You’ve taken the plunge into real estate investing and now,
all of a sudden, you’re a landlord.
Being a landlord is much more than just finding a tenant and
collecting rent. It’s a world full of legislation, rights and responsibilities.
This is where we, as knowledgeable property managers, come into play. As part
of our role to manage your investment, we’re also here to guide you through your
obligations as a landlord.
Smoke Alarms
It is the law in Queensland for property owners to install
smoke alarms in all domestic dwellings. As a landlord, you must also ensure the
smoke alarms are tested and cleaned; as well as battery replacement within 30
days before the start or renewal of a tenancy. For a minimal fee, all Rent
Central property managers are able to check and re-battery the smoke alarms on
your behalf.
Bond Management
Typically, the bond amount is equivalent to four weeks rent
– this is the maximum amount you can charge. Your property manager will issue
the tenant with a Bond Lodgement form and once the bond has been paid, a
receipt will be issued. This money is held by the Residential Tenancies Authority(RTA).
Repairs
As the landlord, it is your responsibility to ensure the
property is fit to live in. And the tenant is responsible for keeping the
property clean and undamaged – or in the same condition it was when they moved
in.
If any repairs or maintenance needs attention, ideally the
tenant would notify the property manager and then repairs would be carried out.
This is generally paid for by the owner. In the event that a tenant damages the
property, there are circumstances where they are required to pay for repairs.
For example: when moving in, they accidentally put a hole in the wall with
their fridge – the tenant would need to pay for the repair to the wall.
Inspections
Routine inspections can be carried out once every three
months. Your Rent Central property manager will email through an entry
condition report once the inspections have been carried out. In order for the
landlord or property manager to inspect the premises, seven days’ notice is
required. This does not include repairs or maintenance to the property; 24
hours’ notice is required for this type of entry.
Rent
Rent can be paid in numerous forms including: cash, cheque,
credit card, EFTPOS, or any other way agreed by you and the tenant. Rent can be
paid weekly, fortnightly or monthly.
For rent to be increased, it needs to be at least six months
since the last increase. Rent cannot be increased during a fixed term unless
stated in the tenancy agreement.
In a nut shell, you must:
·
Ensure your property is vacant, clean and in good
repair at the start of the tenancy.
·
Ensure the smoke alarms are tested often and
always working.
·
Comply with all health and safety laws
·
Provide reasonable security with locks in good
working order and supply keys for each lock
·
Pay all charges, levies, premiums, rates and
taxes for the property and cover the costs of preparing the tenancy agreement
·
Lodge all bond money with the RTA
·
Not increase the rent within six months of the
last rental increase.
If at any time you are unsure about your responsibilities as
a landlord, our very clever property managers at Rent Central are always there
to help!
Information in this blog has been derived from the
Residential Tenancies Authority Managing
General Tenancies in Queensland booklet.
