Being a landlord means you’re responsible for an asset you own, that is the home of another person. It’s a unique relationship that means you have unique responsibilities. Each year there are a number of things that Landlord’s should do to ensure they are providing the best possible facility for a tenant. Not all of these things are necessary each year, however it is always a good idea to chat with your trusted property manager and discuss what you should be doing.
The Tenancy Act has very strict regulations around the smoke alarms that need to be in place in each rental property. These regulations cover the number of alarms, type of alarms, life of alarms and more, so if you aren’t sure about your compliance chat to your property manager. You can read more by clicking here. If not, you face fines up to $4,000 for non-compliance.
Methamphetamine is a big issue in rental properties and Landlords are responsible for providing a non-contaminated property each time they sign up a new tenant. This means you should have your property tested at the end of each tenancy, before a new one begins. If you haven’t had your property tested for a while, there is no harm in getting it done.
It is your responsibility to provide a clean, pest-free home for your tenants. However, once a tenant moves in it is then their responsibility to maintain the cleanliness of the property. If a pest problem occurs that is neither the fault of the landlord or the tenant, responsibility in amending the problem may be shared. Pests can not only make for uncomfortable living, but can do damage to properties, so as a Landlord it can sometimes be beneficial to take a proactive rather than reactive approach to pest control – after all, it is your asset.
When electrical fixtures break they can be costly to repair. As above, it is always best to take a proactive, not reactive approach to this. During the property inspections you can ask your property managers to assess the state of the fixtures and provide you with information on their condition. That way you can ensure the property is safe from electrical dangers and conduct any necessary maintenance without drama.
Every Landlord needs insurance – it’s that simple. But which do you choose, what are you getting for your policy and is it the right option for you? Each year before you renew your policy, chat to your trusted property manager about your insurance options and consider whether you should upgrade, downgrade or change providers. You can also use these reviews to save on your premium, it pays to at least ask!
Do you have any other items that as a Landlord you consider every year? Share them in the comments below…