With the Christmas season fast approaching landlords need to be very mindful about protecting their investment property.
Liaising with our property manager about the current tenancy status to find out if their tenants are intending to vacate in the near future should be one of the first things to consider.
It can prove difficult if a tenant moves out of a property in the week or two prior to Christmas as it is often not easy to find a tenant for a vacant property until early January because no one wants to move over the festive period.
Secondly, landlords should ensure they have adequate insurance cover over their property at all times. Questions to ask include: Is there enough public liability cover included in existing covers? Does the landlord’s insurance cover allow for varying circumstances of vacancy and malicious damage? Are the contents of my property (carpet, window furnishings etc) covered with existing policies? What are the excesses that may be payable in different situations?
Real estate agents and property managers are not qualified to give advice on insurance so it is best to speak directly with an insurer regarding insurance policies or covers.
Choosing the right property manager for your property is a big key in the process of protecting your investment. Landlords should always ensure they are aware of an agency’s policies and procedures regarding tenancies in areas such as: What is the agent’s process when a tenant falls behind in their rent? At what stage does an agency contact the landlord regarding tenancy agreement expiries?
The legislation that a real estate agency and property management department must abide by outlines that a client must be kept informed of all significant developments.
Some landlords prefer to know what’s going on every step of the way, while others may prefer to leave it up to the property manager to handle. Whatever the position, a landlord should clearly outline this when appointing a property manager.
Also, if a landlord knows in advance that they will not be contactable via the normal means of communication they should advise their property manager of alternate contact details throughout this time.