How can I be a great landlord?
Being a great landlord is far more involved than just collecting rent from a tenant every week or fortnight. There are reference checks to be completed, lease agreements to sign, a property inspection to be carried out and bond to collect – and that’s after you’ve sorted through a mountain of applications to find the right tenant for your property. Oh, and have you read your state’s Residential Tenancy Act in full? So, in truth being a great landlord will mean working with a great property manager such as Raine & Horne, who will know all of the rules and regulations that govern tenant-landlord relationships in your area. It is also imperative to acquire the appropriate insurance policy to cover deliberate or accidental damage before entering any lease agreement, which again an expert property manager will tell you.
Once you hand over the keys – hopefully to the perfect tenant at the right rental price – the work doesn’t stop. Inevitably, issues will arise over the course of any landlord-tenant relationship. From repair requests, both reasonable and unreasonable, to possible disputes over missed rental payments, or even early termination of the lease by either party. Whatever the issue, a great landlord will at all times maintain a professional and respectful relationship with a tenant, while also protecting his or her rights. Whether you have one investment property or multiple assets, treat your landlord responsibilities like a business to ensure the best outcome for both parties.
We can’t stress enough that building up goodwill with the tenant will usually be achieved by hiring the right professional to make all reasonable repairs and maintenance promptly. Typically, your Raine & Horne property manager will have a database of the best tradies in your area, and better still will be able to negotiate competitive prices on your behalf. Your Raine & Horne property manager will carry out regular inspections, within the rules of the lease regarding your rights to visit the property, to avoid any nasty surprises in the future. They will take photos where possible, to document the condition of your property.
While some landlords decide to go it alone, the best decision usually involves contacting your local Raine & Horne office and enlisting one of our expert property managers. Take the first step towards becoming a great landlord by calling us today.