RentCollect

Landlords tools and checklist

 

Follow this checklist to make sure you property is rented out hassle free.

You will want your investment property to be profitable and the tenancy arrangements to be easy.

Here is a final checklist that will help make that a reality. [keys on a tenancy agreement]
 

• Ensure you have adequate funds set aside to meet unexpected costs such as repairs to the property or to cover times when no rent may be coming in. 
   

• Decide whether to use an agent or whether you are confident enough to manage it yourself. 
   

• Choose your tenants carefully. If you use a tenancy database, let prospective tenants know and comply with the rules for listing tenants and updating information about tenants.
   

• Decide whether you are going to offer a periodic or fixed-term tenancy. 
   

• Make sure you use a prescribed tenancy agreement. 
   

• You must give your tenant a copy of the information for tenants form, either 

  • Tenants with written agreement Form 1AC: Information for tenant; or

  • Tenants with verbal agreement Form 1AD: Information for tenant with non-written residential tenancy agreements.

• Make sure the property is in good condition and ready for your tenant to move in. 
   

• You must complete a property condition report containing the minimum information contained in Form 1: Property condition report within seven days of the start of the tenancy and provide two copies to the tenant. Spend time and effort on the property condition report. It can save a lot of disagreements and heartache later. 
   

• Check important safety items: 

  • Electrical wiring 

  • Curtain and blind cords/chains

  • Pool fencing 

  • Plumbing 

  • Safety glass (in bathroom, for example) 

  • Smoke alarms (hard wired / new batteries) 

  • Safety switches (RCDs)

  • Security of rental premises 
     

• Provide the tenant with a receipt when you receive the bond.
   

• Lodge the bond money with the Bond Administrator as soon as possible and within 14 days of receiving it from the tenant. 
   

• Remember your tenant’s rights, especially to quiet enjoyment of the property. 
   

• Respond promptly to any requests for maintenance and repairs that are your responsibility, particularly urgent and essential repairs.   You are required to arrange repairs with a suitably qualified repairer within 24 hours of being notified of repairs required to restore an essential service and 48 hours for urgent repairs.
   

• Deal promptly and fairly with any disputes and be prepared to negotiate a compromise solution. 
   

• Take action promptly if the rent falls into such arrears that it may become a real problem for your tenant and not get paid. 
   

• Make sure you give the tenant a minimum of 30 days written notice using Form 1C if you want a fixed-term tenancy to finish on the end date.
   

• Give the tenant a reasonable opportunity to be present at the final inspection.
   

• Carry out a thorough final inspection, Discuss sensibly any items of dispute with your tenant and provide them with a copy of the final property condition report within 14 days of the tenancy ending.   
   

• Make sure you know what notices to use for various procedures. 
   

• If you have to go to court, make sure you understand the procedures and prepare your case well. For more information see Going to court.