Number four of the six common landlord mistakes I wrote in a past blog is about as a landlord; you need to avoid being disorganised.
Being a landlord and being disorganised don’t mix too well together.
In all my years in property management, see below the three biggest complaints I hear from tenants regarding landlords and some property managers being disorganised.
1. Unfiled Paperwork.
🔵 As mentioned in other blogs, if you own a rental property, you must treat it as a business. Having unfiled tenancy-related paperwork, it’s not a good idea.
🔵 Hard copies of any tenancy documents and any communication with tenants need filing to that property, and it’s essential to have a backup on your PC or in the cloud.
🔵 It could be very embarrassing if you need to provide a copy to the tenant or file a claim to the tenancy tribunal and you cannot find the tenancy agreement.
2. Not keeping Accurate Rent Records.
🟠 If you are managing your property, you have a legal requirement to keep rent and bond records for seven years after the tax year they relate to.
🟠 A simple Excel spreadsheet that will record when the rent is due. When paid, the rent period from and rent period to and the rent amount.
➡ You can download a spreadsheet the tenancy services.
🟠 I often hear stories from tenants wanting information about rent and landlords not providing a rent summary.
🟠 It still amazes me some landlords can’t provide this. If you’re a landlord and not wanting to do the basic requirements, you should pass your rental property on to a property manager immediately. It’s simply not good enough.
🟠 And any case, if you need to file a claim for rent arrears and don’t bring accurate rent records, you’re wasting your time.
3. Not Lodging Bonds.
🔴 For landlords managing their property, one of the most common issues tenants face is the failure of landlords not lodging their bond.
🔴 Landlord’s the bond money is not yours.
🔴 Yes, the bond is a security in case there’s any damage caused or unpaid rent, but that money isn’t yours to keep or hold onto.
🔴 Any bonds paid by tenants need’s lodging within 23 working days. Not lodging a bond within these time frames is unlawful,, and you could be required to pay a penalty.
🔴 I heard from a tenant complaining the landlord 18 months later had still not paid the bond to tenancy services; this is simply not good enough.
➡ This link will take you through to tenancy services; there’s an article about a landlord ordered by the Tenancy Tribunal to pay just over 30 thousand dollars in exemplary damages, who had received bonds from fifty-four separate tenancies that did not forward them onto Tenancies Services Bond Centre.
Making life easier for landlords is what we do.
So if you are considering engaging a property manager