Let’s Look at Protecting Your Rental Property from Damage
Perhaps the biggest anxiety of owning a rental property is the danger of damage occurring even though damages are not all done with intent or done in spite.
Any property damage can be a huge cause for stress and concern to the landowner and the Property Manager having to deal with them.
Below are some tips from Paul Hill Realty to diminish the danger of damage to your investment property from tenants:
Tenant Screenings Conducted by Property Manager
The most ideal approach to prevent potential property damage is to have your Property Manager to conduct careful tenant screening during the application process.
A complete rental background check will uncover which tenants may be acceptable and the ones to be avoided.
Tenants who have damaged a past rental may present a greater risk of doing it again. Allowing only responsible tenants into your property greatly diminishes the risk of damage due to laziness, neglect, or vindictive conduct.
Present an Attractive Rental Property
If your property looks chaotic and unkempt, for what reason would your tenant feel inclined to treat it any better? Presenting a clean, well cared for rental property sets the standard for what you expect of your tenants.
Doing so is bound to draw in better tenants who will pay their rent on time and often want a longer tenancy agreement. Which is very good for you, the property owner.
Regular Property Inspections
Having regular property inspections conducted by your Property Manager doesn’t necessarily mean you are suspicious of the tenants. It is in fact it’s a great way to identify if and when the damage has happened, or whether there are any maintenance issues that need tending to.
To prevent your rental property against preventable damages from either age or weather, urge your tenants to report any issues, and don’t hesitate to get them fixed in a timely manner.
Create and Enforce a Pet Policy
Pets are a popular addition to many families, but that doesn’t mean you have been the one stuck with the cost of fixing damaged by them. Rather, if you wish to permit pets onto for your rental property, you need to establish a clause in the agreement outlining your expectations.
This could incorporate restricting the pets to living outside only, which means no indoor pets like cats. Tenants must keep the inside of the property free from animal hair, odours and pet waste. In the agreement, it could even include the number of pets permitted e.g. two cats or dogs.
The pet policy ought to likewise plainly express the consequences if the tenant neglects to adhere to their obligations that they agreed on.
Establish a Good Relationship with your Tenant
Establishing a good rapport with your tenant is vital in having a long-term profitable relationship. Open and honest communication is the key to establishing trust and respect.
If your tenant feels that you’re their ally, they’ll be bound to inform you or your Property Manager of any arising issues. It is important to show the tenant that you understand that accidents happen and that you’re there to support them.
Let them know that you want to return their security deposit at the end of their lease because really it means less work for you to get the rental property back on the market. Subsequently, your tenants will feel respected and will show respect to you and your property.
Obtain Landlord Insurance
The harrowing tales are all over the place, we’ve all heard them with many investors have experienced huge out of pocket expenses due to inadequate or incorrect insurance policies.
A good insurance policy can limit the financial impact of damages brought about by tenants. You should check that your policy covers you for both unintentional and deliberate damage.
Furthermore, it’s a good idea to seek insurance cover for loss of rent if during repaired the property cannot be occupied. As a landowner, you simply cannot afford a lax attitude towards landlord insurance.
While there are never any guarantees when it comes to renting out your investment property, you can certainly be proactive. The list of tips above can help shield your rental property from damage, and hopefully, prevent your investment dream from turning into a nightmare.
Looking for a Reputable and Professional Property Manager on the Gold Coast?
Remember experienced property managers can save you the landlord time, money and headaches.
If you are looking for experienced property managers with your best interests at heart. You won’t find a team that is more respected, reliable and trusted in residential property management.
Paul Hill Realty office is located at Hope Island and we manage residential properties anywhere on the Northern end of the Gold Coast. Paul Hill Realty Hope Island is your best choice in property management.