Over the past two years, Sydney’s property market has seen incredible price growth, increased auction activity, and a rising trend in domestic migration, as people start to place more value on improving their lifestyle.
However, NSW has also experienced torrential rain and flash flooding, which has been considered the worst in the past three decades. This has greatly affected both the local communities and properties around the city, including our Northern Beaches area.
When leasing a property, it’s important to consider the risks that may happen over the years which may affect your investment so you’re always prepared.
One of the best ways to do this is by choosing the right Property Manager – as they can truly make all the difference.
Here are a few case studies of how the Upstate team have handled challenging times like these.
The impact of recent floods on Northern Beaches rental properties
We’ve seen first-hand that the recent floods have had two major impacts on the residential property market in NSW:
1. Housing/Rental Price increases
Disasters can damage and destroy homes as well as displace individuals and families.
When residents lose their homes, they need to find a new place to live – temporarily or over the long term. When looking, people tend to prefer areas close to their original residence, that are still close to work, amenities and other familiar lifestyle aspects, such as the beach. This then causes an increase in demand for the remaining housing in the area. As a result, the rental prices of vacant stock rise considerably.
2. Demand shifts
The recent torrential rain and flooding also has a natural impact on buyer attitudes toward purchasing or renting in areas that have been affected by the extreme weather. This creates a greater demand for areas with a lower flood risk which can result in higher insurance premiums for the more vulnerable properties.
If you’re a landlord, or looking to buy an investment property, it’s important to take this into account.
Upstate has always been proactive when it comes to unforeseen circumstances like the recent heavy rains across Sydney’s Northern Beaches. We understand that communication and preparedness are the key elements that we can control during these times.
Communication plays an important role in strengthening relationships between our tenants, landlords and Property Managers, to keep everyone informed. During the recent floods, our Property Management Team actively called tenants and landlords to keep them informed and offer assistance and solutions.
John Hall, Head of Business Development at Upstate, said, “One of our main roles as Property Managers is to mitigate risk and during a time like this, our priority was to reach out to everyone – tenants and landlords – so that they knew that they weren’t alone and that we were here to help them.”
Our standby solution in-waiting
In preparation for damage to homes, our Upstate Concierge Department, who manage upgrades and major repairs, prepared multiple tradespeople to be on standby for requests so they could act as soon as it was safe.
“Our Concierge Department have great relationships with tradespeople and whilst they focused on this, our Property Managers focused on the relationships between tenants and landlords,” said Tyler-Marie Leach, Property Management Department Head at Upstate. “As a result, we were able to see a quicker resolution and attendance to homes needing repairs, while individuals and families stay fully informed.”
Systems that are prepared for anything
At Upstate, we are continuously innovating our approach to systemise our processes. For instance, we provide our tenants and landlords with accessible ways to communicate damage and property concerns.
Our Upstate emergency repairs page on our website and our innovative smartphone app, OurTenant, offers a dedicated portal, allowing our tenants to submit maintenance requests and much more. This then provides our Property Managers with the ability to track requests and determine what matters are urgent and need attention.
Keeping people safe during extreme weather
As a result of the recent extreme weather conditions, some of our tenants were displaced and needed to find new long-term homes. Our Property Managers went above and beyond to ensure both tenants and landlords were looked after by thinking outside the box.
John Hall said, “One of my tenants had a particular criteria for his family’s new home. Searching through our database, we found the perfect property that hadn’t even gone to market yet that would suit his needs. I actively called the Landlord who approved a private viewing and within a few days that tenant had a roof over their head!”
How to deal with a flooded rental property
Floodwaters can leave extensive damage to homes and property. If you find yourself in this situation, here are some steps that you can take to begin resolving the problem:
1. Assess the damage and be safe
Once it’s deemed safe to return home, assess the extent of damage to your home. This can include ongoing damage that may appear over time.
Look out for gas leaks and broken appliances that may have ongoing problems. Don’t turn on any electrical items, including lights, until an electrician can confirm that it is safe to do so.
2. Document the damage.
Your immediate concern may be to begin the clean-up work straight away. However, we recommend documenting all the damage to the property by taking photos and videos and uploading them to OurTenant app.
This will ensure our Property Managers and the landlord stay up to date and can take action.
3. Contact your insurance provider.
While your home insurance may vary depending on the policy you have, contact them to find out more. Advise your insurance provider of the state of your home and the repairs that may be required.
Be sure to follow their directions about whether to wait for an inspection of the property before making any repairs.
4. Contact your Property Manager or landlord.
If you’re in a flood-affected area, tenants are urged to contact their Property Manager as soon as it is safe.
If possible, advise your Property Manager if you have been evacuated from your home, regardless of whether you can provide initial details on the extent of any damage caused.
Upstate truly cares for you – rain, hail or shine
Property damage caused by heavy rains and flooding can be a stressful time for both tenants and property owners.
We understand this better than anyone – which is why we provide supportive guidance and solidarity to get everyone through this.
Following these above steps and learning how to mitigate risks can help to expedite the process of reclaiming your home and finding out what to do next.
The right Property Management team like Upstate can make a world of difference
It’s times like these that bring out the best in people and show you who is there when you need them.
Our Upstate team always step up!
This is why our expert team of Property Managers, Property Concierges and trusted partners make things so much easier for both our landlords and tenants. With our proactive approach and willingness to go above and beyond, you can rest assured that you are always in good hands.
Speak to your local Upstate team today and see how we can help you find yourself in a better place. We look forward to chatting with you soon.
The Upstate Team.