Top tips for renting your property
Around a third of Aussie homes are rented. In areas where rentals are in such short supply, renters face waiting lists, and in some cases, need to bid against other wannabe tenants. In short, the rental market is strong.
If you aren’t in a position to move into your new home straight away, or are rentvesting, renting your property could be a viable option.
Before you stick the For Lease sign up in the front garden, though, there are a few things to think about.
To agent or not to agent?
Around 20 per cent of rentals are rented without an agent. But the majority of property owners still list their property with a real estate agent.
An agent takes commission on your rent. But on the upside, they advertise your property, help screen renters, process applications, and intermediate between you and the renters during the lease. For many, the commission is worth the peace of mind.
Speak to local real estate agents about their commission and what they can offer you. Your real estate agent should be able to give you an insight into how quickly and easily your home might be rented, and whether there are specific changes you need to make to improve your rental return.
Prepare your property for rent
To get the best rental return, and meet your responsibilities as a landlord, you need your property to be in a respectable, clean and safe condition.
Check that fitted appliances like the dishwasher, oven, fans and air conditioner are in working order.
Make sure your property meets safety requirements. Organise an installation and testing of smoke detectors. If you have a pool, make sure the pool fence complies with safety requirements. Check the height of balcony and stair railings also comply.
Make sure your property is clean before leasing it out. Remove rubbish and items that don’t need to be there. Give the council bins a clean. Tidy the garden and make sure it’s easy for renters to maintain.
While you may not want to invest in a full renovation, it may be worth giving the place a lick of paint to make it more appealing to renters.
Ideally, your property is a clean and safe living environment and easy to maintain.
Contact your insurance provider
Once your property is up for lease, you need to contact your home insurance provider to switch to landlord insurance.
Know your responsibilities and rights
Avoid disputes with tenants and other problems down the line by getting your paperwork in order and knowing your rights and responsibilities. Both you and the tenants should sign a proper lease agreement. Arrange an inspection before tenants move in, to easily identify wear and tear that occurs during the lease period. Ultimately, leasing your property is a business arrangement, so it’s worth putting measures in place to ensure that business runs smoothly.
Contact your Mortgage Choice broker today for recommendations of quality local services you can use to help rent your home.