How To Avoid Tenant Troubles And Receive A Steady Flow Of Rental Income!
Property investors who want to avoid any headaches caused by malicious or careless tenants in Seven Hills, should take four steps to help them sleep easy at night, according to Jhai Mitchell from Elders Real Estate.
- Make your property attractive to good tenants “A rental property that’s well presented and easy to maintain is more likely to attract good quality tenants,” Jhai says. “Tenants are also more likely to take pride in a well presented property and treat it as if it’s their own. Nobody wants to live in a house that has shabby carpets, an unruly garden and is in need of repair.”
- Appoint a property manager “Property managers have experience in screening prospective tenants and know which questions to ask them,” Jhai advises. “They also have access to databases that list tenants who have defaulted on rental payments, maliciously damaged a property or been evicted.”
- Inspect the property regularly “Regular property inspections can help landlords to identify potential issues,” Jhai notes. “If a tenant is causing damage to a property and regular inspections aren’t being held, the damage may go unnoticed and be more costly to fix later on. “The best way to do this is with the help of a property manager who should conduct an inspection around every three to six months and provide you with a written report.”
- Obtain landlord insurance “Tailored landlord insurance provides a safety net for landlords if their tenant does the wrong thing and maliciously damages their property or stops paying the rent,” Jhai says. “Unfortunately even the best tenant can accidentally damage a property or fall behind in their rent. Landlords should choose a comprehensive and secure policy that covers them against malicious and accidental damage as well as loss of rental income if the tenant absconds or leaves a property unable to be re-let while damages are repaired. “The policy should also provide cover if a court orders a tenant’s eviction or terminates the rental agreement due to tenant hardship. “An insurance policy that covers these specific risks can assist landlords to safeguard their investment and ensure they continue to receive a steady flow of rental income.”
When you apply all of these tips you are on your way to trouble free property investing.
If you are unsure of some of the terms used in this article, click hear for a definitive guide on real estate definitions.
About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.