5 common pitfalls of self-managing Landlords and how iRentProperty can make life easier

1. Not completing inspections often enough

Life gets busy, and for self-managing landlords, it’s easy to miss routine property inspections. Unfortunately, skipping these inspections can compromise both the integrity of your property and your insurance coverage. Without regular checks, necessary maintenance issues can go unnoticed, leading to potential long-term damage and costly repairs.

Moreover, most insurance policies require inspections to be conducted every 12 weeks to maintain coverage. If these inspections are missed and an issue arises, your insurance claim might be denied, leaving you financially vulnerable.

At iRentProperty, we ensure that these crucial inspections are never overlooked. Our team conducts regular inspections every 12 weeks and provides detailed reports to ensure your property is well-maintained and to help meet your insurance requirements. With our professional management services, you can have peace of mind knowing that your property is being looked after, and your insurance cover is secure.

2. Not documenting inspections appropriately

The need for appropriately documented inspections is two-fold:

1. Insurance claims: Most insurers require evidence of the last three inspections as part of an insurance claim. If these records are not available, your claim may be denied. Regularly documented inspections provide the necessary proof to show the property was well-maintained, which is crucial when seeking coverage for damages.
   
2. Pursuing damages: Landlords need solid evidence of property damage if they intend to pursue tenants for repair costs. Inspection reports serve as critical documentation to compare the property's condition over time, showing whether damage occurred during the tenancy.
   

With a professional management company like iRentProperty, digital reports are created at key stages: at the start of the tenancy, every 12 weeks, and at the end of the tenancy. These records not only help with day-to-day management but are invaluable in supporting insurance claims and providing evidence for disputes in the Tenancy Tribunal. By maintaining thorough and accurate documentation, we help safeguard your investment and make it easier to handle unexpected issues.

3. Not keeping appropriate rent records

iRentProperty recently took over a property from a self-managing landlord who estimated that his tenants had accumulated over $10,000 in rent arrears. While we're committed to helping him recover these losses, the lack of proper rent records makes the process much more difficult. Bank statements don't stand up in the Tenancy Tribunal. Accurate documentation is key in these situations, especially when pursuing claims through the Tenancy Tribunal.

Our team prioritizes keeping accurate and up-to-date records. With daily trust account reconciliation and leading property management software, we can easily generate accurate rent summaries in the specific format required for a successful Tenancy Tribunal case. This level of detail and precision is essential in recovering arrears and protecting your investment.

By partnering with us, landlords can have peace of mind knowing that their financial records are well-maintained and ready for any legal proceedings if necessary.

4. Being too nice!

It's easy for things to slide when you have a friendly relationship with your tenants—especially if they're family. In these situations, addressing sensitive tenancy issues such as rent increases, property damages, or even the need to sell the property can feel daunting. Often, landlords prefer to avoid conflict rather than risk damaging personal relationships.

That’s where a property manager can make a big difference. At iRentProperty, we act as a professional buffer, setting clear boundaries between tenants and landlords. Our role is to handle the difficult conversations and tasks that come with property management, allowing you to maintain positive relationships with your tenants while ensuring that your investment is managed effectively.

While notifying tenants of rent increases or property sales isn't the most enjoyable part of our job, it's one we take seriously. By letting us handle these challenges, you can focus on maintaining your personal relationships, while we manage the tough aspects of the rental process. Let us take on the responsibility so you don’t have to—we’ll be the "bad guys" when needed, making life easier for you!

5. Not reviewing rent every year

High interest rates and rising property costs have made it challenging for many landlords to manage their investments. At iRentProperty, we understand the financial pressures that come with owning rental properties, which is why we're committed to helping you maximize your returns.

When you join the iRentProperty team, we'll set up automatic reminders to ensure that rent reviews are conducted on your behalf every 12 months. Regular rent reviews are an essential part of property management, and if a rent increase is justified based on current market conditions, this can help boost your revenue and offset increasing expenses.

Our property managers will carefully evaluate market trends, comparable rental rates, and other factors to determine whether a rent increase is appropriate. This proactive approach ensures that your rental income stays competitive and aligns with your financial goals, while also maintaining a good relationship with your tenants.