It is advisable to get the maximum bond you are allowed legally from your new tenants. This differs from state to state. A maximum bond will cover for any rental properties’ damage or any due rent. The bond is required to be signed by all parties and will be kept in possession of a government body which will keep the amount till the bond expires and all the people involved agree to the pay-out of the amount.
Signing the Lease
This is an essential step while renting out properties. All the involved parties should sign an agreement in writing called as the Residential Tenancy Agreement and receive a copy of the same.
A printed copy of the key without the key ring should also be attached to the lease document for easy comparison when the key is handed back after the lease or tenancy gets over. A renting guide must also be given to the tenants before or during the signing of the lease. All these forms are easily available online for download.
Prepare a Comprehensive Condition Report
A comprehensive report covering the condition of your property before your tenants move in is a mandatory requirement to avoid arguments and disagreements at the end of the tenancy.
The more exhaustive the report the less are the chances of disagreements later on. Include photos, videos and details to substantiate your claim in case of any arguments at the end of tenancy.
Small adjustments in the rent
Talk to your tenants and try to increase the rent by a small value every year. This is much better than increasing the rent by a huge fraction every two-three years. Small rent adjustments are easier on the tenants as well as they can adjust their budget to this newly increased price better. You may not see immediate profits, but in the long run it will be you who will have benefited.