Your rights and responsibilities as a landlord

Whether you’re a new or seasoned property investor, there are things you need to understand to make sure you know your rights and deliver on your responsibilities as a landlord. Knowing these things from the outset will not only help you find the right property and secure great tenants, but it will also ensure you keep things running smoothly and reduce the risk of legal action. Keep reading to learn more about your rights and responsibilities as a landlord.

What are your responsibilities as a landlord?

When it comes to listing and leasing your property, your responsibilities are centred around keeping your property compliant with the regulations in your jurisdiction to make sure your tenants have a safe and secure place to live. Some of the key things you are responsible for in the safe upkeep of your property include:

·         Keeping the property’s structure and exterior in good condition.

·         Making sure utilities (gas, electricity and water) are connected and operational.

·         Ensuring all fixed appliances are working.

·         Quickly addressing health risks such as mould.

·         Giving tenants appropriate notice for inspections and repairs.

·         Complying with the law in your jurisdiction about rental increases.

·         Meeting the responsibilities outlined in the tenancy agreement.

The specifics of the responsibilities listed here will differ slightly based on where your property is located. If a property manager looks after your property, they will understand the law in your jurisdiction and help you to comply with your obligations.

Why is meeting your responsibilities as a landlord important?

It can seem like there are many things to comply with and keep track of as a landlord, but with the help of your property manager, you can make sure you always do the right thing. Further, understanding your rights will also give you the steps to take if things go wrong, such as your tenant no longer paying rent or deliberately damaging your property.

The key benefits of understanding and delivering on your responsibilities as a landlord include reducing your risk exposure to potential litigation, avoiding unnecessary costs such as legal fees, and keeping your property in good condition. By proactively addressing issues with your property and always maintaining compliance, you’re more likely to realise these benefits and keep your tenants happy. As a result, you have a better chance of securing long-term tenants, which can reduce your vacancy rate and keep your rental yield stable.

Being proactive about understanding your rights and responsibilities as a landlord will help you keep on top of potential issues at your property. Further, with a good property manager to support you, you’ll have peace of mind knowing that compliance tasks such as annual smoke alarm checks are always taken care of at your property. Just like insurance protects your property, investing in a property manager who can help you deliver on your responsibilities as a landlord is a worthwhile investment.

Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.