New to the landlord business?
If you’re a landlord then you’re in business
Your rental property may be a smart investment, something you’ve inherited or just fell into. Which ever way, if you collect rent on a rental home, then you’re a landlord running a business.
Things to be aware of
As a landlord in business, like any other small business, you have customers (your tenants) and agreements, rules, and laws you need to understand and comply with.
You need to be fully aware about the property, the people, the paperwork, the processes and the laws.
Some rules all landlords should be aware of are:
smoke alarms are compulsory in your rental home and you must fit the right type in the right places
you must have ceiling and underfloor insulation installed, though some exclusions could apply. Check out the Insulation tool from Tenancy Services.
you must keep your rental property in a reasonable state of repair. This means regularly inspecting our property and working with your tenants on maintenance.
all your new tenancy agreements must include an insulation statement disclosing if there is insulation, where, what type and its condition
you must include a statement in new, renewed or varied tenancy agreements that confirms you will, or already do, meet the healthy homes standards. This statement can be combined with the insulation statement, with one signature.
you must provide a statement informing your tenants that a copy of each insurance policy that relates to the tenant’s liability for property damage is available on request. This way your tenants are aware of anything the policy doesn’t cover or anything they might do that would make that policy invalid.
Tenant communications
It’s important that tenants and landlords talk to each other and work together to solve any problems as soon as they happen. If you can’t agree, there are a number of options available, eg mediation.
Tenancy Services
Tenancy Services, a part of the Ministry of Business, Innovation and Employment, holds bond money in trust and has resources and services to help landlords and tenants understand their rights and responsibilities.
Tenancy Services provides information and tools to help you with:
understanding different tenancy types
making tenancy agreements
paying rent, bond and bills
understanding your rights and responsibilities
doing maintenance and inspections
keeping records
staying up to date about law changes, including the healthy homes standards
giving notice and ending a tenancy.
How Dunedin Property Management can help
All this information may be overwhelming but it doesn’t need to be difficult. If the landlord business is not for you then perhaps we can help. Dunedin Property Management can remove the stress of looking after a rental property and meet all your legal and professional obligations. If you’d like to discuss it then please email us on hello@dunedinpropertymanagement.co.nz