Purchasing an investment property, or considering becoming a property investor?
When you’re rolling out the welcome mat to your tenants, it pays to know your obligations.
Here, we outline some handy tips for landlords:
DO…set a realistic rent.
Setting the rent too high could limit the number of tenants you attract. Set it too low and you could miss out on profit. Seek guidance from an expert. Your local real estate agent can give you a clearer picture of what’s realistic (and what isn’t).
DON’T…fall behind on your property’s maintenance.
Keep your investment property well maintained. It’s not purely about the comfort of your tenants but for your own peace of mind. Start by preparing a schedule of maintenance – and save yourself from headaches down the track. Alternatively, appoint an agent to look after it for you.
DO…appoint a property manager
Are you a hands-off person? Prefer not to manage the day-to-day aspects of your property? A professional will manage the property for you. They can pinpoint quality tenants, co-ordinate regular property inspections, respond to emergencies and stay a step ahead of tenancy legislation.
DON’T…lose track of rental payments.
If you don’t keep an eye on whether your tenants are paying their rent on time, you may find yourself well behind financially in no time. Recouping lost rent can take time and energy, so organise your finances.
DO…understand your landlord rights and obligations.
If you know your rights and obligations, it could help you avoid or resolve potential tenancy headaches. Here’s a list of websites that are worth bookmarking:
Office of Fair Trading NSW
Office of Fair Trading QLD
Office of Fair Trading ACT
Consumer Affairs and Business Services SA
Consumer Affairs NT
Consumer Affairs TAS
Building your property portfolio? Need a loan? Call us to see how we can assist you with your real estate investment.