Traps Private Landlord Should Avoid:
Not Having a Rental Agreement – A rental agreement is a legally enforceable contract
Failing to Take a Bond – This is a deposit held at the bond centre in case tenants don’t meet their obligations under the tenancy agreement, such as failing to pay rent or causing damage to the property.
Not Filling Out a Property Condition Report – this document along with photos’ describes the standard of repair for the premises and any items included, such as furniture. This report ensure that both parties are protected
Not Understanding Tenacy Laws – Not complying with the legislation can see landlords facing fines
Inspecting Without Correct Notice – The tenancy laws state very clearly how often inspections can be done and how much notice must be given to tenants. If Landlords fail to issue the correct notice this can mean costly penalties.
Peace of mind is one of the biggest advantage of putting your investment in the hands of a property manager, there are definitely costs involved in employing an expert, however Landlords paying for a Professional Service can use these as a taxable deduction when filing tax returns pertaining to their investment. Property Managers can also give advice on how to best present the property to ensure that a Landlord attracts a good tenant.