Acting as a landlord, whether you're managing one property or several, requires careful planning to ensure you don't haemorrhage both time and money.
Landlord advice from those who've successfully managed their own private rental properties is invaluable. The following tips and techniques will guarantee you see maximum returns on your real estate.
Basic administrative tweaks to your tenant application process can mean the difference between securing a good tenant and a great one - or, more importantly, a bad tenant and a great one!
When creating your application template make sure you create enough space to list multiple landlord contact details - not just their current landlord who has a vested interest in ensuring problematic tenants find a new dwelling. Landlords once removed may provide a more accurate picture of the tenant's pros and cons.
Making sure prospective tenants include detailed employment history should be a piece of landlord advice that goes without saying. Never accept an application if the prospective tenant can't recall their employer's number. Also, if their job history indicates they regularly jumps from company to company, it may indicate a lack of reliability in paying the rent.
A reputable credit bureau like Equifax can reveal a history of unpaid bills and collections. Equifax is a data and information company that holds Australia's largest database of consumer and business credit records. Applicants will need to give their permission to access their private data. A fee will apply for each check.
References are there for a reason - make sure you call each one. If they don't call you back, try again or ask the applicant for additional references. If your prospective tenant has difficulty finding people to vouch for their character, consider that your answer and move on.
Landlord advice is there to ensure you avoid potential pitfalls - so be sure to follow it to the letter. It may take some time sorting the wheat from the chaff, but it will save you money in the long run.
The information contained in TenancyCheck.com.au website is general information only and does not constitute legal, financial or compliance advice. As the laws relating to tenancy agreements may have changed we recommend you check with the relevant State or Territory government department. We also recommend that you obtain your own independent legal advice about matters relating to landlord obligations, tenant rights and any legal disputes you may have with a tenant(s).