Things You Must Know Being a Landlord
                     Things You 
Must  Know 
Being a  
Landlord
Owning a property is an achievement in itself. It is a moment of pride and 
happiness. At the  same time, the experience becomes overwhelming when 
as a property landlord you have to  manage it, take care of it, conduct daily 
visits, and at the same time struggle to find the right  tenant if the house 
stays empty for a long time. Thinking about whether you are going to  rent 
the property or hire a property manager, the responsibility does not end 
here. There is  more to being a property landlord like setting the place up, 
collecting rent on time, and  watching your investment grow, and taking 
charge of all the services involved in property  management.
Apart from finding yourself a right property agent, managing documents, 
understanding  legal responsibilities and following them responsibly, there 
are a lot more hats that a  landlord has to wear on a daily basis.
Consider If You Want to Hire a Property Manager
There is no doubt that one can manage the property all by himself or herself. 
It is quite  possible to go alone in the journey. But having a real estate agent 
as a property manager can  save you from a lot of time and headaches.
Who Are Property Managers?
If you are thinking of property managers as people from a different world, 
then it is not true.  These are the licensed real estate agents who specialize 
in maintaining residential and  commercial buildings. In other words, the 
property managers manage the real estate on  your (landlord) behalf. They 
are the middle men who works in coordination with the  landlord and the 
tenants.
Property Management Services
The property managers engage in the following 
property  management services like managing 
rent, taking care of  tenants, listing and 
catering to the needs of tenants,  maintaining, 
repairing the property, landlord-tenant  laws, 
handling business operations, maintaining 
property  records, accounting, and taxes.
Apart from the above, the property managers 
are also  responsible for finding, managing, 
screening tenants for  the landlord. Besides, 
they also look into the emergency  situations, 
complaints, leases, evictions, and move-outs.
Benefits of Availing Property Management Services
While the property managers charge a percentage of your rent, an 
experienced and a  professional property manager can potentially 
benefit you in different ways:
Maximize your rental 
returns  Simplify your 
responsibilities  
Organize all the 
paperwork
Maintenance and conduct 
inspections  Find tenants and 
liaise with them
Solving immediate and 
emergency issues to minimize 
any potential problems
But before you hire a property manager, make sure you do proper 
research. Choose the  one who has a good reputation, stays up-to-date 
with the responsibilities. For the best  home management services, 
contact the team of Freedom Realtors.
Know Your Legal 
ARse pserp Aousntrsailibani lliatwi,e asll landlords must know 
their  responsibilities. The landlord-tenant 
relationship is  governed by the Residential 
Tenancy Act of each state  and territory in 
Australia. Here’s what stays common to  all the 
states and territories – All landlords must  
guarantee the safety of the property they put 
on rent,  security of the fixed appliances, and 
the contents at  home. Compromising on safety 
will land you in the court  of law.
Proper Communication and  
Documentation
You are the in-charge of your property. Anything 
inside  the property and anyone residing in it 
will stay under  your supervision. So, it will be 
important for you to have  open communication 
with your tenants. Whether or not  you decide 
to hire a property manager for property  mana
gement services, it would be best for you to e
nsure  all tenants’ agreements are documented 
in writing. This  ensures transparency and also 
all the parties stay on the  same page.
A good communication is always a key to 
successful  tenancy. If you want your tenants to 
keep your property  certain way, you will have 
to have a clear communication  with them. If 
you hire a property manager, tell him the  same 
so that the expectations are met.
Administer the Bond Correctly
It is suggested to collect a bond up front against any future damage or loss of 
rent from your  tenants.
Remember, you as a landlord cannot hold this bond by yourself. The bond must be 
lodged with the  appropriate state or territory residential tenancies bond 
authority. That entity will hold the bond  during the tenancy.
This bond can be held against any property damage. But should not be held 
against “fair wear and  tear”.
Taking Care of Your Tenants
Having tenants who treat your property as 
their own is  every landlord’s dream. However, 
whoever becomes  your landlord, here are two 
key things that you must do  before putting it 
on the rent.
Making Your Investment Home 
Appealing  Considering reference 
checks when assessing  prospective 
tenants
Once you get good tenants, it is your duty to 
keep them  happy, safe and for that you will 
have to give your best by  doing the following:
Maintaining the property
Being reasonable on increasing the rent
Making sure you lend ear to their queries 
and issues.  Immediately address their 
queries and issues.
Landlord Insurance
The bond will cover small amounts of damage. 
The  landlord insurance covers other major 
risks associated  with renting out a property. 
These won’t fall under a  normal home and 
contents or strata title insurance  policy.
Not every landlord insurance policy will be the 
same. So,  being a landlord, you will have to 
figure out the one that  will suit your house 
and the present situation.
Stay Updated and Maximize Your Earnings
Rental properties are called the investment properties, which means with 
such properties,  landlords aim to maximize their earnings. To do that you 
will have to stay updated with the  changing market trends. Keep an eye on 
the market rent and the rates, make sure the  property is well maintained 
all the time because a tenant may come unexpectedly. If such  situation 
happens, due to the lack of property maintenance, you may lose the 
potential  tenant – the only thing you wouldn’t want ever to happen.
Do not hesitate on seeking expert advice about what you might be able to 
claim through  the ATO (Australian Taxation Office). For example, you may 
want to know about claiming  back the expenses such as council rates, 
water bills, and capital improvement against tax.
GET IN TOUCH
1 Raphael St, Hallam VIC 3803
047 637 2002
[email protected]
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