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How to deal with inherited tenants?

Monday, February 24, 2020
 

This week's question comes from Joe:  

I am about to settle on a property with an existing tenancy. Should I let the tenants stay?

Barfoot & Thompson Property Manager Max Cameron shares his view: 

'Its a bit of a complicated question, as it depends largely on the type of the property and what the current tenants are like. Chat with the current owner or Property Manager to ascertain whether the tenant is someone that should be kept and whether rent is paid on time and the house looked after.

In some ways, it is better, in my opinion, to start 'fresh' as it gives you an opportunity to do some work on the property such as Healthy Home requirements or renovations. It also means you will have the opportunity to look at the market rent and whether you could find a new tenant at a different rent level. You would also have an opportunity to select the tenant.
If you take over an existing tenant, you do take over some of history and 'baggage'. Although I would say, if you do have a fully compliant property and its clear the tenant is good, then I would feel comfortable keeping them on. It really is a case by case situation.'

When's the last time you've had your rents market assessed? Click here to get a free rental appraisal by Max


Do you have any tenancy related questions? Write to us at admin@apia.org.nz or hit us up on our social channels here and here

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The Tenancy Practice Service and TPS Credit Control work closely with the Auckland Property Investors' Association. Our vision of bringing helpful resources, documents and high quality services to Auckland Property Investors and Property Managers is shared by APIA, so its a partnership that works well. 

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Mathieu Holt- Managing Director, The Tenancy Practice Service & TPS Credit Control
Through the Association I found the channels and methods to fund the purchase of property I never dreamed about. Grant Brown

All round it has been one of those things Neil and I felt was really worthwhile belonging to. We have learned so much it has just built our confidence in what we are doing.

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Fantastic organisation. The networking opportunities are brilliant and provide us with information and opportunities that cannot be obtained anywhere else. We learn something new at every meeting and we've been in this game for nearly 20 years. Pauline and Gyanen Kumar

I find the information obtained from various APIA meetings very useful in guiding my own property investment and rental management.  I also enjoy the networking opportunities with like-minded investors.  I am inspired by other investors’ success and find the more experiences and knowledge that I share with others, the more confident I become.  

Thanks to all APIA event organizers and administrators for your brilliant work. 

Stella Shao

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Every time I attend a monthly or regional meeting I come away with so many useful and positive tips that have added value to my property investments and management.

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Tim Duffett, Plan A Investments Limited