No Tenant = No Rent….we get that.
The possibility of meeting loan repayments, rates, and insurance premiums on an investment property with no income being generated from that investment property can be a fearful proposition to many Landlords.
But there are times when the question must be asked – is it better to have a bad Tenant living in the property, or no Tenant at all?
A bad Tenant can be a very a costly nightmare, which can involve:
Finding a good Tenant can either make or break a Landlord.
However, Landlords also have to meet their end of the “bargain” by ensuring the property is clean and in good condition at the commencement of the tenancy, and also ensuring that the property is maintained as required and not scrimp on maintenance so that the property deteriorates through the course of the tenancy.
A poorly maintained property will attract a poor quality of Tenant.
That’s where we come in.
It’s our job to not only find a good Tenant, but to manage all facets of the Landlord/Tenant relationship so that a symbiotic (not parasitic) relationship evolves.
What is a symbiotic relationship? It’s a relationship based on interdependence and cooperation, ultimately resulting in both parties benefiting from the relationship and being happy.
What is a parasitic relationship? The exact opposite! It’s a relationship where one party “feeds” off the other party like a parasite, so that the “host” ultimately ends up suffering.
How do we, as Property Mangers, manage these relationships? Well it requires a systematic approach and it’s an ongoing process. And as Property Managers, we are responsible for making sure everything stays on track.
The systematic approach mentioned involves various checks and balances to try and make sure we get good Tenants in all our properties. The ongoing processes involve continuous checking of the property and Tenant to make sure it’s maintained and rent is being paid on time.
When the system starts to go off-track, we are able to implement processes whereby breaches are issued, remedies are checked, and all things going well the issues of either property damage or rental arrears is corrected.
If things don’t so go well, the process can result in the eviction of the Tenant if absolutely necessary. The important thing to remember is to let the process take its course. The concern around having an empty property can be uppermost in many Landlords minds, but the trying to maintain a bad relationship which is no longer symbiotic can cause immense worry and cost.
Ultimately each situation is different and each Landlord needs to make their own decision, but consideration should be given to cut ties with a relationship that has become toxic.
Our priority is to create positive relationships between all parties – Landlord, Tenant, Property Manager – who are all willing to carry out their responsibilities, so that everyone is happy!