On paper, being a landlord seems like a fairly easy job. After all, it just involves collecting the rent each month and handling minor problems, right? Well, the truth is that there actually quite a bit more to this than you might imagine. This is why many people struggle with the responsibilities of a landlord and quickly give up the idea of renting out their property. Fortunately for you, this doesn’t have to be your fate. Instead, read the tips below and see how you can prepare yourself for this job:
Consider Getting Expert Assistance
Now, there is a good chance that you actually live quite a distance away from the property that you want to rent out. For instance, if you have Noosa rentals but actually live in Brisbane, handling your landlord duties can be rather tricky. So, if you find yourself in such a situation, you may want to hire a local property manager. This way, you can have someone else handle a majority of the issues for you so that you don’t have to keep travelling to your property every so often.
Have a Contract
One of the biggest mistakes that you can make is to let tenants stay in your properties without having them sign a contract. If you do this, you are giving your tenants permission to live as they feel and they may even not feel obligated to pay their rent on time. To avoid any problems, sit down with a lawyer and come up with a contract. Make sure that the terms and conditions are clear and that they are fair to both parties. After this, it is a matter of making sure that each and every tenant signs this document.
Screen Your Tenants
If the market is not in your favour, you may feel grateful for any person that wants to lease out your property. Even under these circumstances, though, you should make it a point to do a cursory check on your tenants. This way, you will be able to weed out any red flags ahead of time. At the very least, try to run a credit check so that you can be certain that this individual can pay their rent. If you want to take it one step further, you can always conduct a full background check. While this may sound extreme, it will allow you to prevent any unpleasant situations in the future.
Having Inspections on Move in and Move out Dates
The last point to keep in mind is that you should conduct inspections on two important days. The first should be on the day that the tenants move in. Then, both you and the tenant will be able to see the state of the place. It can help to get photographic evidence to back this up as well. Then, do another inspection as they are moving out. If there are any changes or damages, you can request a fee or charge.
As long as you follow the guidelines mentioned here, your tenor as a landlord should go quite smoothly for you.