Tenant Management

5 Things To Do Before Handling Over The Keys To Tenants

Hello, my name is Michael Gilbert, and I’m a licensed realestate agent, and I’m here on behalf oftenantmanagement.com.au. Today, I’m going to talk toyou about the five things that I think you need to do, thatyou must do, before you hand over the keys to tenants.The first thing is, you should get a full periods rent. So ifyou charge monthly then you’ll need one month’s rentbefore you hand over the keys. If you charge weekly, thenyou’ll need one full week’s rent before you hand over thekeys. So it’s like pre-paid rent.

1 - Get a Full Period’s Rent

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The second point is that you should get the maximumbond that you can charge in your particular state. Forexample, if you’re in Victoria, then you should get onemonth’s rent, and if you’re in New South Wales thenyou should get a full week’s rent. And when you getthat bond, you should also transfer that over to therelevant government body within your state.

2 - Collect Maximum Bond

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I should say, the third point is that you should getyour… a residential tenancy agreement lease signedby all parties – by all owners and by all tenants –and each party should also be given a copy of that.Within that lease, you should have the keysphotocopied on a piece of paper. If you don’t wantto photocopy it, just take a photo of it with youriPhone and print it out and put that within thelease. With this lease, you should also give thetenants a copy of the renting guide. It might becalled differently in your particular state.

3 - Get Tenancy Agreement Lease

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The fourth thing is a condition report, a

comprehensive condition report. The more

comprehensive this condition report is, that you

do before tenants move in, the easier it will be

when the tenants actually got to move out and

have to refund the bond. With this condition

report, you should have photos, you should have

even small videos if you can, and even an

inventory. What I meant with inventory is that

within each room you should note what light are

in there, what curtains are in there, for example.

4 - Prepare Condition Report

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The fifth note, the fifth point that you must do

before you hand over the keys to tenants is that

you should have some sort of direct debit form

signed. If they’re not paying by direct debit, it

should be very clear on how the tenants are to pay

rent. If they don’t know how to pay rent, they’re

not going to pay it as easy and as on time as you

would like.

5 – Have Direct Debit Form Signed

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So they’re the five things that you should do before you

hand over the keys. If you’d like some more

information, jump on tenantmanagement.com.au and

feel free to ask us some questions. Thanks very much

for listening. This is tenant management.

5 Things To Do Before Handling Over The Keys To Tenants

Now you’re ready to hand over the keys