Rental Property Newsletter 5

 

How to Prepare your Investment Property for Summer

As the days get warmer and longer, there are things you should do to make sure your property remains in good condition throughout summer. Not only will regular maintenance prevent costly problems at your property, but it keeps the place in great condition so you can attract and keep quality tenants. Keep reading for an overview of what you need to do to prepare your property for summer.

Get smoke alarms tested

No matter where your property is located, there’s likely legislation in your jurisdiction that states installing and maintaining smoke alarms is the landlord’s responsibility. Not having working smoke alarms is dangerous to your tenant and property. If they haven’t already, make sure your property manager arranges your annual smoke alarm test to ensure your smoke alarms are in working order.

Clean gutters

Summertime means it’s bushfire season. If your property is in a high-risk area, make sure the gutters are cleaned before warmer days arrive. Any build-up of leaves, sticks and other dry plants and debris can be a fire hazard and block drains. You can make sure your gutters are clean by getting your property manager to check them at your tenant’s next routine inspection or by organising a professional to clean the gutters. Whether you pay a professional or you’ve made it the tenant’s responsibility, the gutters should be clear before hot and dry days. arrive

 

Tidy gardens and outdoor areas

The warmer weather is a great time to tidy up your gardens. Make sure mulch is refreshed, weeds are taken care of, and the watering system (where applicable) is working. You should also check if outdoor living areas need any maintenance or repairs before it’s used more often over the summer.

 

Plan for next year

Many tenancy agreements finish at the end of the year or the beginning of the following year. If you’d like your current tenants to renew their lease, talk to your property manager now to get a new tenancy agreement organised. This is also a good time to check in with the tenants and see if there are any repairs or maintenance needed. And when you’re renewing the lease, don’t forget to review the rent price to make sure it’s keeping pace with comparable properties in your area.

 

Run through the list above with your property manager to ensure everything is in working order at your property before summer. A little time spent on odd jobs now can lower the risk of more costly problems in the future, plus you can enjoy the holiday season with peace of mind knowing that your property is in good shape.

 

 

 

What to do when your tenant says they're moving out

 

Many tenancy agreements come to an end over the summer. Whether your tenants have given you notice they aren’t renewing their lease, or

they’ve submitted a notice to vacate part-way through their tenancy, there are steps you should take to make sure the process is as smooth as

possible. This article outlines what you should do when your tenants say they’re moving out to

reduce administrative headaches and the risk of long vacancies between tenancies.

 

Receive the notice to vacate in writing

Your property manager should ensure that your tenant’s notice to vacate is received in writing,

either via email, post or hand-delivered in person.

 

Call the tenant to confirm the vacate date and end-of-lease requirements

If you have a property manager, they can talk with your tenant to confirm their vacate date and

thank them for taking good care of your property (assuming they have, of course). When your

property manager makes this call, they should also confirm the balance of any rent owing and

share a few tips on making the process of moving out and getting their bond back as smooth as

possible.

 

Communicate with your tenant in writing too Once you or your property manager have spoken with your tenant to confirm their vacate date and end-of-lease requirements, put these steps in writing and send it to the tenant. You should include confirmation of the vacate date, balance of rent owing and when the final inspection will occur. If you have a vacate checklist, make sure you share this too. Sending the confirmation

email is also a good time to send a repair and

maintenance form and a copy of the original entry condition report.

 

Advertise your property

Once you have your tenant’s vacate notice, you should get your property ready to advertise as soon as possible.

If you’re able to advertise your property four to six weeks in advance of your current tenant vacating, this will decrease the risk of your property being

vacate too long between tenancies. At this stage, you or your property manager should also agree on some open home times with the current

tenant. Giving them plenty of notice will allow the tenant to plan around open homes when they’re busy getting organised to move.

 

Complete the exit report and finalise the bond refund

Once the tenant has returned their keys, the exit report can be completed. Key things to check

during the exit inspection include the condition of walls, the carpet, light fixtures, exhaust fans, and any outdoor areas such as balconies, lawns and

garden beds. Once you’ve completed the exit report, let the tenant know if they need to do any extra cleaning or odd jobs to get their full bond

refunded. Otherwise, if everything is in good shape, you can refund their bond and the place will be ready for the next tenants.

 

Keeping communication open and making sure the process of vacating your property is clear for your tenants helps everything run smoothly. Whether

it’s a break lease or your tenants aren’t renewing their lease, getting clear on the vacate process using the steps above as a guide will help

everything runs smoothly and reduce your risk of vacancy between tenancies.

  

 

 

 

 

www.parklandsre.com.au

 

 

 

 Remember, these articles are general in nature and are not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself