First-time landlord with no experience? Follow these tips.

While property ownership is one of the most exciting milestones one can reach, there’s a big difference between living in the house vs. renting it out.

Date:

25-Oct-2018

Category:

Lifestyle

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Author:

Amanda Smith

First-time landlord with no experience? Follow these tips.

While property ownership is one of the most exciting milestones one can reach, there’s a big difference between living in the house vs. renting it out.

Of course, you don’t have to deal with tenants when you’re occupying the property. But as the landlord, it’s important to understand a few important things, especially if this is your first landlord-tenant relationship. It doesn’t need to be daunting, especially if you’ve prepared yourself for this exciting journey. Start with this first-time landlord checklist. Here are some of the first things you should consider. 1. The local tenancy laws Spend the time learning the rules and regulations of South Australia. Understand your tenant’s position when leasing your property because, as the landlord, you have a number of responsibilities (before, during and after) the tenancy. Make sure you’re familiar with these guidelines. 2. Do the numbers It’s critical to set the rent at a level where you’ll be able to attract (and keep) your tenant, while maximising your rental return. Do your research and see what other properties in the areas are charging. Take into consideration factors like size, age, location, amenities and competitive rental rates in your Adelaide Hills suburb. 3. Market effectively Avoid long vacancy rates by marketing your property intelligently. There’s plenty of ways to do this but many of the popular websites are only accessible by registered real estate agents. Consider partnering with property marketing team to help position your property (and place it in front of the right people). 4. Screen your tenants While it feels great to have found a potential tenant (especially if your investment property was on the market for months), don’t rush this part. Before you offer them a contract, complete background and credit checks. 5. Stay organised Once you’ve chosen your tenant and prepared the agreement, ensure you’re keeping a record all of revenue and expenses for tax purposes. You’ll need to declare your rental income to the tax office. There’s other things that you’ll need to check off your list such as landlord insurance and knowing if and when you plan to increase the rent. If your property is in the Adelaide Hills and you’d prefer to have a professional team of agents help take care of your investment, contact us. First National Nitschke manages hundreds of rentals in suburbs such as Mount Barker, Littlehampton and Strathalbyn. Talk to our team of property managers today to see how we can help. We understand South Australia’s tenancy laws, property marketing, responding to maintenance issues and following up on late payments. As a first-time landlord, a property manager will help you sleep at night, knowing your investment is in good hands. Oh, and a property manager is tax deductable, too.