A rental budget needs room for interruptions and responsibilities, not just expected rent.
Keep reserves and records
Allow for vacancy, repairs, insurance and strata costs. Review statements and keep evidence of condition and spending. Deferring necessary maintenance can create larger problems and does not remove legal duties.
Handle arrears fairly
Contact the tenant promptly and document the position. A late payment may reflect an error or hardship, not deliberate default. Follow the lawful process for payment arrangements, notices and disputes. A manager can help administer the tenancy, but the landlord still needs informed decisions and sufficient funds.
