Investing in rental properties is a great way of building wealth as it can provide you with a two-pronged source of income. Firstly, you will benefit from the rental yield you receive from your tenants and secondly, the capital gains you can accrue as time passes and it grows in value. Regardless of whether you are considering becoming a landlord or you already are one, here is a rundown of your rights.

Before the Tenancy

Upon buying a property, the first thing you will have to decide is whether to manage the property by yourself or employ a property manager to do it for you. We highly recommend you use a property manager.

Your Rights

Your basic rights as a landlord are as follows:

• To enter the property provided there is sufficient notice. This must be at least 48 hours’ written notice and not more than 14 days. In addition to this, an inspection cannot be carried out more often than once every three months.
• To receive payment for renting your property. If your tenant falls behind, there are actions you can take to recover the funds.
• To request a bond payment (maximum of four weeks’ rent) to cover the costs of any damage caused by the tenant or missed rent payments.
• To charge the tenants for utilities used on your property, including electricity, gas and in some cases, excess water costs.

Your Responsibilities

There are also some responsibilities that you must uphold as a landlord, which include:

• Ensuring your property is clean, maintained and safe for tenants.
• Pay council rates and taxes.
• Lodging the bond money with your state regulatory office.
• Sorting out emergency repairs within 24 hours.
• Allowing peaceful tenure – you can’t just drop in, even if it is for maintenance.
• Responding to any enquiries tenants may have in a timely manner.

Property Manager

If you’re looking at property for sale with the intention of renting it out, you should consider using a property manager. They can take care of all of the above and move, including marketing your home for potential tenants and helping to pick the right ones for a conflict-free rental lease. At Inline Property Management, we offer a range of services, catering to landlords who only want help with tenants, maintenance or inspections, as well as those who are looking to have the stress of managing the property away so the can reap the rewards.

You Own The Property – We Own The Hassles

For more information or to find out how we can help you, please contact us using the form below or call us on 0800 YELLOW.