How To Manage Your Rental Properties As A Landlord?
One of the ideal ventures that real estate investors could try is rental properties. Why? This could be a true source of regular income for long-term, especially if you know how to manage your rental properties. Below are effective tips to help you assume the role of a landlord.
Tip #1 – Screen tenants
Finding good tenants require careful screening. Be knowledgeable, assessing who among the potential tenants would turn out to be financially stable to reduce the risk of financial losses linked to rental properties. A good idea is to perform a check on the tenants to ensure they are not blacklisted, talk to us at Minus The Agent and we can organise a check for you.
Tip #2 – Do everything to retain good tenants
Once you managed to find good and responsible tenants, do everything you can to retain them and engage in a long-term lease agreement. A good landlord must know the rights of your tenants such as the privilege to live in a well-maintained rental property. See to it that any problem that may arise while renting your place is attended to promptly.
Tip #3 – Invest in landlord insurance
Renting properties also have risks such as unexpected losses that may arise on incidents like accidental fire, water damage the inability of a tenant to pay rental obligations due to financial burden or worst sudden death and when this happens you could be left in financial losses. If you haven’t got a landlord insurance coverage, better ask a local insurer in your area and make some enquiries.
Tip #4 – Know your rights as a landlord
For your protection against bad tenants, know your rights as a landlord. Learn the latest laws applied in your state on landlords and tenants, so that you know where you will stand in case of a breach of contract. Remember, as much as the law protects the rights of tenants, you too as a landlord have every right as mandated by law.
Tip #5 – Find the tax credits you are entitled
Did you know that as a landlord you are entitled to tax credits on your rental properties? If you aren’t fully aware of the current tax rules that can be applicable to your investment properties, visit your local state’s tax office and know more about the deductibles you can claim. You can also consult a financial adviser to discuss these tax issues and be enlightened.
To List your property for rent with Minus The Agent click here: www.minustheagent.com.au/signup-before-listing/