Key Takeaways
- Managing an investment property involves legal, financial, and practical responsibilities; it helps to treat it like a business from the beginning.
- Make sure your property meets Victoria’s rental minimum standards before tenants move in.
- Regular rental inspections help maintain the condition of your property and keep it compliant over time.
- Choosing reliable tenants and keeping accurate records supports a smoother rental experience.
- Independent compliance inspections can give first-time landlords peace of mind and help meet obligations with confidence.
Becoming a landlord for the first time is a major step, and an exciting one. So, if you’ve just bought your first investment property or you’re getting ready to lease out your former home, there’s a lot to learn early on.
In Victoria, the rental market is regulated by a strong set of tenant protections and property standards. For new landlords, that means understanding your legal responsibilities, ensuring your property is compliant and safe, and managing the ins and outs of being a rental provider.
This guide offers clear, practical advice for first-time landlords to help you get started on the right foot, avoid common pitfalls, and protect your investment from day one.
Understanding Your Legal Responsibilities as a Landlord in Victoria
In Victoria, residential tenancies are governed by the Residential Tenancies Act 1997, which outlines the rights and responsibilities of landlords and tenants. In recent years, significant updates have strengthened tenant protections, meaning new landlords must be proactive about compliance from the start.
Some key legal obligations include:
- Lodging the bond with the Residential Tenancies Bond Authority (RTBA)
- Providing a Disclosure Statement before the lease begins
- Meeting all minimum rental standards (such as functional heating, weatherproofing and secure locks)
- Conducting regular safety checks (like smoke alarm testing and electrical/gas checks)
- Giving the correct notice for inspections, repairs or rent increases
Making sure everything is in place from the start helps support a straightforward and professional tenancy. It’s worth taking time to familiarise yourself with the latest legislation or working with professionals who can guide you through compliance.
Minimum Standards and Safety Come First
Before a property can be legally rented out in Victoria, it must meet minimum standards that cover basic functionality, safety and liveability. These include:
- A fixed heating unit in the main living area
- Locks on external doors and windows
- Vermin-proof rubbish bins
- Window coverings for privacy
- Weatherproof structure and proper ventilation
You’ll also need to ensure working smoke alarms are installed and serviced annually, and that electrical and gas safety checks are completed every two years (by licensed professionals).
Many first-time landlords underestimate how detailed these requirements are. But taking the time to make sure your property is compliant before tenants move in will save time, money and stress later on, not to mention protect your legal standing as a rental provider.
Routine Inspections Protect Your Property
After your tenants move in, it’s important to stay proactive with routine inspections. These give you the chance to check the condition of the property, spot maintenance issues early and ensure your investment is being cared for.
In Victoria, landlords can conduct general inspections every six months, with at least seven days’ written notice. Keeping accurate records from each inspection (including photos and maintenance notes) helps prevent future disputes and keeps your property in good condition long term.
For first-time landlords who aren’t sure what to look for, professional rental property inspections can provide a detailed report and peace of mind, especially before and after tenancy periods.
Screening Tenants: Why It Pays to Be Thorough
It’s natural to want to fill a vacancy quickly, but choosing the right tenant is one of the most important decisions you’ll make.
A thorough screening process should include:
- Verifying employment and income
- Reviewing rental history and references
- Conducting background or tenancy database checks
- Trusting your instincts during communications
A reliable, long-term tenant not only pays rent on time, but also reduces the chances of damage, disputes or turnover costs. It’s better to wait for the right applicant than rush the process and regret it later.
Budgeting Beyond the Basics
Many new landlords focus on rental income and mortgage repayments, but there is a range of ongoing costs that come with property ownership.
These may include:
- Council and water rates
- Insurance (especially landlord insurance)
- Property management fees (if applicable)
- Urgent and general repairs
- Compliance costs (like safety checks)
- Vacancy periods
Setting aside a buffer or emergency fund helps you manage the unexpected, from a leaking tap to a sudden roof repair, without affecting your cash flow.
Think Like a Business Owner
Managing an investment property requires a structured approach. Landlords should maintain accurate records of rental income, expenses, inspections, and communication. This supports tax reporting, ensures transparency, and helps streamline property management tasks.
Treating tenants respectfully, setting boundaries, and maintaining a professional approach will help you build a positive, long-term rental relationship. And when in doubt, lean on experienced professionals like property managers, trades or inspection specialists to fill the knowledge gaps.
Start Strong as a First-Time Landlord with Landmark Inspections
Leasing your first investment property comes with important responsibilities, but it’s easier to manage when you take it one step at a time. Staying on top of legal requirements, maintenance, and tenant communication sets a strong foundation for success.
Landmark Inspections supports first-time landlords across Melbourne and Victoria with clear, independent rental safety and compliance reporting. From pre-lease checks to ongoing inspections, we help you meet your obligations and manage your property with confidence.
Learn more about our rental property inspections or speak with our team to get started.
