Self managing landlords typically love selecting their own tenants and forming those important relationships, attending to repairs and maintenance issues when they arise, and generally being hands on with their property.
What we've found, though, is that more times than not, these landlords tend to let their record keeping slide. They might start off strong when a tenancy first begins, but then stuff gets in the way and before you know it your rental ledger hasn't been updated for months on end, you're struggling to know where your tenants rent is paid to, or whether they're even up to date or not. This can lead to problems.
A landlord, even a self managing one, is required to keep and maintain an accurate rental record (ledger) documenting all the rent and other payments a tenant makes, and the paid from and paid to dates that each rent payment relates to.
Did you know that a landlord must provide that ledger to the tenant within 7 days of the tenant requesting it? And the first thing a Magistrate or Tribunal Member will ask for - if you ever end up in a dispute with your tenant - is the ledger. Plus, it's also the first thing your accountant will ask for at tax time, too. So, it's a pretty important record to keep and maintain.
We've carefully created the Rent Managed service to help support those self managing landlords who love being hands on managing their rental property but who need just a little bit of help and support keeping track of the rent payments and maintaining their rent ledger.