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Property Management

If being a landlord is not your forte there are always agents who will manage your property for a fee, usually 10% to 15% of the rent. This removes some hassles, especially if your property is some distance from your home, but it is a cost which can be critical when you first start out, and they will probably not look after the property or the tenant like you would. In particular, they will call in tradesmen whenever the tenant reports a fault, and the manager may not have your concern for a cost effective repair. Landlording can be satisfying if you are a "people person", have quality properties, and select your tenants carefully.

Being a Landlord

The unwritten rule of investment rental property is that the tenant is your client and the property is your product. As with any service business, treating your client with respect and dignity and offering a product you're proud of, success is sure to follow.

Choosing a tenant

Having said that, there are laws in place and in letting residential properties those laws favour the tenant. Therefore, as a landlord your most crucial and powerful step is in choosing your tenant. Always have prospective tenants fill out a tenancy application form, talk with them as much as possible, and check their personal and work references. It is vital to remember that you can refuse an applicant without giving a reason and that any reason you offer may be used against you on the basis of gender, racial, religious or age discrimination. Having good people instincts is a big help. Try to ensure that the references given are genuine, ie not a current landlord trying to offload a bad tenant, or a good friend who enjoys the irresponsible nature of their friend/your applicant.

Be Professional with the documentation

Once you've selected your tenant, be sure to do all the necessary paperwork before they move in. That includes filling out the tenancy agreement, the bond form, the property inspection report, the chattels list, and collecting the rent and bond money. Once they've moved in, be proactive in making sure all is okay with them. Usually in that first week, they'll require something done. As a landlord, the sooner you comply, the happier they are, and the less you'll hear from them as their tenancy progresses. Let them know they're always to welcome to call and that you appreciate knowing when something is amiss so that further damage doesn't result. An inspection of the property three months after they've moved in is helpful in making sure they're on the right track in taking care of your property. If they're good tenants, let them live in respectful privacy thereafter.

Rent reviews

Most property management books that tell the landlords to raise rents in line with market rentals. This needs to be handled carefully, and particularly in a difficult market restraint may be the wise call. A good tenant is valuable, and when you lose one by charging a few extra dollars a week, what you may have gained can easily be lost while the property remains vacant.

Tenantless Times

You may be tempted to let your property to an unsatisfactory tenant out of desperation. If you do, and you are typical of other landlords, you will never repeat this mistake. Allow for down time in your budget, and always wait for a good tenant.

Monitor payments closely

Internet banking is excellent for checking that rents have gone into your account on the date they are due. Especially when the tenant first moves in, they may think they will pay when they can get around to it. The landlord's business is based on rent payments and the sooner the tenant understands this, the easier it is to form their habits for them. Phone them immediately, be understanding yet firm, and they rarely miss again-or they know they'll hear from you.

If the above all sounds like second nature to you, then you will probably have a satisfying and profitable experience a landlord. If it all sounds like too much hassle, then try the Property Management approach.

Find out how to get your business found online through our Advertising Strategies.

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Hints for new Landlords