Owning a rental property can be a great investment, but it doesn’t come without its challenges. From unexpected repairs to tenant disputes, navigating these issues can be stressful for any property owner. A key challenge for landlords is understanding the legal implications and risks associated with property management. Effective risk management has become an essential aspect of the role, requiring a thorough knowledge of tenancy legislation and a significant amount of paperwork.
Knowing how to handle these situations can make all the difference. In this blog post, we will explore common rental property issues such as repairs, damage, late rent, and dispute resolution, and provide some insights on how to troubleshoot these issues effectively.
Repairs
No property is immune to wear and tear. Whether it’s a leaky shower, a broken appliance, or something more serious like a structural issue, it’s essential to address repairs promptly. Rental properties should be kept in a reasonable state of repair, with both tenants and landlords sharing responsibilities for maintaining the property in good condition.
Tip: Establish a reliable network of contractors and repair services that you can call on when something breaks. This not only saves time but can also prevent minor issues from becoming major problems.
Damage
Accidents happen. From a tenant spilling wine on the carpet to more significant damages like broken windows or holes in the wall, it’s important to have a plan in place. The first step is to assess the damage and determine whether it was caused by normal wear and tear or if it’s something that should be covered by the tenant.
Tip: Regular inspections can help catch potential issues early. Clearly outline in the tenancy agreement what is considered normal wear and tear versus damage for which the tenant is responsible.
Late Rent or Unpaid Rent
Late rent payments can be stressful, but they’re a common issue that many landlords face. The key is to address the situation promptly and professionally. Paying rent on time is the tenant’s legal responsibility, and late or unpaid rent puts them in breach of this agreement. Start by reaching out to the tenant to understand why the payment is late. In some cases, it might be a simple oversight that can be quickly resolved.
Tip: Communication is key. Tenants and landlords are encouraged to talk to each other as soon as possible if there are going to be any issues around paying rent. Remember, the tenancy agreement is a legally binding document between both parties.
Dispute Resolution
Disputes with tenants can arise over a variety of issues, from disagreements about repairs to conflicts over bond deposits. The best way to handle these disputes is to stay calm, communicate clearly, and aim for a resolution that is fair for both parties. Landlords and tenants have different options for resolving disputes, including self-resolution, FastTrack Resolution, mediation, or Tenancy Tribunal hearings.
Tip: Document all communications with your tenant and keep detailed records of any issues that arise. This can be invaluable if a dispute escalates and you need to refer to the facts later on.
East Realty Property Management Tauranga
One of the most crucial decisions landlords face is whether to manage their rental property on their own or hire a professional property manager. While DIY property management may seem straightforward, it’s often more complicated than anticipated, with numerous pitfalls to navigate.
At East Realty, we understand that managing rental property isn’t always smooth sailing. That’s why our team of experienced property management professionals is dedicated to providing the support you need, whether it’s handling repairs, managing tenant relations, or resolving disputes. The peace of mind that comes with entrusting your investment to a property manager is one of the most significant benefits.
As accredited members of the Real Estate Institute of New Zealand and trusted partners of Tenancy.co.nz, we uphold the highest standards of professionalism and integrity. Let us take care of the details so you can enjoy the benefits of your investment without the stress.
Get in touch with our friendly team today.
