Thursday, January 13, 2011

How much is getting a good tenant worth?

Some of our clients prefer to manage their own properties, but they don't like selecting a tenant. Perhaps they realise how much time it takes up, and they don't know the right questions to ask, or they assume the first person to show up is good enough, and learnt the hard way this isn't always so. So they come to us for help.

We can find and evaluate a tenant for your property, get them signed up to a robust tenancy agreement (with 34 legally binding special clauses for your protection), then hand them over to you for the inital inspection and day to day management.

How much is this worth to you?

Saying the right things in the advert to attract tenants, but not mislead, is an art in itself, and it seems taking good photos is beyond many people. A picture paints a thousand words, so make sure they are flattering ones. A good advert makes a big difference to attracting the right people to your property.

Some properties rent easily, but some you need to go to what seems a million times before you finally find a tenant who likes your property, and you like too. That's a lot of time, and travel right there.

Then there is the actual selection process. Calling four referees, checking Tenancy Tribunal history, and credit checks take a bit of time and effort, particularly knowing the right questions to ask. And what not to ask - you don't want to stray into unlawful discrimination - that could cost you a lot of money and stress.

A solid, legally binding tenancy agreement is vital for success. Knowing the peak season for renewing leases can make thousands of dollars difference each year. Using fixed-term tenancies to your advantage. Having all the right clauses that will save you heartache and money, and stand up in Tenancy Tribunal if it is needed can make the world of difference to the outcome of any problems that do arise.

What is it worth? The difference between success and failure, that's what.

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