It seems as though every year, Christmas comes a little bit sooner than the one before it. With that in mind, we thought now would be a prudent time of the year to re-visit one of our most popular blog posts from last year on how to survive this Christmas as a landlord. There’s no denying it, this year has been a busy one. Landlords have been hit with the impact new government legislation, and all while trying to keep track of a busy market. The reality of it is, being a landlord is an evolving trade and keeping up with the Jones’ is easier said than done. Over Christmas however, the life of a landlord is a difficult one. Anyone who invests in property has clearly made some smart decisions along the line, and has worked extremely hard to be in a position to do so. When you’re working hard, the Christmas break is an opportunity to relax and enjoy time with friends and family. Murphy’s law dictates then, that something will go wrong with your investment property during the one time that you are trying to switch off. So how do you navigate the Christmas break as a landlord and make it as stress-free as possible? Can you take your well deserved holiday outside of the city your investment property is in? Can you comfortably enjoy your break and rest assured that nothing will go wrong? We’ve put together a quick guide on making the Christmas break as stress-free as possible.
1 – Plan with your tenant
Find out what your tenants’ plans are over the holiday period. If your tenant will be away from the property for an extended period of time, it may be worth requesting permission to drop by, or have someone drop by the property on your behalf, a few times during their absence just to make sure that everything is in good order. Of course, this must be done with prior arrangement from the tenant. Knowing your tenants’ movements during the holidays and creating a plan ahead of time will allow for a better response in the event of emergencies.
2 – Have a back up plan
If you’re going overseas, the chance of a tenant getting in contact with you could be pretty slim. The last thing you want when you’re on your holiday is to be contacted at 3am to find out that you’ve got a burst waterpipe flooding your rental property. Give your tenants the details of trusted tradespeople or an authorised contact who can action things on your behalf, who they can call directly in the event of an emergency. That way, you won’t have your well deserved holiday interrupted by trying to organise maintenance from overseas! Brief your tradespeople ahead of time and encourage them to fix only what is an emergency. Give them a cost limit and ensure they send you detailed descriptions of the work done.
3 – Value your tenant
Notoriously, christmas is a time of giving. We are often blown away by the generosity of our clients who choose to buy their tenants a small gift at Christmas to say thank you for their good tenure of the property throughout the year. Doing so is not only an incredibly kind gesture to your tenant, but also helps to improve your relationship with them moving forward. Good tenants and a good tenant-landlord relationship are the keys to success in the property management game!
4 – Visit the property
During the festive season we usually get a few clients who are back in Wellington for Christmas who would like to visit their property, If you are wanting to visit your investment properties, get in touch with your property manager to arrange a visit. We love meeting our clients in person, and tenants love to meet their landlord too. It a great way to build rapport that can be helpful during trickier times. It can also be a fantastic opportunity to discuss potential renovations options to keep the property maintained and help build capital value.
Navigating the Christmas period is essential. As a landlord, it will inevitably be one of your most challenging periods. Being prepared ahead of time will make things not only less stressful for you, but more enjoyable for your tenant. Happy tenants renew contracts and are more accommodating further down the line.
Coming back in the new year too will be a busy time too, so ensuring that you make the most of your Christmas break is imperative. Our team will be away taking a bit of a break until January the 9th 2023. We will of course have a skeleton crew operating over the festive season to keep the wheels turning but for all non-urgent enquires, we will get back to you after this date.
For obligation free advice on navigating the tricky Christmas and New Year period for your rental property, feel free to get in touch by visiting www.tommysrentals.co.nz .
The entire team at Tommy’s Property Management and I would like to extend our warmest wishes and hope that you have a very safe and Happy Christmas and New Year. We look forward to coming into 2023 with a hiss and a roar, and continuing to offer tailored advice to our clients.