Owning a rental property is a great way to earn extra money - but it does come with quite a lot of responsibilities. There are some blindspots that you need to be aware of before taking the plunge into the land of renting. The easiest way to navigate a rental property is to make use of property management services - such as the ones our team at YNM offers. Here are the basics behind renting out your property.
Documentation is key
From having the right rental agreement and lease contract, to keeping a record of the condition of the property at the start of lease (or a property inspection report), it’s always good practice to properly document anything that relates to your rental property.
Insurance is always a good idea
Rental properties are a higher risk - and general homeowners insurance won’t cover everything. Specialised landlord insurance policies are available to protect you from financial loss and damages.
Screening tenants carefully - without discrimination
It’s difficult to judge how good a potential tenant will be without properly screening them. Eviction can be stressful - make sure to find out beforehand if the rental applicant has a good rental history, if they are able to pay rent on time etc. Property managers are skilled in properly screening applicants and are on hand to answer any questions.
Australian law offers protection from discrimination or harassment due to:
Property management make things a breeze
Renting out a property is a big task - it’s easily a full time job! Having a property manager on board will make things a lot easier and take away many - if not all - of the tasks involved in effectively running your rental property.
Property maintenance and repairs should not be ignored
It’s important to stay on top of maintenance and repair issues - especially if a fault in your property could lead to someone getting injured or hurt.
