Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Parents help PMs thwart youth subletting

05 April 2013 Steven Cross

Signing up parents of young renters as the official tenant is the only way to avoid subletting horror stories, according to an industry trainer.

Darren Hunter, director of Leading Property Managers of Australia (LPMA) told Residential Property Manager that most property managers will simply ‘stonewall’ young tenants rather than deal with them.

“The younger we get in the age bracket, the more of a risk the tenants become,” Mr Hunter said.

“To get into a rental property, most people need a good track record on their ledger, which they obviously don’t have.”

Mr Hunter believes responsibility in a shared house is passed around, until no one knows who is responsible anymore.

“Young renters tend to come in singles, so you might have three singles looking to share a house, which can be a big problem - lots of Indians with no chiefs," he said.

“There are two ways to avoid these things. One, educate your tenants. But most property managers prefer the second option, which is to stonewall them. We don’t rent to them because we know what the result will be.”

However, Mr Hunter claims he has allowed a select few young tenants rent in the past, on the condition the parents are involved.

“The way I’ve compromised with a person who I’m willing to give a go without a track record, is to get their parents involved," he explained.

“I’d sign up the mum and dad as tenants and tell them that I don’t want to know about the kid, if the rent gets behind I call them. If the garden is a mess, I’ll call them.”

Parents help PMs thwart youth subletting
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

What is the worst mistake vendors make?

Price too high
Taking low offers too personally
Neglecting curb appeal
Not ‘staging’ the home for sale
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.