Renting out your investment property can be a stressful time especially when market conditions are slow and there is a lot of product on the market to compete against.
Here are our top 10 tips that will assist in ensuring your property will attract the most enquiry, meet legislative requirements, attract the highest rent and minimise your vacancy period:
1. Presentation
First impressions last so it is important that from the moment you have your photos taken the property looks appealing and stands out. At inspections always ensure that doors & blinds are open, lights are turned on and that the property overall is tidy.
2. Inclusions
What may seem like additional maintenance to landlords, prospective tenants are looking for properties that come with inclusions that make their living conditions more comfortable. Simple things like built in wardrobes, dishwashers, dryers and even air conditioners are now becoming high on the priority list when prospective tenants are looking for properties.
3. Maintenance
Prospective tenants will hesitate about renting a property that has obvious signs of repairs & maintenance needing attention. This may include but not be limited to ensuring lawns & gardens are kept neat & tidy, any signs of mould or mildew are rectified and attend to any leaking taps.
If the property is showing obvious signs of wear & tear and needing some TLC considering a coat of paint, perhaps new floor coverings or blinds. Remember that regular improvements to your property will only increase the value and in some cases are tax deductible so you can get more out of your investment.
4. Cleanliness
If you are renting out your investment property for the first time considering engaging a professional cleaner to undertake a good spring clean of the property. Not only are you ensuring the property is then well presented you are setting an expectation to the new tenants that this is how you expect the property returned to you when they vacate.
5. Legislation Requirements
Have you considered whether your property meets all the legislative requirements? Do you have a spa or swimming pool and if so, do you have the applicable compliance certificate? Do you have smoke alarms installed and are they in the correct locations? What about window safety locks and blind cords? Does your property meet water efficiency standards so you can re-coup water usage costs?
6. Marketing
Statistics show that over 90% of rental property enquiry now comes from the internet. So, before a prospective tenant even views your property you need to get their attention with quality marketing. Ensure you are choosing the right internet platforms to advertise on and that you have prominent position over other properties. Photos should be of a professional standard and you may even consider other marketing tools such as floor plans, videos and even virtual furniture styling.
7. Pets
Unfortunately, there is a lot of bad publicity when it comes to tenants renting with pets and we appreciate that this can be a difficult decision especially if you are one of few landlords who have had a previous bad experience.
We agree that not all properties are suitable for pets, but did you know that according to the RSPCA 63% of Australian households have cats, dogs, birds or some other kind of pet.
Did you also know that there are standard special conditions in all residential tenancy agreements when formal approval is given to accept pets? These are also conditions that cannot be imposed in other circumstances for example ensuring carpets are professionally cleaned.
If you feel your property could be pet friendly and is something you would consider, make this known in your advertising. Generally, one of the first questions from potential tenants these days is “is the property pet friendly”?
This is still a decision that is entirely up to you as a landlord and completely respected by Property Managers However, it is something to strongly consider especially if the applicant is currently renting another property with their pet and has a great rental references (but only if your property is suitable and there are no other contributing factors such as Strata By Laws).
8. Pest Control
In NSW the responsibility of dealing with pests & vermin is subject to the stage of the tenancy and when the issue was raised.
Generally speaking, if an issue was present at the commencement of the tenancy and reported by the tenant the landlord would be required to attend to this, however if an infestation occurs during the tenancy and subject to what that infestation is it could then be deemed the tenants responsibility.
Our recommendation, particularly for landlords renting out their property for the first time is to arrange a professional pest treatment of the property and record this so should their be any concerns or issues during the tenancy you have something to validate that you took precautions prior to the tenancy commencing.
9. Keys & Security Devices
It is important that you ensure all locks are in working order and you have a key for every lock required at the property.
This includes but is not limited to access doors, windows, letterbox etc. In addition, any security devices or remotes should be checked to ensure they are working and ensure you have enough keys so every tenant noted on the lease can receive a copy.
10. Engage a Property Professional
Finally, ensure you engage the best Property Management professional because they will be able to take care of all the above and make the process completely hassle free for you.