Landlord Resources

Four Ways to a Worry-Free Holiday Season

By Mark Hamblyn, Terri Scheer Distribution Manager

The festive season is here, and managing an investment property during this time can be a demanding task on top of a long holiday to-do list.

Trade availability, vacant properties, rental arrears and extreme weather are just some of the common concerns on the minds of property owners and managers this month.

Here are some ways to stay ahead of the Christmas rush this year – or to get ahead next year.

1. Plan works well in advance

Christmas is a busy time for everyone, but even more so for licensed trades and suppliers who often close over the holidays for a well-earned break. This can often cause delays in maintenance works or construction and restoration projects.

While emergency works can strike at any time, landlords and property managers can play their part by arranging planned works well in advance to secure trade availability.

It’s also important to liaise with tenants regarding any work taking place – particularly if it may disrupt their plans over the festive break.

2. Ensure timely notices are served

A specialist landlord insurance policy can offer owners peace of mind should tenants fall behind on rent. However, landlords and property managers must ensure any conditions around prescribed notices are met – with notices served on time for tenants in arrears – which can be challenging when rental agencies close over the Christmas break.

Property managers should keep their landlords and tenants updated regarding any office closures, ensure that rent schedules are communicated clearly and put plans in place to monitor rental ledgers throughout the busy festive season.

In this scenario, communication and an insurance policy specifically tailored to the risks landlords face, including coverage for loss of rent, is key.

3. Prepare for an empty property

Many rental properties are left vacant for extended periods across the festive season while tenants travel.

Issues such as gradual water leaks, burst pipes and power outages can remain unnoticed until the tenant returns – only to find extensive property damage.

Property managers play an important role in carrying out visual checks during routine inspections. Risk of property damage arising from potential issues, wear and tear, or lack of cleanliness should be communicated to landlords as soon as possible so repairs can be arranged.

Regardless of the time of year, landlords should also consider periodically engaging licensed professionals to carry out preventative inspections and maintenance, such as building, pest, plumbing and electrical, to identify safety hazards or undetected damages.

4. Mitigate summer risks

The festive season marks the arrival of the Aussie summer.

This also marks the arrival of fire danger season, leaving homes and properties susceptible to catastrophic fire danger.

In most states, landlords must ensure that smoke alarms compliant with Australian Standards are fitted in rental properties. Smoke alarms are often the first line of defence in the event of a house fire, so it’s crucial that units are regularly maintained to protect tenant and property safety.

As part of routine property maintenance and inspections, landlords and property managers should also ensure that gutters and outdoor areas are free of debris, dry leaves and vegetation, and other flammable materials.

Appliances such as heating and cooling systems should be regularly maintained and inspected throughout the year to mitigate the risk of electrical faults and fires.

Forward thinking is key in avoiding property woes this holiday season.

Terri Scheer’s specialist insurance policies offer peace of mind against the unexpected, with tailored products designed to meet the specific needs of landlords and tenancy-related risks.

For further information, call 1800 804 016.

Disclaimer:

Insurance issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as Terri Scheer. Read the Product Disclosure Statement before buying this insurance and consider whether it is right for you. Contact Terri Scheer on 1800 804 016 or visit our website at www.terrischeer.com.au for a copy. The Target Market Determination is also available.

The information is intended to be of a general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon it – please make your own enquiries. This article has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it.