Being tough on your tenants that have financial difficulties at the moment would be very short-sighted
Here are some tips from us at RealRenta, on how to navigate this tricky time and support vulnerable tenants:
· Find out if you can defer your loan payments for
a period, whilst your tenants are not able to pay their rent.
· If you have an interest only-loan or negative
equity/no equity in your property, negotiate with your bank to pre-pay the interest
this financial year at a lower rate than what you are currently paying.
· Claim a tax deduction for any interest that you
do pre-pay
· Communicate regularly with your tenants and
record all conversations on the RealRenta platform to form part of the tenancy
file
· If you do adjust the rent, make sure you reflect
the change on your RealRenta ledger, contact jason@realrenta.com if you need help with
this
· Encourage your tenants to take advantage of
government incentives and refer them to this link: https://www.servicesaustralia.gov.au/individuals/subjects/affected-coronavirus-covid-19
· Be prepared to be flexible because it may get
harder to find good tenants if this crisis escalates
For more information on how to contact us, see our article RealRenta National Support Team: https://www.realrenta.com.au/blog/post/577
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Marlene Liontis
Monday, 30 March 2020
