If you are considering managing your own investment property then it’s wise to consider the following:
Do you possess a thorough understanding and knowledge of the Residential Tenancies Act or equivalent state legislation and all amendments in order to maintain a fair and professional relationship with your tenant? The tenant may be entitled to compensation if you inadvertently breach their rights.
Do you understand a Landlords’ obligation under other acts affecting a tenancy? Discrimination, privacy, consumer protection, building and other statutes all impact a tenancy.
Are you confident that you know enough about the tenant selection process to ensure that you ask the right questions and receive the right answers before you place a tenant in your valuable asset?
This can save untold heartache and frustration for you.
Do you know how to lodge your tenants’ Bond money in accordance with the Residential Tenancies Act or equivalent state legislation requirements and within the required time frame? If you do not lodge the bond appropriately you may be liable for heavy penalties.
Do you know the right procedure when dealing with rental payment arrears? It is vital that the correct notices and service periods are used to prevent a notice from being compromised which would result in your having to reissue a notice, leading to financial loss and also a claim from a tenant that their rights have been breached with an associated claim for compensation.
Do you have a concise knowledge of the Residential Tenancies Act or equivalent state legislation to effectively represent yourself at Tribunal/Court? The procedure must be precise. If you are ill-prepared with non-compliant documentation, invalid notice periods or lack of evidence, justice may not fall on your side. Minor mistakes may cost you dearly!
Do you understand your obligations with regards to providing a tenant with the property’s insurance information, what they can claim for and to what amount?
Do you know what constitutes an unlawful act in the Residential Tenancies Act or state legislation and what tier of infringement penalty you may be liable for if you commit an unlawful act?
Do you know the correct procedure when the tenant has absconded and abandoned goods remain at the property? The Residential Tenancies Act or state legislation has a range of procedures that must be followed when goods are left at the property. Additionally, if you enter the property when possession has not been handed back you risk any compensation you may have been entitled to; not to mention any penalties that may be imposed due to the breach of the Residential Tenancies Act or equivalent state legislation.