Protecting Your Investment Property | From the Addisons Property Management Team - Addisons Advisory Group

Protecting Your Investment Property | From the Addisons Property Management Team

PM

 

What a start to the new decade!

Only a few short months into 2020, it’s fair to say that the world has seen its fair share of global events. With the current climate of the unprecedented Corona Virus (COVID-19) pandemic being felt across our communities far and wide, we’re finding ourselves along with many others having to navigate through these challenging times.

With the developing nature of this pandemic, we are continuing to be as proactive as possible. We are confident our technology, industry experience and robust procedures that underpin our daily operations, equip us with the tools to respond.

The effects that this global event has had is multifaceted and we’ve turned our attention as to how we are best able to continue to effectively service and manage your investment property. As your Managing Agents, we understand that it is imperative that we always act in your best interests. With this being said, we’d like to share with you some of these considerations.

 

Health and Safety Precautions

We are Real Estate Agents, so naturally, we’re ‘people persons’! We find ourselves meeting with yourselves, your tenants and prospective tenants all the time. Whilst we love to engage with you in person, we’re now politely declining the traditional handshake. We’re happy to greet you with a smile or if we’re feeling overly friendly, we’ll nod our head and do the ‘namaste’.

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In all seriousness, we’ve now updated our processes and have equipped our team with disposable gloves, hand sanitizer and sanitizing wipes for your properties protection when we engage with the home. We’ve also set in place precautions for any prospective tenants wishing to enter the home with a series of qualifying questions as well as equipping all prospective tenants with the same protective products.

 

Property Marketing Videos

For any Owners who are looking to lease their investment property, we’re conscious of walk through traffic within your investment property/home. With this in mind, we have engaged a videographer available to conduct a walk-through style video of your investment property, which allows the consumer to conduct a ‘walk through’ online. This concept in turn, will help to lease your investment property at a faster rate, given the virtual tour. We’ll be reaching out to any Owners with current or upcoming properties For Lease, to explore this option with you. We’re also in the process of finding new ways to meet with prospective tenants, including Zoom meetings or facetime calls – using our technology and experience to ensure minimal disruption.

 

Rental Payments

In uncertain times, it’s common for investors to be concerned with their investment property and its continuity of income. In times of hardship, we may see a rise of rental payments being made later than usual and we understand that this can have a ‘knock-on’ effect for investors with mortgage payment responsibilities. We as your Managing Agents have already reached out to your Tenants to remind them of their responsibilities to continue to pay the rent consistently, during these times. We’ve reiterated that without rental payment income, in most cases the Owner will have a shortfall on the mortgage which in turn, effects the tenant if they have no home to live in! We’re fortunate enough at Addisons that we have a strict arrears policy and this will continue in full force on your behalf, throughout this time.

 

Insurance

In the event that your Tenant does experience hardship, we’ll do our best from a management perspective to assist with creating reasonable and acceptable payment plans or perhaps community or government assistance can be engaged (if necessary). The best form of protection and peace of mind for you is to check your insurance policy to ensure that you’re protected in this event.

To help with information surrounding insurance, we’ve reached out to our insurance partner EBM Insurance. Many of you have active insurance policies in place with the Rent Cover Ultra Policy in which protects you for ‘Rental Loss’.

Here's a link to the EBM website, specifically, the Rent Cover Ultra package: https://www.rentcover.com.au/insurance/landlord/ultra

From our understanding, we can see that there is a rental loss claimable for up to 6 x weeks, with a nil excess, for: Protection during hardship and when a tenant stops paying rent or has left unexpectedly.

In speaking with EBM representative’s today, they’ve advised that this feature of the policy is certainly current and further, their leadership team are working together to provide further clarity surrounding insurance claims, as a result of the COVID-19 event. Now, in the world of Property Management, it's our sincere hope that you'll never have to use your insurance protection policy however, we stress that insurance is there for your protection.

We suggest in checking your Owner Portal to ensure that you have an active insurance policy with either EBM or another insurer in place, which can be found under ‘Documents’ with your Owner’s Portal.

Further, feel free to reach out to us to check if you have an active insurance policy in place or if you’d like to engage us to help you purchase an insurance product in the meantime.

 

Working from Home & Becoming Mobile Agents

Should the World Health Organisation encourage our office to work from home in an effort to ‘stop the spread’, both our business and staff as a whole have the capacity to work from home. There will be no disruption to your communication with our team during these times and it will be ‘business as usual’ with the addition of safety precautions. In the day and age of 2020, we have so many communication options available via email, phone, Skype and/or Whatsapp – we’d be happy to jump onto a virtual meeting to discuss any concerns or perhaps do a health check on your investment.

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Keeping in Good Spirits

If you are reading this during self-isolation from your home, home office or quite possibly your lounge – we’re sending you a virtual hug (or perhaps that should be a ‘namaste’!)

Here’s a list of fun things to keep your mind and body active in the meantime:

  • Keep in touch with family members and friends via phone, email or social media
  • Re-assure young children using age-appropriate language and keep them busy
  • Engage your household in an at-home exercise class – there’s plenty that can be found online!
  • Listen to a Podcast
  • Binge watch through your ‘favourites’ on Netflix
  • Cook up a storm
  • Create a Spotify playlist
  • Get into the gardening

As your Property and Investment partners, we’re here with you as we work through these times together. We’ll continue to keep you up to date with the latest information from industry insiders and those in the know from an investment property point of view and encourage you to reach out to us if you’d like to have a chat.

 

Angus, Sarah and Greg

Addisons Property Management Team

APM

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. All loans are subject to lenders terms and conditions – fees, charges and eligibility criteria apply.