Renting out your property means more than just collecting rent - there are some important points that all landlords must consider to ensure the best experience for both you and your tenants.
Leasing your property or investment is a major decision and shouldn't be taken lightly. There are a lots of legal and financial factors involved, so doing your research to make sure it is the right decision for you is essential. Firstly, look at properties currently up for rent in your area and compare the features and location with yours. This should give you a rough idea on the possible price you could lease your own property for.
Make sure you have your property appraised by a reputable property manager. Receiving more than one appraisal will give you a better idea of the current marketing pricing. It will also make you more educated and confident in achieving the most appropriate rental price.
Employing a Property Manager
You need to select a property manager you can be confident in; experience, knowledge and training should all be prominent factors in your selection process. Fee rates should never be the deciding factor - you need a professional who can provide you with the best service and often the fee reflects the manager's ability.
Presentation & Home Safety
Once selected, speak to your appointed property manager about what may need to be done to improve your property's appearance and make it more appealing to a potential tenant.
You also need to be aware of your responsibilities as a landlord. Again, speak to your property manager with regards to these standards.
This is an essential part of getting your property leased. Your property manager needs to be able to provide you with the best marketing options to get your property maximum exposure. This should include a strong online presence as well as marketing via the agents’ office and in all relevant publications.
Your property manager should communicate with you on a regular basis throughout the leasing process; including advice on the performance of certain marketing mediums, any maintenance that needs to be performed and feedback from inspections.
Tenant Selection and the Application Process
You should be notified as soon as an application is received on the property. Your property manager will process this application on your behalf, checking references, previous tenancies etc. and give you advice on which tenant to select - but the final decision, of course, is yours.
Make sure you are happy with the Tenancy Agreement before you accept - check on the rent amount, lease period and any special conditions or clauses that have been included.
When the tenant moves in
There are a number of items that will need attending to initially and on an ongoing basis. These include:
Property Condition Report - Prior to a tenant taking possession, this document will be completed by your manager; it outlines the condition of everything in, on and around the property. Comprehensive photos will also be taken - both yourself and the tenant need to sign off on this report which must only be done if you are satisfied that the report truthfully documents the condition of the property at the time tenancy commences.
Routine Inspections - Your property manager will conduct these on your behalf regularly. These are to ensure the tenants are adhering to their responsibilities as tenants to maintain the property. You are also welcome to inspect the property yourself, should you wish to do so - relevant written notice must be provided.
Rent - Your property manager maintains rental payments on your behalf. If a tenant is 3 days in arrears they should legally be issued with a termination notice, which gives them 7 days to rectify their payment.
Maintenance - It is a requirement of a landlord to keep the property maintained. Should maintenance on the property be required, your property manager should notify and gain your permission to arrange quotes and undertake the amendments/service.
Any further questions regarding insurance, rent payments, rate payments etc. should be made to your property manager as these differ from agent to agent. Make sure to ask for advice on any matters you are not sure about.