Consideringmanaging yourself? If you are consideringmanaging your own investment property then it’s wise to consider the following: • Do you possess a thorough understanding and knowledge of the Residential Tenancies Act and all amendments in order tomaintain a fair and professional relationship with your renter? The renter may be entitled to compensation if you inadvertently breach their rights. • Do you understand a Rental Provider’s obligation under other acts affecting a tenancy? Discrimination, privacy, consumer protection, building and other statutes all impact a tenancy. • Are you confident that you know enough about the renter selection process to ensure that you ask the right questions and receive the right answers before you place a renter in your valuable asset? This can save untold heartache and frustration for you. • As a Private Rental Provider youmay not have the appropriate access to tenancy and credit control databases and run the risk of putting a renter into a property without knowing their full history. Often we find that renters without a good history apply for properties that are privately managed as they know they can hide their past problems. • Do you know how to lodge your renters’ Bond money in accordance with the Residential Tenancies Act and within the required time frame? If you do not lodge the bond appropriately you may be liable for heavy penalties. • Do you know the right procedure when dealing with rental payment arrears? It is vital that the correct notices and service periods are used to prevent a notice frombeing compromised which would result in your having to reissue a notice, leading to financial loss and also a claim froma renter that their rights have been breached with an associated claim for compensation. • Do you have a concise knowledge of the Residential Tenancies Act to effectively represent yourself at Tribunal? The proceduremust be precise. If you are ill-prepared with non-compliant documentation, invalid notice periods or lack of evidence, justice may not fall on your side. Minor mistakes may cost you dearly! • Do you knowwhat constitutes an unlawful act in the Residential Tenancies Act and what tier of infringement penalty youmay be liable for if you commit an unlawful act? • Do you know the correct procedure when the renter has absconded and abandoned goods remain at the property? The Residential Tenancies Act has a range of procedures that must be followed when goods are left at the property. Additionally, if you enter the property when possession has not been handed back you risk any compensation youmay have been entitled to; not tomention any penalties that may be imposed due to the breach of the Residential Tenancies Act. Maximising your Investment 7
RkJQdWJsaXNoZXIy MTI3ODI1