Five things for landlords to think about

Important things for landlords to consider

Hiring a property manager or real estate agent

Some landlords prefer to manage their rental property themselves, while others prefer to hire a dedicated property manager or real estate agent to manage the property for them. Hiring a property manager or real estate agent means that you won’t have to worry about sourcing prospective tenants, arranging leases, collecting rental payments, reviewing rent levels, carrying out regular property inspections and much more. By managing the property yourself, however, you will save money on fees that can rise as high as seven to ten per cent of your weekly rental income. Alternatively, you could hire a letting agent to find tenants and handle the bond payment before managing the property yourself.

Taking out landlord insurance

Property is an important financial asset that every landlord should consider protecting. While home insurance can help cover events like floods, fires and storms, it doesn’t always cover tenant-related incidents. Landlord insurance can cover you for a variety of tenant-related incidents and a range of insured events including tenant damage, damage caused by a tenant's pet, damage from drug storage and distribution and replacement locks.

Having a good tradie on hand 

Repairs and maintenance are an unavoidable part of owning property, so make sure you have trusted tradies – such as plumbers, electricians and locksmiths - that you can call when something goes sideways. A service that is available to help 24/7 for home emergencies, such as water leaks, is also ideal.

Unless you’re a qualified tradie yourself, it pays to hire a professional for jobs like fixing leaky taps, replacing broken light fittings, cleaning gutters, changing locks, replacing smoke alarms or servicing an air conditioner or heater in your rental property.

Being aware of your legal responsibilities

Make sure you understand your legal rights and responsibilities as a landlord to ensure that you aren’t inadvertently breaking any laws. For example, did you know that it is prohibited to accept more than one month’s rent in advance for properties with a rent of $900 a week or less in Victoria?

Changes to the law are occasionally made to make it clearer for landlords and tenants as to what their rights are, such as the key changes surrounding pets that were put in place in Victoria in March 2021. It's a good idea to stay on top of Victoria’s rental laws, so that your tenants are treated fairly and have no grounds for complaint.

Making sure your rental property meets the right standards

With the 2021 introduction of the Victorian Minimum Rental Standards and Gas and Electrical Safety Checks, it’s more important than ever to make sure your investment property meets the standards set out. Without meeting these standards, you are at risk of numerous repercussions, including your tenants being able to break their lease without notice if ­issues aren’t rectified.

By booking a professional property inspection with a qualified inspector, you can help ensure that your property is compliant and safe for renters to live in. Inspectors will check your property against current legislation, and provide a report complete with photos and recommendations to help you fix any issues.  You can also add on a gas safety check or electrical safety check, which is required every two years on rental properties.