Leasing out your investment property?
Leasing out your investment property?
If you’re looking to lease out your investment property, there’s some easy steps you can undertake in preparation to ensure the process is as smooth and successful as possible.
Prepping your property for lease
Firstly, take stock of the current state of your property. The state it’s in when you lease it out will have an impact on the quality of tenant you get in, and how they treat your property over the course of time. The better it is when you hand it over, the better it’ll be maintained in the long run.
A quick coat of paint to the property’s interiors can make a world of difference in how fresh and cared for the home feels. The addition of built-in wardrobes to bedrooms can also make a very positive impact, as well as the installation of reverse cycle heating and cooling. If the property in question has a sizeable garden, it may be worth your time hiring a gardener yourself. Although it’s up to the tenant to maintain the garden, when it comes to pruning trees and hedges, you’re in much safer hands leaving it up to a professional.
Choosing a property manager
Property managers have one of the hardest jobs in the world. As the middleman between a tenant who wants a light globe replaced and landlords who won’t fix a heater in winter, they’re often faced with the task of appeasing many personalities and trying to find a positive outcome for everyone. I have the utmost respect for them and for the work they do!
Like anything in life, there’s good property managers and bad property managers. The job can have a high turnover rate and low rewards. You can get a feel for the quality of the property manager in question by asking how long they’ve been with the company, or how long they’ve been a property manager. It’s also wise to ask if the person you meet with from a real estate agency is the specific manager for your property should you decide to move forward. Asking how many properties they manage will also give you some insight – around 120 shows they’re efficient and most likely will position them as a strong property manager whom you can trust.
Request the property manager who will work to lease out your property quickly and for the highest rental rate. They may be able to advise you on changes that improve your weekly rates.
Marketing your property
Professional photos make all the difference when it comes to how attractive your property will appear to great tenants. For a cost of $150-$200, you’ll have photos on file you can re-use for the life of the rental property. This is a huge help in attracting not only a wide range of prospective tenants, but the right tenants.
Your property manager can advise as to how your ad will look on realestate.com.au or domain.com.au. If your property’s area has plenty of rentals on the market, it may be worth investing in a large ad up at the top of the search results. Size matters!
Landlord insurance
Do I even need to mention it? This is a no-brainer, and you need to get it in place immediately. A company such as Terri Sheer is a great place to begin, or alternatively, speak to an insurance broker who can compare deals on your behalf.