Becoming a landlord and renting out property can be a lucrative investment opportunity. However, it also comes with its fair share of responsibilities and challenges. To ensure a smooth and successful landlord-tenant relationship, here are four essential tips for new landlords before renting out their property - and if you need additional help, benefit from a comprehensive range of property management services from The Rent Shop.
Understand Local Laws and Regulations
Before venturing into the rental market, it's crucial to familiarise yourself with New Zealand’s local laws and regulations governing landlords and tenants. Learning specific rules regarding lease agreements, security deposits, eviction procedures and property maintenance standards is important. Consulting with The Rent Shop can provide valuable insights and help you keep your knowledge up-to-date.
Tenant Selection
Selecting reliable and responsible tenants is key to a successful rental experience. The Rent Shop implement a comprehensive tenant screening process to evaluate applicants thoroughly. This process includes such things as employer/past landlord reference checks, TINZ checks – New Zealand’s largest tenant database, Baycorp/Veda credit checks, tenancy tribunal checks and property viewings, ran by our property managers. By choosing tenants you protect the welfare of your investment and get peace of mind.
Set Clear Expectations with a Well-Written Lease Agreement
A well-drafted lease agreement is essential for protecting your interests and establishing clear expectations with tenants. Clearly outline the terms and conditions, including rent payment details, lease duration, maintenance responsibilities, and rules regarding pets, smoking, and property alterations. With vast experience, The Rent Shop will ensure your lease agreement complies with local laws and protects your rights as a landlord.
Property Maintenance
Maintaining your property is crucial for attracting and retaining good tenants, as well as preserving its value over time. The Rent Shop’s landlord services includes conducting regular inspections and maintenance with our trusted network of tradies. We’ll identify repairs and maintenance issues and monitor the upkeep of your investment by sending you a report.
Becoming a landlord can be a rewarding venture, but it requires careful planning and attention to detail as outlined in our four top tips. By contacting The Rent Shop, you can access all the advice and information required to get started as a Landlord, plus services to make your job easier.
