Advertising your property online, newspapers, in the windows of local businesses or shopping centre notice boards and through word of mouth with friends and family are good ways of starting the search for tenants.
Think about how much rent you want for your property. If the property is under a rent control order you can’t legally charge more than the maximum amount set by this order.
Things to take into consideration include:
location – is it in an area of high demand? Is it close to shops and public transport?
what kind of property it is – a flat or unit will usually cost less to rent than a house.
how much other landlords are charging for similar properties in your area – look at recent average rent reports, look at real estate agent websites or newspapers.
You will need to be available to:
take phone calls about the property
answer any questions
organise a time with prospective tenants to view the property.
You can not ask prospective tenants for money to view a property.
Many landlords develop and ask prospective tenants to complete an application form. These usually include information about their:
Tenants who give false information about their identity or place of occupation can be fined up to $500.
You can ask for proof of income and identity, and copies of written references.
You will be able to choose who you would prefer to be your tenant, but it is discrimination if you refuse to consider an application from someone because of their:
Discrimination is illegal and carries a maximum fine of $1000. Information for landlords about discrimination is provided on the Equal Opportunity Commission website.
It is recommended that you get at least one reference when considering prospective tenants. Good questions to ask a previous landlord include:
Some people may not have a rental history but may have references from people who have either known them professionally or personally. They can give you an idea if they would be suitable tenants. Some questions to ask may include:
Once you have found a suitable tenant you can start to organise the lease agreement and other necessary paperwork. You can ask for the bond and rent in advance to be paid.
Click here for source from sa.gov.au