Tips for Landlords
Thinking about renting out your property for the first time? Or considering buying an investment property? Here are some tips for you to consider before becoming a landlord.
Off to market
A first step is to find out what the local rental market is doing. In the age of online real estate agents this is a simple as a few clicks. Check to see what other properties are available and the rental being charged. Concentrate on properties which have similar features to the one you wish to rent out. This can also give you a guide to the type of tenant suitable for the property (i.e., family, couple, single, share house), which in turn can help you with décor and fittings.
Dress the address
The property needs to be prepared for rental. While this may or may not involve furnishings, it will definitely involve a thorough cleaning process. Any personal possessions or fragile items should not be left in the property. Instruction manuals for fittings such as air conditioning or security systems should be left, but it is advised that these be copies and you keep the originals.
Know you’re covered
Remember to make changes to your home and contents insurance so it reflects the property is now being rented. It is also important that you consider landlord insurance, as this can cover against the risk of vacancy periods, rent default or legal expenses.
Where do you stand?
As a landlord you have legal obligations, in fact, there are hundreds of laws with which a landlord must comply. These cover a diverse range of areas from fire alarms to gas and electrical safety to the tenant’s bond money. It is essential you are aware of these if you plan to let the property yourself.
Who can help?
Having an experienced property manager can take much of the stress out of the rental process, and it is worth considering a local agent who will not only know the local market but the legal side of things as well. A property manager deals with all the paperwork and issues that may arise throughout the tenancy.
The team at Amanda Banton Real Estate are experienced property managers, who have screened hundreds of tenants and are expert at analyzing applications for any potential warning signs. Their contacts across the real estate and local community makes for thorough reference checking and easy management of any issues that occur, such as repairs or non-payment of rent. Contact Amanda Banton Real Estate today.