There is more to being a landlord than unblocking the sink, collecting the rent and watching your investment grow, so here’s some tips for successfully renting your property.
Going it alone
It is possible to manage your own property but it can be hard work, time consuming and may not fit around your work and family commitments.
Use a property management service
If you are already busy with a full-time job and spare time is at a premium, then you may find it overwhelming when you need to run inspections, do condition reports, organise repairs, attend tribunals etc.
Having a property manager will also avoid you having to engage in awkward conversations about why the rent hasn’t been paid.
Get property insurance
Make sure you take out a landlord insurance policy to protect your property and contents and ensure the bond is lodged with the Rental Bond Board. You can also opt for additional insurance cover against rent default. And remember, there are no guarantees that everyone will look after your property like you would.
Comply with your legal obligations
This is a biggy... Be aware of the rules and responsibilities which bind tenants as well as landlords. Remembering that these regulations do change, so you need to stay up to date. We always recommend landlords have a grasp of even the most basic consumer affairs laws relating to rental properties as well as informing them of their maintenance obligations.
For more information regarding renting your property, please call Andrea Tucker on 0402 487 887