Perhaps your current property manager hasn’t conducted thorough reference checks when your tenant was chosen, or perhaps private property management hasn’t gone as planned. Either way, if the current tenant in your rental property is causing problems there are a number of reasons you might consider evicting them or choosing not to renew their lease.

These reasons include:

  1. Failure to pay rent
  2. Regularly late payment of rent
  3. Malicious damage to your property
  4. Breaching the tenancy agreement
  5. Conducting illegal activities at the property, such as dealing illicit drugs or other criminal activity.

In most cases in New South Wales, you’ll need to provide at least 14 days’ written notice if you wish to end a tenancy due to wrongdoing on the tenants’ part.

However, the best way to deal with these tenancy issues is to avoid them in the first place.

If you’re experiencing problems such as the above with your tenants, it’s a sign that your current rental property management may not be up to scratch. These problems can be all but eliminated by using the right agent to manage your rental property. Why is this the case?

An experienced and thorough property manager will:

  1. Have the processes in place to meticulously check a potential tenant’s references to ensure they are reliable and responsible, and
  2. Have proven systems in place to ensure rent is paid on time.

Here at Let’s Rent, we choose to address these two aspects with extra detail.

  1. Finding the right tenant
    When it comes to reference checks, we like to speak with potential tenants at property visits to get a feel for whether they’ll be a right fit for your property. Upon application we check employment, tenancy and personal references, as well as the tenancy database for any outstanding matters. For this step we like to pick up the phone and conduct reference checks with a conversation, because we believe that this gives us a much clearer context. It sounds simple, but we find this really helps to match the ideal tenant to each property.
  2. Having the right systems in place
    Some years ago we decided we could improve our payment system, and implemented a direct debit system for all rental properties that we manage. Again – it sounds simple, but having this system in place sets a clear understanding for tenants. On average, 99% of our tenants are paying in advance. We also maintain good relationships and mutual respect with tenants, conducting detailed property inspections to ensure everything is looking as it should be on an ongoing basis.

With these factors, you can significantly minimise the risk of having tenants that need to be evicted, and save yourself a lot of hassle in the process. If you’re looking for honest, proactive and practical property management services in Sydney, then get in touch.

Happy EOFY!

We’ve entered this month on a relatively positive note for property management.

Thankfully we are seeing the rent relief requests and negotiations easing which we are all finding a relief….  I know many of our clients have found these negotiations challenging too so thanks so much for your understanding and patience.

I talked about redundancies last month but no new ones popping up so that is certainly a positive sign for the time being.

The 60 day stop on termination notices expired 13th June so we are now able to issue termination notices for non-payment of rent even in situations where tenants have been Covid affected and been offered rent relief.  There is still the requirement to pay rent under the residential tenancies agreement so those tenants who have chosen to pay short or not paid at all can now be taken to tribunal for redress.

As a result, the wait time for mediation at NCAT has pushed out to 6 to 8.  We are doing phone hearings which is actually working well. My experience is that members are actually being a bit more sympathetic to landlords and even property managers too!

At Let’s Rent, we have smashed our vacancy rate by nearly 50% to 2.3% this month!

I must congratulate Lochie who heads up leasing and Nik who takes care of our new business.  They have been driving the number of inspections and pushing applications through quickly.  We really hope to be letting you know next month that vacancy is lower again.

The May REI vacancy rate for Inner Sydney increased as expected and finished up at 5%.  Conversely the REI vacancy rate in Outer Sydney declined from 3.1% in April to 2.7% in May.  My REI colleagues are from varying geographical areas and the feedback from them is that regional and outer Sydney areas are doing ok.  Conversely the vacancy rate close to the city is the highest.  Sydney CBD has the highest vacancy by far at 14.8% according to SQM Research.

Let’s Rent

January 1.2%
February 1.4%
March 2.3%
April 3.2%
May 5.4%
June 2.3%
Six month average: 2.6%

REI Vacancy Rate Inner Sydney

December 3.4%
January 3.1%
February 2.8%
March 2.5%
April 4.3%
May 5.0%
Six month average: 3.5%

Thank you to those of you who have sent questions through! I really do love to hear your burning property management questions.

Don’t forget, we are always happy to check out any investments you may be interested in purchasing and provide a rental appraisal together with feedback on reliability.

Take care and stay safe.

Kind regards
Lisa

hello@letsrent.com.au
02 9555 4886