14 Jun 2016

Our Guide to Happy Tenants

We’ve all either heard about, had or maybe even been nightmare tenants at one point in our lives. For all involved, there’s a particular kind of dread associated with the prospect of leasing to a problematic tenant.

The reason these arrangements carry such potential for disaster is simple: There’s nowhere to “go home to” after a dispute when the dispute is about your home. Tenants make contracts with landlords that have implications for their entire lives. Needless to say, a dispute can be a serious matter.

Whether there’s a disagreement involving money, pets or otherwise, it’s important that the situation is handled delicately. Here are a couple of common clashes between tenants and landlords (and the best ways to tackle them).

Uncommon goals

The landlord (or investor) has different priorities than the tenant, and that can lead to all sorts of clashes between the two parties.

The investor’s goal is to achieve as high as possible a return on their investment. The tenant’s goal is to create a home. This can lead to issues on where the line is drawn when it comes to repairs, maintenance and more. What does the tenant pay for, and what does the landlord pay for?

While the tenancy agreement can serve as a decent basis for making a decision, there are other factors to consider as well.

For instance, finding a new tenant is expensive. Ideally, you’d have a long-term tenant that’s easy to deal with, and sometimes, earning that kind of trust and loyalty comes at a price. Even if some property damage isn’t technically your responsibility, it might be worthwhile to shell out in order to keep the peace.

Bond and rent disputes

While many issues between tenants and landlords eventually come down to money, bond and rent are the most problematic. We’ve all seen the Hollywood stereotype of the down-on-their-luck protagonist who’s weeks or months behind on the rent.

Hocking Stuart department manager Karina Reed suggests that the key to handling these issues may lie in the appointment of the right real estate agent.

She says, “The landlord should actually ask when they’re appointing an agent, ‘what are you like at problem solving, what are you like at conflict management?’”.

Comparison services like iSelect for insurance also exist for finding real estate agents. If you’re interested in finding an agent and comparing fees, LocalAgentFinder is the only real estate agent comparison service online that provides fee details.

Mortgage House

At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.

But don’t worry, we can help with that.

If you’re thinking of buying a home to rent out, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.

Click here to speak to us!

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