A room for let in a Sydney house has recently hit international headlines when the landlord stated it was for shift workers and tenants were required to ‘bed-hop’ and there was what appeared to be the house rules scrawled on the wall and a number above the bed!
There’s a little bit more to being a landlord than simply offering a place for your tenant to put their head down…..
Whether you chose to rent out the property yourself or decide to use a property manager, there are a few differences between being a just landlord and being a great landlord.
Property rules and regulations are in place to protect both the landlord and the tenant. Ensuring your property is in line with current building legislation, such as installing smoke alarms, are a must. Adhering to the notice period for inspections and giving rental renewals or ending a tenancy give you the professional edge.
A nod and a handshake may have worked in the past, but setting out the terms and conditions of rental at the start means both parties fully understand what is expected of them and what the consequences are if the contract is broken.
There are contract templates available on the NSW Office of Fairtrading website, and these can be tailored according to your property. For instance, you may need to highlight your tenant needs to abide by strata rules such as no pets or in some cases, no washing hanging on the balcony.
You can make reasonable terms such as no smoking in the property, but sharing bedsheets with a stranger is definitely not a reasonable condition of the rental!
We tend to follow the principle of, if you won’t live in these conditions, then you shouldn’t expect your tenant to either. If your property is well-presented at the start, it shows you care for the property and you expect your tenant to do the same.
A fresh lick of paint between tenancies will breathe new life into a tired property and always make sure the property is thoroughly cleaned between tenancies; for a tenant, there’s nothing worse than discovering other people’s grime in the oven or in the shower when they move in.
Make sure repairs are fixed to a high standard and in a timely way; living with leaky taps can be water torture, and it’s unfair to make your tenant swelter for several weeks waiting for air conditioning to be fixed, and if your property has air conditioning and we recommend they do today, and if an air conditioner breaks down it is now deemed an essential item and should be repaired in a timely manner.
If it’s a long term tenant consider letting them chose the décor if the property is due to be repainted or maybe put a freeze on rent rises for a year; it’s little touches like these which will help elevate you from being just ‘the landlord’ in the tenant’s eyes, to being a ‘great landlord’.
In our 40 plus years of experience, we have found if you’re a great landlord, then generally you get great tenants who stay and give mutual respect for their home – your asset.
If you want some more tips on how to be a great landlord and/or our property management services, our experienced team would love to help.
We make sure your property is legal with all the right paperwork, and work hard to ensure your property is leased with reliable and good tenants. We also take the stress out of marketing, managing and running your property and we make sure your asset is cared for.
Simply give us a ring on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office for a chat.
For more property management tips check out our Facebook page: www.facebook.com/NewcastlePropertyManagement