From wear and tear to emergency repairs, your investments face a number of threats. How do you ensure your rental property is always protected? Take note of these tips.
Stay up to date on legislative changes
The last couple of years have seen changes to residential legislation across the country. Some measures were temporary, but some have become permanent. A responsible Landlord and Property Manager complies with legislation when it comes to any matter relating to residential tenancy.
Finetune the screening process
Getting the right tenants into the rental in the first place reduces the risk of problems. Pre-screen prospective tenants by asking a few simple questions, like enquiring about pets or letting them know you’ll be running background checks. Closely scrutinise the information they supply and thoroughly check references. However, remember, your enquiries must not breach privacy laws and you can’t discriminate against prospective tenants.
Update your insurance
Make sure you’ve invested in the right policy, especially one that gives you good cover for tenant-related claims. Different policies suit different types of properties and different letting scenarios. Read the policies and ask questions to make sure the policy is a good match for the risks you face and that your sums insured are realistic, so you don’t risk being under-insured.
Make a repair plan
While you can plan for maintenance and on-going repairs and upgrades, other repairs are needed in emergencies. Be sure to budget for these and make a checklist, especially as urgent and emergency repairs must be made within legislated timeframes and to specific standards.
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