While rental properties are intended to create a steady income for the owner, there can be times when the property in question can end up costing more money or losing money when things go wrong in unforeseen situations. One such case can be in the event of an abandonment of rental property. No matter how stringent the background and reference checks are that a property manager carries out, there a simply times when a not-so-honest prospective tenant slips through the cracks.
What to do when a property is abandoned
When this happens there are quite a few things that can be done in regard to legal proceedings etc and it takes the knowledge and experience of a reputable property manager to oversee such activity. There can be, understandably, quite a bit of stress involved for a landlord whose property has been abandoned and having the assistance of a property manager means that in this stressful situation there is someone competently handling what needs to be done by someone who is emotionally removed from the occurrence. So what can you expect to happen if your real estate is abandoned by its tenants?
To begin with, an agent who believes that a property has been abandoned must issue an Entry notice form 9 which provides 24 hours notice that they will enter the premises to carry out an inspection. The agent may think the property is abandoned for a number of reasons, this could be unpaid rent, disconnection of utilities to the property, an inability to contact the tenants or even something as simple as a build-up of mail. Once it has been established that the property is abandoned, the agent is required to formally end the agreement before they are able to take control of the home and deal with any items that have been left behind by the tenant in question.
Formally ending the agreement can be done in a couple of different ways and your property manager will know which is the best road to take and be able to execute either with professionalism. In the instance where money is lost either by missed rent or from damages caused to the property, compensation can be claimed for with the Tribunal and it is also highly recommended for the owner of the property to have landlord insurance to cover themselves in the rare event such an instance happens.
At the end of the day, no matter what happens with your rental property, every part of the process will be handled so much better and with greater care in the hands of the right property manager.