Landlords

Homes are rented out as investments worldwide and are a popular way of making money to gain future financial security. It can take years to acquire an investment rental property and involves a substantial amount of money to do so as well. The initial outlay is worthwhile for the benefits it brings to the investor in the long run, as the rent pays for the upkeep, rates and such while still allowing the rest to be banked, adding up to a sizeable amount over the years. If the investment has come with a mortgage the rental income will eventually pay it out leaving the investor free to save future rentals.

Because people are all different and have different attitudes to property belonging to others, tenancies can be a mixed bag of good and bad experiences. In the past rentals have been damaged by uncaring tenants who have left without warning still owing rent leaving the landlord out of pocket as the bond was not enough to cover the cost of repairs and lost rent. In other cases tenants who were blame free have not had the bond returned by landlords who were just greedy and dishonest. Landlords having control of the rental bond was plainly not a desirable thing. Now all those who have real estate Gold Coast investment homes must lodge the rental bond with a government authority until the end of the lease when it is either returned to the tenant or given to the owner to cover any genuine losses incurred during the tenancy.

Once a tenancy agreement and the rental bond form have been signed, the bond must be lodged with the RTA (Residential Tenancies Authority) within ten days by either the landlord or the property management Gold Coast. If it is not lodged with that time the owner or management will be hit with a penalty. Immediately the bond is paid by the tenant, the owner or management must issue the tenant with a receipt.

Once the RTA receives the bond they will send a receipt to the tenant to acknowledge its lodgement and it will contain a number that is attached to their name. If the tenant does not receive acknowledgement within three weeks time they should check with the RTA to make sure it has been lodged. Once the tenant receives this notice of lodgement they must ensure it is kept in a safe place in order to recover their bond at the end of the lease.

The rental bond lodgement process is fair to the landlord and to the tenant, protects the interests of both and ensures disputes will not arise.

For all investors, whether new or old hands, the best decision they can make to ensure a stress free and successful investment is through hiring a property manager. Trying to keep down a job and run an investment property at the same time is just not a wise move. Employers will not be happy with you if you have to take time off work to sort out property issues, whether it is problems with tenants or having to do repairs to the premises. It would also be difficult to concentrate on your job while wondering if the rent has been paid, and trying to find a suitable time to inspect the property.

For all investment rentals, the option of hiring an agency to take care of all aspects of the investment is the best one, and it will ensure your investment reaches it’s full potential. When you do approach them and discuss your needs, you will be pleasantly surprised at the feeing of relief that will wash over you after being shown all areas that come under their professional umbrella. While you go to the office and take care of your job, the skilled people at the agency will take care of your investment, which is their job. You will have no need to do anything except watch your investment become a success.

Your property will be advertised as a market rental to attract future tenants, and they will in turn be checked for financial ability to pay the rent, and have previous tenancies checked to determine if they are indeed suitable tenants for your investment and then shown the property to make sure they want to live there. You will be asked if you wish to have added clauses inserted into the tenancy agreements as regards additional fees, i.e. excess water charges. The tenants are made aware of any additions made and if happy sign the lease and move in. Rental issues are taken care of by the agent, as well as hiring tradespeople to carry out repairs on your behalf saving you the trouble.

With your permission they will also arrange Landlord Insurance on your behalf, which will protect your investment in times of natural disasters or property damage and loss of income through rental defaulting by tenants. If rental defaulting issues require court action, the property management take care of these for you as well, so as you can see choosing property management for your investment most certainly is value for money.