Ready to self manage? It’s decision time.
As a landlord you can choose to either manage your rental property yourself or have it managed by a property manager.
What to consider:
• 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 organise and manage potential repairs yourself?
• 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.
What documents are required?
Irrespective of whether you self manage or appoint a property manager to your property, the following documents will generally be required:
1. Any type of ‘renting guide’ which must be given to tenants before signing the lease in which it explains the rights of tenants as required by your state legislation eg. in NSW it is the ‘Renting Guide’
2. The lease agreement
3. A Property Conditions Report
4. 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:
1. A signed copy of the lease agreement given to the tenant
2. A signed copy of a Property Conditions Report given to the tenant
3. The bond lodgment form signed and submitted on your behalf to the rental bond board or trust
4. The provision of a clean, safe and secure property ready for immediate occupancy
5. Provision of one set of all keys to each tenant on the lease
6. The regular servicing and maintenance of all fixed appliances such as water and gas heaters
7. Payment of water and sewerage rates
8. The issue of detailed receipts for rental payments to the tenant
9. The financial and resource preparedness to conduct necessary and urgent repairs when needed
10. Respecting the right of the tenant to peaceful and quiet enjoyment of the premises, observing rules for notices for inspections and access.
Help is at hand for you by contacting your relevant state or territory rental authority.
Disclaimer: This article has been written by Rent.com.au for the purpose of providing general tips and recommendations only and does not purport to represent legal advice and does not claim to be a complete documentation of the topic. You should obtain specialist commercial and legal advice from relevant service providers and professionals with regard to your own circumstance and requirements and legislation in each state. This content is provided in conjunction with the Terms and Conditions of use of the RENT website.