Need to know rental information for landlords
We want our landlords to always feel informed, so we have outlined some key frequently asked questions that will help you feel familiar with circumstances that may arise in relation to your investment property.
How do I BEST prepare my property to be leased out?
See below for some basic but crucial things you need to do to best prepare your property:
- Ensure all appliances are working, including smoke alarms – it could be an idea to hire a building inspector to guarantee your home is safe and ready for people to move in.
- The better the property looks, the better candidates you will attract – your property will lease out quicker if your home is well presented, including being clean and in good condition.
- Although not necessary, it is recommended that you hire a professional photographer for your advertising photos. By doing so, your property’s best features will be brought to life and photos can be reused for readvertising.
What is a bond?
A rental bond is money that is paid by the tenant at the start of a lease agreement as a means of financial security for the landlord. Money is returned to the tenant upon the end of their lease agreement, however if circumstances arise where the tenant is in arrears, hasn’t suitably cleaned the premises, or damage was made to the property, part/all of the bond payment may be claimed.
The bond is generally equivalent to one month’s rental payment, and is lodged, held, and returned by the RTBA, Rental Tenancy Bond Authority.
What happens if my tenants don’t pay their rent?
There is a strict rental arrears procedure that real estate agents will follow to ensure their landlords are not put at risk of loss. If a tenant’s rent becomes overdue, constant reminders are sent out and once it reaches day 10, a final warning is issued. Property Managers will chase up the tenant as much as possible, however if they still haven’t paid by day 14, a Notice to Vacate will be issued.
Can I sell my property whilst it is tenanted?
You are able to sell your property while it is tenanted, however there are different ways to go about it depending on what type of tenancy agreement there is in place.
- Fixed-term Lease Agreement: If the tenants are on a fixed-term agreement, they have the right to remain in your property until that agreement expires. Therefore, ownership of the property may change during this time, however the tenants will continue living there.
- Periodical Lease Agreement: If the tenants are on a periodical agreement, upon the sale of your property becoming unconditional, a 60 days’ notice to vacate will be issued.
If you ever require further clarification, either on a topic above or something different, your managing office is here to help you. Our lovely receptionists will do all they can to assist your enquiry, otherwise your property manager will be able to get in contact with you and work with you to resolve your issue.