Being a landlord is a complicated job, made more so by these common mistakes landlords frequently make in their Wellington investment that can ending up causing more work and stress than necessary.
Not Understanding Your Legal Rights and Obligations
So many landlords make the mistake of not taking the time to read and understand the Residential Tenancies Act 1986, putting them at risk in breaching their tenants’ rights and in having their own unknowingly breached by tenants.
Reading relevant laws can be an interesting experience and will help you learn your rights and obligations as a landlord, helping create smooth property management. You can also take a look at the Tenancy Services website for useful summaries.
Purchasing Inadequate Insurance
There is nothing worse than paying insurance for months and months, only to realise that it doesn’t cover you at all when you go to make a claim. Insurance policies can be full of loopholes, and landlords can face the risk of under-insuring their investment properties or accidentally using a standard insurance policy that that isn’t landlord-specific.
Check exactly what your insurance covers, insurance policies should specifically state it covers rental properties, and should insure against property damage (accidental or otherwise) and protect the property from any rent loss caused by accidental damage, abandonment, or eviction, as well as provide other rental-specific covers. Talk to your insurance company about any requirements for making claims, as some policies require landlords to prove they’ve completed a thorough tenancy selection process before honouring claims. If you’re unsure about what rental insurance policy is best for your Wellington investment property, chat to an insurance broker for more advice.
Not Conducting Regular Inspections
We’re all busy people, with family and job obligations that often take priority, it’s easy to forget to enforce tenancy agreements and place too much trust on the goodwill of tenants. Run regular property inspections every few months to not only check the property’s condition but also verify that the tenants aren’t breaching the agreement in any way, such as housing a pet despite a no animals agreement. Inspections should focus on leaks, mould, and ventilation, as well as how well the tenants are looking after the property. The most common error we see landlords make is a lack of thorough checking of the property's condition following a tenancy ending and a reluctance to claim for damage to the property.
Ignoring Property Maintenance
Neglecting property maintenance will likely create unhappy tenants and increase tenant turnover, yet this mistake is frequently repeated again and again by landlords. Luckily, not all maintenance issues are costly.
If you're considering Property Management get in touch with us today. Locally owned and managed, we offer residential property management services across the entire Wellington & Hutt Valley region.
We take care of investments, offering peace of mind and a personal service to investors and tenants alike. Our solutions are backed by industry-leading technology and proven systems that promote both excellent property care and strong investment returns. Taking on all aspects of the landlord’s role, we guide our clients with professional, tailored advice using our extensive experience and insight in the rental market that can only be built over time.
If you would like to chat about the possibility of working together, or to receive a no-obligation, FREE Rental Appraisal get in touch with our team today.
Quinovic Johnsonville | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Hutt Valley | Wellington
Call Helen Vance - 027 487 8103
Quinovic Kent Terrace | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Wellington Property Management