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Are you emotionally attached to your investment property?

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It’s time to let go. Purchasing property represents a major investment so it’s easy to understand how an owner can become very personally attached to their property. Even when the owner has purchased with the intention to rent it rather than live in it themselves, some may still feel an emotional pull. The best way to overcome this is to remember that it’s a business decision, not your private residence.

Great landlords want the best tenants, and finding the balance between respecting a tenant’s right to occupy the residence (enjoy privacy and security) and going to the property is one of the keys to a successful tenancy.

Keep it professional. Don’t let your emotions rule the management of the property.

A rental property manager can explain and enforce the regulations, between both parties, without the emotional attachment to the property or the situation. Once emotions become involved, debate on these matters can become quite passionate and a resolution harder to achieve.

A property manager needs to stay up-to-date with any changes which occur in the Residential Tenancies legislation, with the most recent changes becoming effective on 3rd July this year. A professional rental manager is generally experienced in dealing with all sorts of day-to-day matters which arise and will know how to get the best results on the whole.

Rules about the right to entry.

Most landlords are aware they are required to provide a minimum notice period to their tenant (as documented in the Residential Tenancies Act 1995) to attend the premises for various reasons, however, this extends to any third party such as a tradesperson.

In some instances, a tenant will want the landlord to attend the premises in a quicker-than-usual time-frame, without giving the required notification, to deal with issues like repairs and maintenance.Changes to the legislation now allow the landlord to attend the premises during normal hours at the tenant’s request in certain circumstances.

More time to enforce vacant possession.

Managing vacant possession of a property, due to an Order by the Tribunal, can be an emotional time for all parties involved. An experienced rental manager must ensure the Order is upheld, and vacant possession given in accordance to the Order. The South Australian Civil and Administrative Tribunal (SACAT) have a very streamlined process when it comes to breaches and complying with an Order.

In conjunction with further changes to the Residential Tenancies Act, a Tribunal bailiff can enforce an Order for vacant possession of a property, as long as the person who the Order favours advises the Tribunal within 14 days of the day on which the Order took effect and wasn’t complied with.

If you own an investment property and want peace of mind,
contact Lisa Akeroyd of Barossa Rental Specialists on
0414 335 660 to discuss your rental management strategy.

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