Being a landlord is already a tough job. Being good landlord is something else. From getting to know the ropes, to building a strong relationship with the tenants, there is a lot that needs to be considered. Here’s a checklist to help you balance them apples.
A good landlord understands law
Having the basic knowledge of the Residential Tenancies Act 1987 and the Residential Tenancies Regulations 1989 is a must as a landlord. Familiarity with specific provisions covering issues such as security bonds, rates and taxes, damages and repairs, notice periods and others will guide you in making decisions that will directly affect the experience of your tenants.
You can check the Department of Mines, Industry Regulation and Safety website for more information on these relevant laws and regulations.
A good landlord prioritizes safety
The safety of your tenants, property manager (if applicable) and yourself is a must. That is why as landlord you must ensure that the investment property safe and secure prior to renting out.
When issues and concerns arise during the tenancy, you must address them right away. Among the main safety issues you need to be aware of are RCDs and smoke alarms, blinds and curtains safety regulations, and pool and spa fences.
Transparency or honesty also falls within this realm. Landlords know things about the property that the tenant might not. Therefore, a good landlord discloses previous issues to the tenant before moving in so they can work together in solving them if ever they arise again.
A good landlord communicates
A good landlord typically works with a property manager to deal with the tenants. A property manager helps you to evaluate the market, help with tricky questions, find the perfect tenant and maintain your investment. By communicating effectively with the property manager this will result in happy tenants.
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