The tenancy agreement you provide to your renters will outline the rent amount to be paid, how it will be paid, how long the term will last, how much security bond is required and any other rules and conditions you have in place.
However, one of the primary steps that needs to be taken is deciding on a fixed term tenancy agreement or a periodic term tenancy agreement.
Ray White can help you explore your options and recommend the type of agreement that suits your needs.
As its name implies, a fixed term agreement is set for a pre-determined length of time. This way both parties know in advance when the agreement comes to an end, providing you with enough time to work on finding new tenants and getting the home in order.
A periodic term agreement can go from month to month, or even week to week. While this can be more dangerous for you as a landlord, it can also attract more renters who are apprehensive about being locked into a home for an extended period of time.
Regardless of which type of agreement you decide to use, it is still required for landlords and tenants to give each other notice when one party is leaving.
How much notice you must give tenants, as well as how the notice must be provided, differs depending on location.
For instance, prior to the end of a fixed term tenancy agreement, you are required to give tenants a written notice. In New South Wales and Queensland, a minimum of 14 days notice is required. However, in Victoria, 90 days notice for a fixed term agreement of less than six months is standard. For agreements lasting longer than six months, more notice is required.
Meanwhile, South Australia and Western Australia do not have a minimum notice period, but you and your tenants must discuss the matter and come to an arrangement in advance.
This is just one aspect of tenancy law, making it clear that even knowledgeable investors should consider their options when it comes to management of their rental properties.
Our property mangers at Ray White Uxcel can assist in making sure your tenancy agreements and notice periods follow the letter of the law. Call us to find out how we can look after your property investment and help it grow.