If you own a property in Brisbane, Moreton Bay Region or adjacent areas that you would like to rent out, there are a number of things for you to consider before you get started. Below, you will find a summary of what we think are the main factors to consider but if you would rather not spend hours researching all the in and outs, you can use our property management services instead. As an experienced and trustworthy property manager, we can take care of all the details on your behalf.
Factors to Consider When You Rent a Property to Tenants in Queensland
If you would like to generate an income from a property you own in Queensland, you should think about the points below before you go ahead and advertise it online.
You Must 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 but 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 you decide to appoint us as your property manager, we will, of course, be happy to help you arrive at a figure that is acceptable to both you and your tenants. We will also conduct regular rent reviews so you maximise your rental income.
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.
You Must Consider the Tax Implications – You will have to declare your rental income but whether it is taxable will depend on your status. As an experienced property manager, we can help you to make the necessary declaration and provide you with advice on tax issues.
You Should 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. As your property manager, we can handle this on your behalf.
You Should 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.
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, please contact us whenever convenient to discuss your plans with a member of our team.