Being a landlord can be enjoyable and rewarding, financially and personally. Here are 5 tips on how to be a better landlord.
1. Get your property managed by a professional
Selecting a professional property manager makes good sense. There are many circumstances where a landlord could be fined under the Residential Tenancies Act. Would you represent yourself in court, or undertake your own surgery? A professional property manager knows how to protect your interests legally.
2. Insist on a written tenancy agreement
A written tenancy agreement protects you and your tenants and ensures everyone understands the terms and conditions. A professional property manager will ensure that these processes are handled with the utmost integrity and accuracy.
3. Know your legislation
Professional property managers have the knowledge and experience of the Residential Tenancies Act 1986 and amendments. Using their knowledge and experience can keep you out of trouble and save money in the long run.
4. This is a business – treat it like one
Good tenants are important to the success of your investment and selecting the right tenant for your property is crucial. If a tenant is breaking the rules, they need to be managed in a fair but firm manner. Knowing your obligations and their entitlements is vital to a good working relationship.
5. Be diligent
Keeping your property well maintained has many advantages aside from enhancing the rental experience of your tenants. It will also preserve your property and help grow your investment. A professional property manager can advise you on these matters and help you put a maintenance plan in place that will protect you and your investment.