The Financial Crisis Has Affected Many Of Your Tenants Income
It does not matter how our emotions are, business is business, and mortgages have to be paid.
I have seen comments from property managers saying that they are getting properties listed with them from investors when the rent is already 3 months in arrears.
With the changes to the Act in Queensland in July 2009, a landlord can be fined up to $2,000 if they do not give tenants the correct paper work at the correct time.
This change emphasises the fact that tenants have to do the right thing by the owner, but that the owner too has responsibilities to the tenant. If an investor is self managing a property they need to be aware of all the legal processes and implement them if necessary and also make sure that they are implemented at the correct time.
There is no use getting a few months out from the beginning of a problem and then hoping to solve it.
If you have tenants who are having a problem paying their rent then get into discussions early.
Sometimes a leeway could be organised or some arrangement could be made so that you don’t lose a tenant who has been a good tenant in the past.
Losing a tenant with a previously good history does not guarantee a better tenant next time.
Weigh up the whole situation before problems arise and act early.
Consideration begets consideration – hostility begets hostility.
Usually the hostility costs more!
Filed Under: Property Investment • Property Investment Tips • Property News
About the Author: 
