For property investors who self-manage their property, here's a checklist you'll want to tick off before you pass the keys to your new tenants. Tackling these steps head-on ensures a smoother tenancy right from the get-go.

These steps I’m about to tell you are the exact process we use at Cubbi (a platform to streamline self-management of your property).

Secure the First Payment

Kick things off by securing the first payment payment in full. This means if the rent is due monthly, your tenant should pay one month's rent upfront before getting the keys. This is crucial for a couple of reasons. First, if there's any hesitation or difficulty in making this initial payment, it's likely a sign of future rent payment issues. Secondly, it establishes the habit of paying rent in advance. It's a no-brainer move to settle this during the lease signing process.

Collect the Bond

Next up, make sure you collect the maximum security deposit allowed by law. This varies depending on where your property is located. This deposit acts as a safety net for any potential damages or unpaid rent at the end of the tenancy. Once you've got the bond it needs to be lodged with the state’s bond authority. So if you’re in Victoria that’s the RTBA. Not collecting the full bond upfront before handing over the keys is one of the biggest mistakes self-managing landlords make. It’s ok to be compassionate but not in this area.

Signed Lease Agreement

This document, also known as the Residential Tenancy Agreement, is your foundation. Alongside the lease, don't forget to attach a copy of the local Renting Guide—this varies by state but is a required resource for tenants. It is also the best time to set expectations.

Condition Report

Complete a detailed condition report of the property. The more thorough you are here, the less disputes when the renters move out. Incorporate photos, videos, and an inventory list to clearly document the property's condition pre-move-in. It might seem like a lot at first (and it is), but this step is a time-saver and big money-saver in the long run. Don’t skip this.

Zero Late Rent Policy

Be clear from the start on how rent will be collected and what will happen if they fall behind. Cubbi’s zero late rent policy is built into every lease. Rent should to be paid on time, in full, as per the lease agreement. If a tenant does not pay all the rent on the day it is due; the following day they are 1 day late. Based on state legislation your policy should be super clear when a formal termination notice will be sent. For example, this is when the renter is 15 days behind in rent in Victoria. Being clear upfront reduces the chances of ever getting so far behind (because they know they will be evicted) but if they do they know what's going to happen so it makes it as easy as following a procedure instead of making a decision to evict someone.

If all this sounds like too much work or you’re worried about missing something, use Cubbi, the better and cheaper alternative to an agent.