With the rental market booming and television glamourising property portfolios, new
landlords are jumping into the business without a full understanding of the role.
Don’t get caught unaware, do your research first.
If you’re a seasoned veteran when it comes to renting your property these are
likely things you already know. Yet new or potential landlords may not be aware of
four basic rules.
Remember, its business and nothing personal
Several scenarios such as late rent or damage caused often make being a
landlord tough at times. It is important to leave any emotional attachment
to your tenants and the property behind and focus on the business
arrangement you have.
Always have a lease
Your lease agreement is designed to protect you and your property and it
will clearly state the legal responsibilities of each party. Never let a
tenant move in without one.
Check out your tenants
It is always important to ensure you set a standard for the type of tenants
you want living in your property. Check references and employment details
for every tenant on the application.
Know your rights and responsibilities
Being a landlord comes with certain legal requirements (these will vary in
different states and territories) and it is worthwhile researching exactly
what you are getting yourself into firsthand. From lease dates and notices,
seeking legal advice to simply, smoke alarms and electrical checks,
landlords can be imposed hefty fines if they don’t comply.
Before you take the plunge learn more information by following the links below:
For Landlords ( qld.gov.au)
Renting - Information for tenants and landlords on renting ( fairtrading.nsw.gov.au)
Landlords rights and responsibilities ( qld.gov.au)