If you’ve ever been a tenant, you know there are good landlords but there are bad landlords. Being a good landlord isn’t actually that hard, particularly if you use an agent to guide you through the process.

Here are some of our tips to set you on your way to not being just a good landlord, but to being a successful one:

Your property is your business

While the majority of your income may still come from other sources, owning a rental property is a business at whatever stage you’re at with property investment. So, like any other business, lose any emotional attachment you may have with the property, and document absolutely everything.

Select the right insurance

All too often we see landlords taking out an insurance policy because it was cheaper, but in the event of them putting in a claim, it turns out they aren’t covered. We recommend you use a specialist landlord insurer and don’t be tempted by potentially cheaper, but often less than adequate cover, mainstream options.

Use multi-media marketing

When you’re looking for prospective tenants, use every avenue open to you. Think about who you’re wanting to attract and where they are looking; it might not be just online. When you’re looking at listing online, check out the competition, it might be worth paying a bit extra for your property to be top of the list.

Time your leases

There are times when people are less likely to want to move. If a property does become vacant at less popular moving times, such as Christmas, a canny landlord may suggest new tenants sign a 13 month lease. That way, if the tenant doesn’t renew the lease at the end of the tenancy, the property is vacant at a time when prospective tenants are more likely to be looking to move.

Do not discriminate

Yes, you want the best tenants in your property, but don’t discriminate. It is against the law to unfairly discriminate. In NSW, it is against the law to discriminate against:

• race
• sex
• pregnancy
• marital status
• disability
• sexuality
• age
• transgender

However, it’s not against the law if you don’t want pets, tenants with poor tenancy history or people who have had an issue with rent payments.

Regular inspections

Inspections aren’t about poking into how people live, they are about monitoring the state of the property. Tenants don’t always report maintenance issues which may potentially be expensive if they are not addressed now.

It’s also important to inspect a property before a tenant moves in and after a tenant moves out. Taking photos of what the property looks like before a tenant moves in and having the tenant sign off on the state of the property can help avoid any future differences of opinion when a tenant moves out.

Keep on top of maintenance

The biggest complaint about landlords from tenants is maintenance. Legally the property has to be safe to live in, so the property must meet safety gas and electrical standards. Maintenance issues, such as blocked drains and faulty white goods, should be repaired promptly and professionally; a botch job will cost you in the long run.

Consider allowing pets

If the property allows it, allowing pets can increase the properties rentability value. In our experience, pet-friendly properties are rarely empty; furthermore, tenants with pets often stay longer and are usually prepared to pay a larger deposit to cover any potential damage their pet may cause.

Want some more tips on how to be a successful landlord or more information what makes a good investment property?

Our experienced team loves to talk and share its knowledge! 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.

We also regularly put tips and ideas for landlords on our Facebook page: www.facebook.com/NewcastlePropertyManagement