Renting out property is undoubtedly a daunting task, but it can definitely be rewarding if you know what to do to avoid getting burned. We’ve heard too many stories of unsuspecting landlords losing money and time – that’s why we’ve come up with a few things that every modern landlord should know and follow.
Know your rights and your tenant’s rights
Here’s the hard truth – a landlord has to accept the fact that governing laws in Malaysia are very pro-tenant. In fact, you might be surprised to know that there isn’t even a Tenancy Act in Malaysia.
Thus, it cannot be stressed how important your tenancy agreement is. It is literally the only binding document in a landlord-tenant relationship, signed and agreed on by both parties. Containing terms such as deposit/rental, tenancy period, mode of payment, and even GST, this is the fall-back document for both you and your tenant in case of legal dispute.
Do a background check on your tenant
Before you agree to rent out your property to a tenant, be sure to learn about their history – be it credit or even criminal (available here at a fee: http://www.criminal-records-search.com/international/malaysia.htm) Do not hesitate to call their employers to learn about their work history either. We also recommend you request your tenant to provide at least three references for you to consult with.
At the end of the day, you’re entrusting your property to another person. Minimise every risk possible, from lost assets to pounding headaches, by learning as much as possible about them as you can.
Be sure to be on top of maintenance and repair
If anything goes wrong in your rental property, it is very likely your tenant will call you instead of the building maintenance. It is imperative that you address the situation as soon as possible. Tenants may have the right to withhold rent, sue for injuries caused by defective conditions, and even move out without notice, if you are not on top of your maintenance game.
Also, be sure your empty rental property is always kept in good repair, so that you do not alienate preferred tenants.
Purchase insurance property to make sure you are always covered
Be it natural disasters such as storms or floods, or even criminal activity such as vandalism, you’ll want an insurance programme that ensures you are protected. Also remember that even with the most well-intentioned tenants, something can always go wrong, and can cost a significant sum to repair.
Do consider landlord liability insurance that could cover you in the event of an injury or death on your property, and also protect you against tenants who may try to sue after an accident.
Rent home appliances instead of buying them
Some might find it unusual to rent home appliances instead of purchasing them, but the fact is you save money in the long run. GoByRent.com provides home appliances such as fridges, microwaves, televisions, washing machines, and more for weekly rental at an affordable rate. Also, in case the rented appliance is out of order, you get a replacement within 48 hours.
For further peace of mind and money-saving, GoByRent.com provides free burglary insurance. If an unscrupulous tenant takes off with your rented home appliances, you can rest easy knowing that you won’t need to fork out a cent.
Plus, once your tenancy lease is over, you won’t be scratching your head wondering what to do with your possibly-outdated home appliances. GoByRent.com simply takes them back at no additional cost.