Owning an investment property in NSW can be rewarding, but it also comes with its fair share of challenges.
One of the most stressful situations for a landlord is dealing with unexpected property emergencies. Whether it’s a burst pipe, unpaid rent, wilful damage, or a sudden vacancy, it’s important to be prepared and know how to handle these situations calmly and effectively.
Here’s how to tackle those unexpected property emergencies with confidence:
1. Don’t panic
It’s natural to feel upset when things don’t go as planned with your investment. Remember, all investments carry risk, but there are ways to mitigate these. Unfortunately, unexpected issues will pop up in property investing – it’s just another part of the wealth-building journey.
2. Trust your property manager
Your property manager is there to manage the property, so you don’t have to. Although unexpected issues may be frustrating for you, rest assured a good agent will get it sorted. They will assess the situation, contact trusted trades or other professionals to fix the problem and any damage, and keep you informed throughout.
3. Reach out to your insurance provider
Good landlord insurance is crucial – and believe us, reading the fine print is well worthwhile. Get in touch with your insurance company to begin your claim. They will then provide you with a list of what you will need to gather. (If you have a good agent, they will do all this for you)
4. Review your emergency funds
At Prudential Real Estate, we recommend our landlords put aside 10% of the rent each year to cover emergencies. However, with rising interest rates and the cost of living crisis, we acknowledge that this isn’t easy to come by.
From our experience managing thousands of properties, we can assure you that most tenants will look after your property. Instances of wilful damage are rare, but they do happen. However, even properties with perfect tenants need maintenance, and having an emergency fund can soften the blow of any surprises.
5. Get back to investing – and your life
A property emergency, although unpleasant, doesn’t have to rule your life. It’s important to remember that even well-meaning tenants run into issues outside of their control, which may affect their ability to pay the rent. This might include a family crisis or breakdown, domestic violence, medical emergency, or redundancy. However, with a good property manager onside, they will get it sorted as quickly as possible, minimising any rental income loss.
Remember, dealing with unexpected property emergencies is part and parcel of being a landlord. Your investment is valuable, and with the right preparation and support, you can protect it and continue to thrive.
Ready for peace of mind? Contact Prudential Real Estate today to learn how our experienced property managers can help you navigate the unexpected challenges of property ownership.
Prudential Real Estate Campbelltown | (02) 4628 0033 | campbelltown@prudential.com.au
Prudential Real Estate Liverpool | (02) 9822 5999 | liverpool@prudential.com.au
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | macquariefields@prudential.com.au
Prudential Real Estate Narellan | (02) 4624 4400 | narellan@prudential.com.au
