There is always a lot of discussion around what makes a good tenant, or whether the tenant will be suited for the property, will they pay their rent on time, will they look after the property, should we allow the tenant to get a dog etc. All very valid and important questions and all necessary to ensure that a landlords’ property is looked after in the right manner!
What makes a good Property Manager is also something talked and written about often.
What is not asked as often is “What makes a good LANDLORD?”. As property managers we are paid to do a job and a good property manager must have a good rapport and understanding with the landlord in order to excel at the role.
If you are a current landlord, or if you are thinking about buying an investment property here are some ideas:
- Understand that they need to maintain their property in safe condition
- Will approve repairs in a timely fashion (24-48 hours ideally once quotations obtained or smaller items reported)
- Have sufficient funds saved to be able to afford repairs or maintenance that is unexpected ie. Hot water service blows up and needs replacing
- Ensure they are properly insured, building insurance and landlords insurance
- Understand that the quality of the property and how it is presented effects the quality of tenants that will be attracted to the home. Great tenants will be approved for almost any property they apply for so make sure that even if the property is older, it is well maintained and CLEAN.
- Understand they must and property managers must adhere to the Residential Tenancies Act.
- Understand that having a property well managed is a partnership between their property manager and themselves. Trust, honesty and co-operation is the key to a great working relationship (that goes both ways of course).
If you would like some additional information or would like some advice, please give me a call on 0408 585 319.