Establishing a good relationship with your tenant
Here are four tips on fostering a good relationship with your tenant, from understanding your rights and responsibilities and those of your tenant, to finding the right assistance to help you safeguard your investment.
1. Understand the law
As an owner of a rental property, it’s good to have a basic knowledge of these laws and regulations as there are specific provisions covering issues, including but not limited to: Security bonds / Rates and taxes / Damages and repairs / Notice periods.
2. Take note of your safety responsibilities
Ensuring your investment property is in working order prior to renting it out is a must to keep your tenants, property manager and yourself safe. As the property owner, you have a responsibility to ensure your property meets certain safety standards and if issues arise during the tenancy, you must address them in due course. Three main safety issues to be aware of include: Blinds and curtains / Pool and spa fences / RCDs and smoke alarms.
3. Know the costs involved
An investment property is just that, an investment. Property investors should expect to invest some money in their property in order to reap the rewards later in life, whether it be for a retirement fund or to purchase another property. Be sure to consider the costs involved in renting out your property, including: Insurance / Property taxes / Strata fees and/or rates / Maintenance and repair costs. Some costs are tax deductible, so speak to your property manager or accountant for more advice on making a claim come tax time.
4. Engage with a property manager
Not only will a property manager act as a liaison between you and your tenant, they can assist you with the following: Evaluate the market / Help with tricky questions / Find your perfect tenant / Maintain your investment.
If you have any questions, or need clarification on any of the above, please contact Anna Marten, our Head of Property Management, on 9651 1666 or anna@guardianrealty.com.au.
Important note: Clients should not rely solely on the content of this newsletter. All endeavors are made to ensure the content is current and accurate however, we make no representations or warranties as to the accuracy, reliability, completeness, or currency of the content. Readers should seek their own independent professional advice before making decisions.