Do you know your obligations as a Landlord in terms of the new CPA?
A property owner’s goal to accumulate wealth through his investment is achievable provided a quality tenant was sourced, the tenant pays the rent on time and treats the property with respect, and the investor understands the tenant’s rights. If the investor is not 100% informed and fully compliant with the laws and regulations that govern this industry, he is not protected from potentially unscrupulous claim from disgruntled tenants, contractors and other bodies. Property Owners who want to manage their own investment property should consider the following questions:
- Do you know your obligations and your tenant’s rights according to the new Consumer Protection Act?
- Are you operating within the regulations of the Rental Housing Act?
- Do you provide your tenant with monthly statements and invoices?
- Do you keep your tenant’s deposit in a separate interest bearing account?
- Do you have the time to monitor and manage the repairs and maintenance of your property?
- Do you know how to respond if you are called to appear before the Rental Housing Tribunal?
Wise investors know that it is less expensive to hire a fully compliant professional rental agent who has the expertise and experience to manage their properties, especially in this complex industry with many potential pitfalls. Quality tenants prefer to rent properties that are managed by professional rental agents. Follow this link to read more about the Etchells & Young Rental Management Services http://www.etchellsandyoung.co.za/services/rental-management