Four tips for how to be a good landlord

Rachel Preston-Bidwell via reiwa.com.au

Do you currently own an investment property in Perth or are looking to purchase one? We have four tips for how to be a good landlord, from understanding your rights and responsibilities and those of your tenant, to finding the right assistance to help you safeguard your investment.

1. Understand the law

Renting in WA is governed by the Residential Tenancies Act 1987 and the Residential Tenancies Regulations 1989. As a landlord, it’s good to have a basic knowledge of these laws and regulations as there are specific provisions covering issues, including but not limited to:

• Security bonds
• Rates and taxes
• Damages and repairs
• Notice periods

More information about the relevant laws and regulations can be found on the Department of Mines, Industry Regulation and Safety website.

Brush up on your rights and responsibilities and if you have any queries, speak to one of our friendly officers in the REIWA Information Service.

2. Take note of your safety responsibilities

Ensuring your investment property is in working order prior to renting it out is a must to keep your tenants, property manager and yourself safe.

As the landlord, you have a responsibility to ensure your property meets certain safety standards and if issues arise during the tenancy, you must address them in due course.

Three main safety issues to be aware of include:

• Blinds and curtains
• Pool and spa fences
• RCDs and smoke alarms

Read our article about your safety responsibilities as a landlord for more information.

3. Know the costs involved

An investment property is just that, an investment. Landlords should expect to invest some money in their property in order to reap the rewards later in life, whether it be for a retirement fund or to purchase another property.

Be sure to consider the costs involved in renting out your property, including:

• Insurance
• Property taxes
• Strata fees and/or rates
• Maintenance and repair costs

Some costs are tax deductible, so speak to your property manager or accountant for more advice on making a claim come tax time.

4. Engage with a property manager

Not only will a property manager act as a liaison between you and your tenant, they can assist you with the following:

• Evaluate the market – a property manager can conduct an evaluation of your property in comparison to other rentals on the market. This can help you determine a competitive rent price and marketing campaign to secure a tenant.
• Help with tricky questions – property managers undertake extensive and continual learning to stay up-to-date on rental laws and regulations. They can help you to understand both yours and your tenants’ rights, and further assist you with tricky situations such as break leases.
• Find your perfect tenant – your property manager will hold home opens and assess applications to help you find a tenant. Further, REIWA agents have access to a National Tenancy Database, which allows them to review a tenant’s rental history.
• Maintain your investment – through regular property inspections, a property manager can ensure your investment remains in tip top condition. Further, they can assist by organising repairs and maintenance calls.

If you have any questions about renting out your property in Perth, speak to Ron Padua on 0404 428 843 or email bdm@pmmetro.com.au