How to manage an investment property

If you’re becoming a landlord for the first time, it’s important you keep abreast of landlords’ and tenants’ rights — even if you’re using a property manager.

Remember, you’re entering a legal agreement if you become a landlord, so it’s vital to know what your legal parameters are. This became especially important during the COVID-19 pandemic, as all states and territories introduced temporary exemptions and changes to tenancy laws to offset the economic effects of the crisis and to comply with health directives.

Tenants’ rights vary according to which state or territory the lease is in. One of the biggest differences is the notice period required to evict a tenant. Some states require just a few days, while others will require up to 120.

In most states, tenancy laws will generally cover such areas as how much bond is required, limits on advance rent, frequency and size of rental increases, eviction notice periods and causes and when an owner or agent can enter a property. Entry to rental properties will require some notice period.

Remember, too, that the tenancy law that exists in the state where the property lies are the ones that apply. If you live interstate, the regulations of your home state do not apply elsewhere.

You’ll be able to find all the laws that apply to your property on the internet, via either government websites or tenancy groups. You can also discuss them with your property manager, who will be well versed in them.