Wednesday, 13th Mar

Finding a Suitable Tenant

FINDING A SUITABLE TENANT

It is your Property Manager's job to find you a reliable and responsible tenant that will treat your property with respect and pay rent on time.

A good tenant is worth their weight in gold, and there is no doubt if the rent is on time and the property is respected, the Property Manager's job is easier and ultimately, you as a landlord have peace of mind.

Something to also take into consideration in having a good tenant is - when your property is up for sale, it becomes very attractive to potential investors that are looking for a good investment property.

Having a long term, reliable tenant can add value to your property, and should you do everything right by your tenant, there is a chance that they might one day, turn into a potential purchaser.

The majority of Real Estate Agents will have what is called 'TRA Tenant Search'. This is a data system set up to identify tenants that have been a problem in the past due to a number of different reasons which can range from malicious damage through to running out on a lease. When your tenant decides to end their tenancy agreement, a written notice of termination must be draughted and addressed to your Property Manager, giving at least 14 days' notice (plese check your agreement).

Please note: This is also the case when the lease has finished and they are only on a month to month basis, with at least 21 days' notice. Should they want to break their lease for any reason the following conditions apply:

- Compensation for loss of rent until another tenant is found is to be paid to the landlord.

- A proportion of advertising costs and an agent's reletting fee is to be paid to the landlord.

- Any shortfall in rent paid by the new tenant if the demand has dropped and the premises has been relet at a reduced rent, is to be paid to the landlord until the end of the original fixed term period.

For independent advice on your investment property, please contact our team today on 02 9960 1066 or enquiries@pkproperty.com.au.


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