Managing Your Property
As a landlord you can choose to either manage your rental property yourself or have it managed by a house manager. Matters to take into consideration when deciding on which option is Ideal for you include:
- Are you aware of your rights and responsibilities as a landlord?
- Have you been conscious of the most recent laws, rights and responsibilities of renters?
- Have you got the time and energy to manage the property and arrange and manage potential repairs yourself?
- Are you really committed to being a responsible landlord?
- Can it be financially worth your while?
- How can renting your property affect your taxation position?
A number of these questions only you can reply, but you need to at least be up to date and aware of the numerous laws, rights and obligations that are required of you as a landlord and also you need to understand what to expect from a tenant and what their rights are.
Regardless of whether you manage or create a property manager for your Own Property, the following documents will generally be needed:
- Any type of ‘renting guide’ that must be awarded to tenants before signing the lease in which it clarifies the rights of tenants as required from the state legislator e.g. In NSW it is the ‘Renting Guide’
- The lease agreement
- A Property Requirements Report
- A bond application form
You can obtain these documents from various outlets including the applicable lease authority in your state, real estate institutes, bigger news agencies, consumer affairs departments and a few stationery supply businesses.
Whether Performed direct or via a property Supervisor, the following basic Activities and conditions needs to be completed for a tenant at the beginning and during the Period of tenancy:
- A signed copy of This Rental Agreement given to the tenant
- A signed replica of a Property Requirements Report given to the tenant
- The bond lodgment form submitted and signed on your behalf to the rental bond board
- The provision of a clean, safe and protected property ready for immediate occupancy
- Provision of one set of all keys to each tenant on the rental
- The normal servicing and maintenance of all fixed appliances such as water and gas heaters
- Payment of water and sewerage rates
- The issue of detailed receipts for rental payments to the tenant
- The fiscal and resource preparedness to conduct urgent and necessary repairs when needed
- Respecting the right of the renter to peaceful and quiet enjoyment of their premises, observing guidelines for notices for inspections and accessibility.