June 08, 2021
Top tips for first time landlords
Our team regularly receives questions such as “What is the first step toward becoming a landlord?”, “How do I get started?” and “What do I need to know?”
To make it easy, we have compiled our top tips for new landlords;
Engage the services of a licensed property manager. They are familiar with the Residential Tenancies Act, which has over 2700 pages of legislation. They stay up to date with any changes, so you do not have to.
Be prepared financially. Emergency maintenance can and will happen.
Ensure your property is handed over clean and with everything in working order. The standard of the property at the start of tenancy is what you can expect at the end of the tenancy. However, fair wear and tear must be considered.
Professional photos are essential for attracting good tenants. Remember, the cost of marketing your property is also a tax deduction.
Attend to maintenance requests promptly. Ignoring a leaking hot water service may prove very costly long term.
Be willing (and able) to spend money every few years to freshen up the property. Your ability to attract good tenants and reduce vacancies will make the expense worthwhile.
Consider allowing a pet at the property. Sixty per cent of South Australian households have a dog or cat. By allowing pets, you are increasing your pool of tenants by more than half. In line with the eastern states, it’s expected legislation will eventually be introduced in South Australia that will prevent landlords from “reasonably refusing” a tenant with a pet.
If you have questions about becoming a landlord, contact us on 8362 8888 or visit toop.com.au.