Steps to releasing a bond

There is more to the vacating process than a final inspection and releasing the bond. Below is a checklist to follow to ensure that all of the bases are covered before you release the renters’ bond.

1. Renter responsibilities: Has the renter given the correct notice in writing? Are they breaking their lease? Are they responsible for a portion of re-letting expenses, such as advertising?

2. Will the property be re-let? Will it be for a long or short term rental?

3. Review the rent. Does the market allow for an increase or is it necessary to reduce the rent to give the best chance of finding a renter in a timely manner.

4. Start the advertising process as soon as possible to give maximum advertising time.

5. Confirm in writing to the renter their vacate date, monies owed and the expectation in relation to the final inspection regarding what needs to be cleaned, removed, etc.

6. Book a final inspection. When conducting the inspection, be thorough. The property needs to be handed back in the same condition as it was offered to the renter . Is the property clean, gardening done, all furniture removed, rubbish removed, damaged caused by the renter repaired?

7. Verify that all keys are returned by the renter including any copies that may have been produced.

8. Review the condition of the property – is it ready for the next renter, or will maintenance, repairs or improvements need to be carried out?

9. Organise any cleaners, gardeners, tradespeople…, while the property is vacant.

10. Do not release the bond before all expenses are covered where applicable, including rent to vacate or required notice period, cleaning, gardening, rubbish removal, outstanding charges for water, break lease costs, damage caused by the renter repaired, etc.

11. Does the outgoing renter need to be listed on a default database?

Remember: Never begin a new rental too close to the end of the previous one. Always allow ample time so the property is presented to the ingoing renter in the best condition.

The above will help protect your investment and ensure you are compensated fairly where applicable.