Getting your property ready to lease
- January 28, 2020
Putting a property on the rental market can be stressful. Whether you’re getting your property ready to lease for the first time or between tenants, a few simple checks and measures should be done to ensure you’re covering yourself and making the property as enjoyable as possible for your tenants.
Find the right agent
Finding the right agent for you and your rental property is half the battle. Once you have an understanding of the costs, how your agent selects a tenant, and what duties the agent is responsible for, making your choice should be simple.
One thing to note is that most property management businesses take a percentage of the monthly rent. If your property is on the more expensive side this can end up being a lot of money. :Different charges a flat rate of $100 per month for property management and property owners have access to all the information they need through the online portal.
Landlord’s insurance is a good idea. Knowing that you have a reliable back up in case sh*t hits the fan with your tenants or disaster hits is peace of mind.
When shopping around for insurance make sure that you are covered for lost rent. Many of us wouldn’t be able to pay the mortgage for an extended period of time if tenants stopped paying rent. A good landlord insurance should protect you from tenant damage, rent defaults, legal expenses, tenant hardship, just to name a few.
:Different customers get a year of free landlord insurance. And, in future years, :Different gives its customers a subsidised landlord insurance that covers; tenant damage, loss of rent and much more.
If the previous tenants have not left the place as clean as a whistle, deduct money from the bond and hire a professional. There is nothing more annoying than moving into a new place and have to clean as you unpack.
Make sure the property is as you would expect the new tenants to leave it. In other words a general wipe down of surfaces isn’t going to cut it. Ensure the oven is spotless, the garage/workshop/shed is ready to be used for storage, blinds and curtains are cleans and carpets are steam cleaned.
Getting the garden up to scratch is also in order. If you plan on updating or have recently planted new plants leave instructions for the tenants or hire a gardener to come on a regular basis. If you’re looking for garden inspiration check out this recent post.
Before putting your property on the rental market walkthrough and see what needs repairing. Now is the time to fix any niggling little issues. Anything from missing cupboards handles, to a broken letterbox or is the place looking really tired and it needs a lick of paint?
If you’re not able to look through the property yourself, have your agent walkthrough, and compile a list of what should and what could be improved. A few small updates will not only make tenants feel more comfortable but will often increase the rent.
If the previous tenants left damage you may be entitled to compensation. Speak with your agent about any damage and holding back on the bond in order to pay for any repairs.
If you have appliances in the property such as an oven, stovetop, dishwasher, washing machine, dryer, etc, make sure they are all in good working order and have been checked over by an electrician. Record exact details of items and when they were last serviced/check over and have these to hand in case anything is to go wrong.
Anyone that has rented, understands the pain of moving into a new place that isn’t up to scratch. Promises made by agents or landlords that are not fulfilled. It’s disappointing. It can make tenants resentful and feel undervalued. By giving your tenants the best possible experience, you can expect the same at the end of their tenancy.
Did you find this blog post helpful? Do you have any burning questions you need answered? Do you have any suggestions on what we could be doing better?
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The views, information, or opinions expressed in this blog post are for general information purposes only and should not be relied upon. We have not taken into account specific situations, facts or circumstances, and no part of this blog post constitutes personal financial, legal, or tax advice to you. You should seek tax advice from your accountant, specific to your situation.