The basis of a happy partnership between tenant and landlord is mutual respect for one another, and a clear understanding of the rights and responsibilities of each party.
It's not just about getting the rent paid on time, or maintaining a property to a liveable standard. Residential leasing is highly regulated and if you are a landlord, you must understand these as you are obligated to abide by state law.
Regulations surrounding tenants' rights vary in each State and Territory in Australia. However, there are tenants' advisory services you can turn to if things don't go smoothly.
According to the Real Estate Institute, the first stop for advice is often the Tenants Union or equivalent (if it exists) in each state.
They say if you go to their websites you should find the appropriate advice for your area, including in some cases invaluable fact sheets and form letters that you can download, adapt and send off, covering just about any eventuality.
They also recommend landlords, as well as tenants, take advantage of these great services as they are the best way for everyone to know what their rights and responsibilities are.
You can find information on rent reduction/abatement, overpaid rent, repairs, terminating your tenancy and much more.
You can also find information on what to do if your landlord cannot be contacted or is unwilling to do the urgent repairs. There are also details on who to contact for dispute resolution.
A good property manager will be across all the regulations in their state. They will take advantage of real estate training and attend seminars relating to new rules and regulations.
Bond and advance rent
According to realestateview.com.au, it is recommended that all landlords acquire a bond from their new tenants.
This security measure will be useful in instances where the tenant does not pay rent, damages the property or fails to keep it in a satisfactory condition.
If so, you are then eligible to claim some or the entire bond once the tenancy is over.
At the start of a new lease, you are expected to provide a bond lodgement form to be filled out by both parties and are responsible to ensure that it is lodged with the relevant state authority within the correct time period.
You can find more out about your responsibilities as a landlord in the Beginner's Guide to Investing on realestateview.com.au