CONSIDERING RENTING OUT YOUR PROPERTY?

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Renting Out Property

If you are a landowner and you are considering renting out property in Brisbane, Moreton Bay Region or adjacent areas, it helps to know your key requirements and responsibilities. For all your property management service needs contact Affinity Property today. 

Abide By State Regulations

For full details of your responsibilities, along with your rights as a landlord and the rights of your tenants, check out the Residential Tenancies and Rooming Accommodation Act 2008.

The main points contained in the legislation refer to the tenant’s right to treat your property as their home for the duration of the tenancy agreement, your need for a valid reason whenever you wish to enter your property and your responsibility to carry out maintenance and repairs in a timely manner.

You Need to Decide on a Fair Rental Value

You will obviously want to maximise the income you generate from your property.

However, you need to bear in mind that tenants are very sensitive to rental costs so the rental value you decide on should reflect market conditions and be a fair deal as far as tenants are concerned. 

If your rent is priced to high, you may struggle to find willing tenants. As such, getting the right price is all about finding the appropriate balance. 

You Will Need Landlord Insurance

Your existing insurance will not cover any damage that may occur as a result of you renting out your property, so it is crucial that you take out landlord insurance for this purpose. You can include this in the rental costs so that it does not come directly out of your pocket.

Don't Forget to Consider the Tax Implications

You will have to declare your rental income but whether it is taxable will depend on your status. 

You can learn more through services such as the Australian Taxation Office. 

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Vet All Prospective Tenants Carefully

It is imperative that you obtain references for all prospective tenants if you want to avoid unnecessary problems when renting your property out.

Ensure You Maintain Great Communication with Your Tenants

Really successful long-term tenancies reduce your costs as a landlord and provide a stress-free investment.  

A critical part of this is ensuring effective ongoing communication with your tenants about property maintenance, rent reviews, lease renewals, inspections, and any other matters associated with your rental property.  Two-way respect between tenants and landlords is very important.

You only want to hand keys over to responsible tenants. We can help you find them.

Hiring a Property Manager Is Your Best Course Of Action

When renting out property, hiring a property manager is the best way to make sure it all goes smoothly. 

At Affinity Property, we take care of all your property management requirements. Our experienced team will set a rental price that is acceptable to both you and your tenants. We will also conduct regular rent reviews so you maximize your rental income.

As an experienced property manager, we can help you to make the necessary declaration and provide you with advice on tax issues.

Furthermore, we vet tenants to find the most suitable applicants. Once they’re a tenant, we make sure to communicate with them regularly.

If you would like to rent property out in Brisbane, Moreton Bay or the surrounding areas and you would like a professional property manager to take care of all the details for you, and analyze your property’s value for maximum returns.

 Please contact us whenever convenient to discuss your plans with a member of our team.