Protection

Five property management tips to keep properties holiday-safe

With Christmas around the corner, here are five essential property management tips to keep properties safe this festive season…

As the year winds down and summer approaches, it is only natural to start thinking about switching off and enjoying a well-earned break. Unfortunately, your rental responsibilities do not take a holiday. Whether you are heading overseas or simply relaxing at home, the last thing you want is an unexpected issue with your rental property disrupting your time off.

With a bit of smart planning, you can ensure your investment property is well looked after. To help you prepare, here are five practical tips to keep your property in good shape this holiday season.

Check in with your tenants

The festive season can be financially tough on everyone, including your tenants. As a result, the first few months of the year can see a rise in loss of rent insurance claims when tenants are unable to pay. Checking in with tenants before the holidays give them a chance to raise any financial concerns early, reducing the risk of rent arrears before it becomes a problem. It is also worth checking if tenants are planning to be away over the holiday season. If they are, it can be a good time to carry out maintenance checks. If they are planning on being away for several weeks or more, you can ask them to turn off the water and gas mains and unplug non-essential appliances. It can also be a good idea to confirm with your landlord insurer how long a property can remain unoccupied before it is classed as ‘vacant.’

Have an emergency plan for urgent repairs

In Australia, the festive season also brings disaster season, with an increased risk of fires, floods and storms across much of the country. It is a smart move to have a plan in place before anything goes wrong with your rental property. Most insurance policies require reasonable steps to prevent further loss, so make sure your tenants know what to do if an emergency occurs. Remember that urgent repairs must be handled within legislated timeframes, something that can be challenging when many tradespeople are away over the holidays. Make sure you have a list of reliable tradies you can contact in an emergency, and if you use a property manager, ensure they have this list as well.

Be aware of any subletting arrangements

With Airbnb and other short-term rental platforms more popular than ever, some tenants may try to earn extra income by renting out their room or property while they are away for the holidays. This can have serious implications for your landlord insurance if something goes wrong. Make sure you check in with tenants about any subletting plans, and if you are comfortable with it, confirm that it is not going to affect your insurance coverage.

Increase property security efforts

Home burglaries tend to spike over December and January, when many properties sit empty during the holidays. Remind your tenants to stay vigilant about security (for their protection as well as yours) and check if there are any security issues that need attention. You could provide your tenants with a simple home security checklist, including reminders to lock up properly, set alarms, and use sensor lights to keep entrances safe and well-lit. You can also remind your tenants that they need their own renters’ contents insurance, as landlord insurance will not cover their personal belongings.

Communication is key

Even in the most well-managed rental situations, things can go wrong. The most important thing is that tenants can reach you when they need to. If you will be away or difficult to contact over the holidays, let your tenants know in advance and give them clear instructions on how to reach you if something comes up. If you will be completely unavailable, make sure they have the contact details of someone you trust who can step in on your behalf.

The bottom line

A little proactive planning can go a long way over the festive season. By taking a few simple steps before your holiday, you can feel more at ease knowing your property is being looked after. Even with the best planning, unexpected things can happen, which is why the right landlord insurance is essential to keep your property protected and give you peace of mind.

Have a question about managing your property over the holidays? The EBM RentCover team is here to help. Contact us on 1800 661 662.

*While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you need us we are here, contact 1800 661 662 if you have any questions.