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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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