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As a landlord you can choose to either manage your rental property yourself or have it managed by a property manager. Matters to take into consideration when deciding on which option is best for you include:
- Are you aware of your rights and responsibilities as a landlord?
- Are you aware of the latest legislation, rights and responsibilities of tenants?
- Do you have the time and energy to manage the property and manage potential repairs?
- Are you committed to being a responsible landlord?
- Is it financially worth your while?
- How does renting your property affect your tax position?
Many of these questions only you can answer, but you must at least be up to date and aware of the various laws, rights and responsibilities that are required of you as a landlord and also you need to know what to expect from a tenant and what their rights are.
The following documents will generally be required:
- The lease agreement.
- A Property Conditions Report.
- A bond application form.
You can obtain these documents from various outlets including the relevant rental authority in your state, real estate institutes, larger news agencies, consumer affairs departments and some stationery supply businesses. Whether done direct or via a property manager, the following basic actions and conditions must be done for a tenant at the beginning and during the term of tenancy:
- A signed copy of the lease agreement given to the tenant.
- A signed copy of a Property Conditions Report given to the tenant.
- The bond lodgement form signed and submitted on your behalf to the rental bond board or trust.
- The provision of a clean, safe and secure property ready for immediate occupancy.
- Provision of one set of all keys to each tenant on the lease.
- The regular 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 financial and resources to conduct necessary and urgent repairs when needed.
- Respecting the right of the tenant to peaceful and quiet enjoyment of the premises
- Observing rules for notices, inspections and access.
Help is at hand for you by contacting the customer call centre of the rental authority in your state. There can be some advantages to appointing a property manager such as:
- They are professionals in property management. The services they can offer you and the tenant are usually more extensive and are backed by industry tools and services.
- Property Mangers have access to reports, fact and trends to help price and promote your property in the best way possible.
- Property managers have good local contacts when repairs and maintenance work is required.
- Tenants most often find it easier to access and discuss matters with property managers as a third party, which means better communication and less possible conflict for you.
- The property manager acts as a buffer between you and the tenant if things go wrong and can help negotiate with less direct stress on you.
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