It is IMPORTANT to ask yourself, when arranging property management documents and tasks, do I have a thorough understanding of the Residential Tenancies Act?

This is a highly specialised aspect of Real Estate. It is fraught with the danger of litigation in almost every task undertaken. A competent Property Manager possesses a strong understanding of their role, and is continually increasing and updating their knowledge of the industry, market trends, compliance requirements, and changes to legislation, to ensure all clients receive the highest level of service at all times.

If you are considering managing your own investment property then it is wise to consider the following points:

• Do you possess a thorough understanding and knowledge of the Residential Tenancies Act in order to maintain a fair and professional relationship with your tenant?
• How much do you know about the tenant selection process?
• Do you know how to lodge your tenants’ Bond money in accordance with the Residential Tenancies Act requirements and within the required timeframe?
• Do you know the right procedure when dealing with rental payment arrears?
• Do you have a concise knowledge of the Residential Tenancies Act to effectively represent in Court?
• Could you successfully terminate your tenancy and recover possession of your property without the need to go to Court?
• Could you complete a valid Property Condition Report with enough detail to stand up in Court if necessary?
• Do you know the correct procedure when the tenant has absconded and abandoned goods remain at the property?
• Would you be able to recover any outstanding debts?

External resources for renting out your property

‘Renting out your property a Lessor’s guide’ is an easy-to-read guide published by the Department of Commerce, which explains your rights and responsibilities as a private property owner. This guide doesn’t take the place of the Act, nor does it cover everything, but it will give you a good working knowledge of your rights and responsibilities as a Lessor of a residential rental property. The term ‘Lessor’ is used in this guide to describe the person who is renting out the property. This person is commonly known as the ‘Landlord’.

Obligations of Landlords – What types of internal window coverings are a safety hazard?

Smoke alarms – The Building Regulations 2012 in Western Australia require the owner of a dwelling to have compliant smoke alarms installed.

Minimum levels of security – How do the new laws apply to your rental premises? On 1 July 2013, changes to the Residential Tenancies Act and the Residential Tenancies Regulations occurred. The changes include a list of the locks and devices that must be installed in premises to make them reasonably secure.

Rules for pools and spas – In Western Australia, domestic swimming pools are the most common site in which drowning for children aged 0–5 years occurs, with 94 per cent of drowning incidents at locations in and around the home. Of that 94 per cent, 31 per cent occurred at a relative or neighbour’s home. These tragic incidents can be significantly reduced if we are all aware of the potential hazards of water in our everyday life, use simple prevention methods, and learn the life saving skill of resuscitation. Portable pools can also pose a safety risk. There are specific laws in WA that mandate the installation of a safety barrier to enclose private swimming and spa pools. The laws are intended to protect the safety of young children by restricting their access to the area containing the swimming or spa pool.

Landlords insurance – Purchasing an investment property is a big financial step. As a property owner and Landlord, you want complete peace of mind and reassurance that your investment and rental income is protected.

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Property Investment Protection

Tax depreciation – Are you a Property Investor missing out on thousands in taxation deductions? Depreciation may be your answer! By having your Depreciation Report paid for and completed by the end of the financial year, you can maximise your property investment return. We can help you reduce your taxable income which means more cash back in your pocket!

Depreciation Schedule – Do you have a Depreciation Schedule in place for your Investment Property?

Depreciation is the accounting method used for calculating the loss in value of a building over time. You can claim this loss in value as a tax deduction in your annual tax return. Having a Depreciation Schedule in place is an essential part of any Investment Property strategy.

Check out our video on Depreciation Schedules.