For some individuals being a landlord is a rewarding and profitable experience in Australia, yet in the event that you are new to rental property business, you might have discovered that managing rental property is no cake walk. There are various responsibilities attached to it, you need to think about the property marketing tactics, the laws, property maintenance and inspections and avoid the most common landlord mistakes. You can either manage the property yourself or decide to outsource everything.
Here we have compiled few tips for every potential landlord to consider that will keep your property in good condition, running and generating revenue.
- Create a work schedule
Regardless of whether you manage one property or several, setting up a work schedule and adhering to it is essential. While you cannot anticipate issues and need to be comfortable with the possibility of handling tenant issues at any time of the day or night. However, setting aside time for tracking your expenses and staying on top of general maintenance will help you get into a productive routine.
- Know about the legal rules
In Australia, there are various legal and legislative structures in place to protect both tenants and landlords and these vary according to each state. If you are managing your property all by yourself, it is recommended that you complete a short course in property management. You also need to obtain access to standard agreement and documents such as lease agreements and bond lodgement forms.
- Rent collection
This is amongst the most essential property management tasks and is critical that you follow a clear process and that full rent amount is paid on a specified date. Nowadays, professionals utilise direct debit to manage rent payments. This is the best form of payment as the control is with the property manager and can be used by you as well. You need to be clear that rent must be paid in full and on time, don’t drop in to collect payment, avoid part payments and ensure there is one party responsible for communicating any issues with rent payments. If your tenants do not pay or are paying rent in instalments then it is recommended that you commence written reminders that rent is due.
- Property maintenance and inspections
The most critical part of property management is the property itself. The physical structure needs to be maintained for the wellbeing and safety of the tenants. Your insurance company likewise require certain parts of the structure to be maintained properly and meet certain standards or they decline to insure the property. Property maintenance includes cutting the grass, picking up leaves, pruning the trees, shovelling the snow, taking out the garbage, making sure that tenants have access to running water at all times, heat in winter and keeping all common areas clean. You also need to look into any roof leaks, plumbing needs, cracked titles, loose handrails and faulty door or window locks. When it comes to tree maintenance on your property taking external help is a good way to go. Hire tree care services in your locality and be rest assured.
The above-mentioned are few of the tips that help you effectively manage your rental property.