So you’ve decided to invest in an additional Australian property, but now you need to sublet it out to a promising renter. When you were in the market for your new property, the excitement at an additional income source may have overshadowed the fact that you need to conduct research on a person’s background before confidently renting out your property. When you’re a landlord, there’s a lot that can go wrong. You need to make sure that you’re subletting the property out to reputable renters. The last thing you want is for your Australian investment property to become trashed, decreasing its resale value and making it harder to let in the future.
How Should You Start the Search for a Tenant?
You can begin by talking to the real estate agent who helped you with your investment property. He or she may know of clients looking for an Australian rental property, and they may also be a bit familiar with the client’s background and probability of being a good renter. If your agent doesn’t know anyone right away, you can always place an advertisement letting renters know that the property’s available. Once you get interested parties, you need to inform them of the monthly payment amount, the deposit amount, whether or not you allow pets, and answer any basic questions they may have.
You may want to meet the prospective renters first, and let them explore the property to see exactly what you’re offering. If you both agree that you want to enter into a rental contract, you’ll need to draw up the contracts and make sure you have all of your legal areas covered. You can speak with a real estate attorney or even your real estate agent before proceeding with contracts to make sure you have all of the necessary paperwork.
Providing the Right Paperwork
No matter where you rent out a property in Australia, you need the right paperwork. You’ll need a standard rental agreement form, and then include any addendum forms that are your special policies and requirements for renting the home. You want to investigate an applicant’s financial history and make sure they have good credit and don’t have any ongoing liens. You also need to make sure that prospective renters have a steady job and will be able to make the payments. If they plan on renting out a room to a roommate, you need to be aware of that so you can have any additional parties sign the paperwork. As long as the renter agrees to your terms and conditions set forth in the paperwork, you shouldn’t have too many problems.