Property Management Newsletter Summer 2020

Property Management Newsletter Summer 2020


Rules for share house harmony

 
With more people spending time at home, having the right people in your investment property is vital. But how can you help ensure your renters are living in harmony? Here are some proven tips for the renter that can help them create a happy share house.
Before moving in
Before moving in with someone, it’s a good idea to sit down and have an honest talk about routines and lifestyles. If one potential renter is a morning person but the other is more a night owl, then perhaps it isn’t going to work. Treat this process like an interview and try to find people with things in common.
 
Signing the lease
Make sure all renters sign the lease. If everyone’s signature is on the lease it means they have equal rights to the property and therefore equal liability. You’ll find all renters will then be more aware of treating the property with respect, paying rent on time and looking after the property if they are jointly liable.
Paying the rent
For renters, figuring out how to split the rent can be challenging, but when living with roommates it is an important process to go through before they sign the lease. There are two solutions to make this process as fair as possible: divide the square meterage and figure out who gets the most perks.
Paying the bills
One of the main points of conflict when sharing a house with roommates is rationing the utility bills and internet bills. It is recommended that one renter is assigned the responsibility of paying bills as soon as they move in.

This doesn't mean they pay the entire bill, but rather are responsible for paying the bill on time.
 
On-going communication and respect
Communication is key especially when people are living together - it is important to discuss any issues or perceived issues straight away. Any unresolved or unstated problems can simmer and eventually become volatile. Respect is very important for everyone involved – landlord, renter, property manager etc.
Pets
If the renter is allowed pets, make sure all the renters are aware of someone with a pet before they bring in their furry friend. Some people have allergies to certain animals or simply don’t like them, so give them the option beforehand.
Create some house traditions
The best share houses have a sense of community and belonging, in other words they have fun together. This could be as easy as setting a regular night each week aside as a ‘family meal night’. Other suggestions include movie and popcorn night at home, local pub trivia night, cocktail tasting night, Sunday brunch, themed dinners, or perhaps roll your sleeves up and create a veggie garden in some pots or in the garden if you have one.
 
Whilst undoubtedly there will have to be compromise, hopefully this list helps your renters create the perfect share house harmony.
 
Speak to your LJ Hooker Dee Why property manager today for more tips.