What to Do When You’ve Become an ‘Accidental’ Landlord

When you set out to own an investment property, you may suddenly find yourself with a home that you hadn’t planned to rent. It can and does happen.

Around a quarter of all Landlords find themselves in the role by accident. Reasons include inheriting a property, temporarily relocating for work or deciding to cohabit with someone else. If you can’t sell your residence for whatever reason, the next best option is to lease it.

If you weren’t planning on being a Landlord, chances are you might not have all the information you need. It would be wise to engage a Property Manager to relieve you of the obligations.

Being a Landlord requires more than collecting rent and calling up tradies to do repairs. There are some key things you need to be aware of to ensure you stay on the right side of your tenants and of regulations, rules and requirements surrounding residential rentals.

Like you, your tenants also have rights. Be sure to know what those rights are. This means that you can’t just change the locks if a tenant isn’t paying rent.

Understand that a property rental investment is a totally different concept compared to selling or repairing your property. Familiarise yourself with the rules and do your research.

Keep yourself up to date on legislation. Even with a Property Manager, understanding your obligations as well as your rights can make you a wiser property investor.

We have years of professional experience in managing properties. Get to know our team of experts www.rentalresults.com.au/our-team/