Important Items For Lessors When Renting
A Property Out
Lessors need to protect and have adequate building insurance for their properties. If the investment is mortgaged, your bank will require that building insurance is obtained. Tenants obtain their own insurance for their belongings whilst in your property.
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1
Building Insurers
Lessors need to protect and have adequate building insurance for their properties. If the investment is mortgaged, your bank will require that building insurance is obtained. Tenants obtain their own insurance for their belongings whilst in your property.
2
Landlord Insurance
As a Property Manager and also a Lessor of my own properties, I cannot recommend Landlord Insurance enough. The best tenants with an immaculate rental history can have a dramatic change in circumstances which may leave you out of pocket.
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Landlord Insurance covers you from the following and more: -
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Pet Damage exceeding the bond
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Flood
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Malicious Damage From Tenants
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Drug Lab Clean Up
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Accidental Damage From Tenants
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Loss Of Rent from Defaults, Broken Leases, Denial of Access to name a few
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Legal Termination From Tenant Hardship
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Death of a Tenant
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Fire
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Storm/Water Damage
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Legal Expenses
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Tenant Injury
Landlord Insurance is tax-deductible and can be paid from your rental income. For a small cost of around $335 per year, it is well worth the investment.
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3
Property Condition Report (PCR)
This is one of the most important documents (apart from your Tenancy Agreement) for your rental property. This document provides a detailed outline of the condition of your property prior to the tenants taking possession. This is generally completed within four days of your tenants taking possession of your property. The length of the report varies depending on the size of your property and the condition of your property however it is generally around 100-110 pages long including photographs of the property. This is updated each and every new tenancy.
4
What Is Required Of The Lessor
Once the Exclusive Management Agreement is signed, we must also collect 100 points of ID from each owner of the property. This is held on file as proof that the property is in fact yours. A Certificate of Title check to check the names are correct on the Management Agreement.
Should your property have a pool or spa, you are required by law to produce a compliance certificate to us to be held on file for the property. Should you not have one, we can obtain this for you at the cost charged by the applicable local council.
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