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Jenny owns an apartment which earns rental income of $600 per week. Unfortunately, after the first year of owning the property, her Tenants move out and it takes three weeks to find new Tenants. This costs Jenny $1,800 in lost rent plus a further $1,040 in adverting costs and letting fees – she is nearly $3,000 in the hole just as she is facing a major bill for repairing her car.
The next Tenants stayed for 12 months, before giving 28 days’ notice that they will be vacating, and Jenny's apartment was again vacant. This time it was five weeks before a new Tenant was found. Jenny again did not earn rental income during this period. This time Jenny has to find a spare $4,100 to cover her lost rent and extra costs.
The current Tenants' lease is due to expire, and Jenny wishes there was a way to protect herself from loss of rental income between Tenants.
Option 1: Jenny can continue to rely on her current agents and hope that they find a new Tenant quickly. They promise to try hard, but can’t guarantee when the new Tenant will be found, nor can they advise when Jenny will get her next rent cheque and how much it will cost her in the mean time.
Option 2: Jenny can get LongView to take over managing her property (with no disruption to the current Tenant or to her) and receive a Guaranteed Rent deal. That way, when the property becomes vacant, LongView ensures Janny keeps receiving income, on time, every month and they worry about finding the new Tenant while Jenny relaxes and gets back to the rest of her life.
LongView offers Guaranteed Rent contracts on about 90% of all investment properties – find out if yours in one of them. Call Rachel now on 0428 064 846.