Things You Must Know Being a Landlord

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Things You Must Know Being a Landlord
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Owning a property is an achievement in itself. It
is a moment of pride and happiness. At the same
time, the experience becomes overwhelming when as
a property landlord you have to manage it, take
care of it, conduct daily visits, and at the same
time struggle to find the right tenant if the
house stays empty for a long time. Thinking about
whether you are going to rent the property or
hire a property manager, the responsibility does
not end here. There is more to being a property
landlord like setting the place up, collecting
rent on time, and watching your investment grow,
and taking charge of all the services involved in
property management. Apart from finding yourself
a right property agent, managing documents,
understanding legal responsibilities and
following them responsibly, there are a lot more
hats that a landlord has to wear on a daily
basis.
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Consider If You Want to Hire a Property Manager
There is no doubt that one can manage the
property all by himself or herself. It is quite
possible to go alone in the journey. But having a
real estate agent as a property manager can save
you from a lot of time and headaches. Who Are
Property Managers? If you are thinking of
property managers as people from a different
world, then it is not true. These are the
licensed real estate agents who specialize in
maintaining residential and commercial
buildings. In other words, the property managers
manage the real estate on your (landlord)
behalf. They are the middle men who works in
coordination with the landlord and the tenants.
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Property Management Services
The property managers engage in the following
property management services like managing rent,
taking care of tenants, listing and catering to
the needs of tenants, maintaining, repairing the
property, landlord-tenant laws, handling
business operations, maintaining property
records, accounting, and taxes. Apart from the
above, the property managers are also
responsible for finding, managing, screening
tenants for the landlord. Besides, they also
look into the emergency situations, complaints,
leases, evictions, and move-outs.
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Benefits of Availing Property Management Services
While the property managers charge a percentage
of your rent, an experienced and a professional
property manager can potentially benefit you in
different ways Maximize your rental returns
Simplify your responsibilities Organize all the
paperwork Maintenance and conduct inspections
Find tenants and liaise with them Solving
immediate and emergency issues to minimize any
potential problems But before you hire a property
manager, make sure you do proper research. Choose
the one who has a good reputation, stays
up-to-date with the responsibilities. For the
best home management services, contact the team
of Freedom Realtors.
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Know Your Legal Responsibilities
As per Australian law, all landlords must know
their responsibilities. The landlord-tenant
relationship is governed by the Residential
Tenancy Act of each state and territory in
Australia. Heres what stays common to all the
states and territories All landlords must
guarantee the safety of the property they put on
rent, security of the fixed appliances, and the
contents at home. Compromising on safety will
land you in the court of law.
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Proper Communication and Documentation
You are the in-charge of your property. Anything
inside the property and anyone residing in it
will stay under your supervision. So, it will be
important for you to have open communication
with your tenants. Whether or not you decide to
hire a property manager for property management
services, it would be best for you to ensure all
tenants agreements are documented in writing.
This ensures transparency and also all the
parties stay on the same page. A good
communication is always a key to successful
tenancy. If you want your tenants to keep your
property certain way, you will have to have a
clear communication with them. If you hire a
property manager, tell him the same so that the
expectations are met.
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Administer the Bond Correctly
It is suggested to collect a bond up front
against any future damage or loss of rent from
your tenants. Remember, you as a landlord cannot
hold this bond by yourself. The bond must be
lodged with the appropriate state or territory
residential tenancies bond authority. That entity
will hold the bond during the tenancy. This bond
can be held against any property damage. But
should not be held against fair wear and tear.
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Taking Care of Your Tenants
Having tenants who treat your property as their
own is every landlords dream. However, whoever
becomes your landlord, here are two key things
that you must do before putting it on the
rent. Making Your Investment Home Appealing
Considering reference checks when assessing
prospective tenants Once you get good tenants, it
is your duty to keep them happy, safe and for
that you will have to give your best by doing
the following Maintaining the property Being
reasonable on increasing the rent Making sure you
lend ear to their queries and issues.
Immediately address their queries and issues.
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Landlord Insurance
The bond will cover small amounts of damage. The
landlord insurance covers other major risks
associated with renting out a property. These
wont fall under a normal home and contents or
strata title insurance policy. Not every
landlord insurance policy will be the same. So,
being a landlord, you will have to figure out the
one that will suit your house and the present
situation.
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Stay Updated and Maximize Your Earnings
Rental properties are called the investment
properties, which means with such properties,
landlords aim to maximize their earnings. To do
that you will have to stay updated with the
changing market trends. Keep an eye on the market
rent and the rates, make sure the property is
well maintained all the time because a tenant may
come unexpectedly. If such situation happens,
due to the lack of property maintenance, you may
lose the potential tenant the only thing you
wouldnt want ever to happen. Do not hesitate on
seeking expert advice about what you might be
able to claim through the ATO (Australian
Taxation Office). For example, you may want to
know about claiming back the expenses such as
council rates, water bills, and capital
improvement against tax.
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2002 rentals_at_freedomrealtors.com.au Content
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u-must-know-being-a- landlord/
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