced or refused claim.

Review and update your records

Property managers often take the quieter Christmas and New Year period to sort through paperwork and undertake other administrative tasks. This should include updating your landlord records.

Many property management software programs allow you to enter details about each landlord’s insurer, policy number and policy expiry date.

This creates an easy reference point that will save you rummaging through your files and paperwork if you need to contact the insurer to renew the policy or make a claim.

It allows you to view when renewal invoices are due and confirm that you have received these notices for the properties where landlords have instructed you to pay on their behalf.

If a landlord is uninsured, Terri Scheer can provide you with mailout letters to explain the importance of landlord insurance.

Take care of your own wellbeing

Australia’s property managers adapted very quickly this year to a new way of working. This has included everything from remote work to conducting virtual inspections, negotiating rent reductions and in some locations where vacancy rates have increased, the additional pressure of explaining to landlords that rental expectations have lowered with longer relet times.

At Terri Scheer Insurance we have admired the way in which property managers have risen to these challenges and worked tirelessly on behalf of your landlords and tenants.

We encourage you to take time out, where possible, to pause, reflect, recharge your batteries and prepare yourself for the year ahead.

The Terri Scheer team feels privileged to be part of this incredible industry that does so much for Australian households.

We congratulate you, thank you for your support and wish you and your families a happy and healthy Christmas and New Year.

For further information 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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