Preparing your property for rent isn’t as simple as just moving out and putting a for lease sign out the front. It takes a lot of research and consideration before letting strangers pay for the privilege of living in your casa.
Similarly in a sale process, when your home is well presented with valuable attributes, you may not only achieve a better weekly rent, but you’re also more likely to attract a better tenant, making the process a lot simpler and easier from start to finish.
So before you run the marketing campaign or open to doors to potential tenants, run through some of our recommendations to attract a good quality tenant:
1 – If it’s broken fix it:
A general blanket rule in owning investment properties is to spend as minimal of your own money as possible. However, things such as broken tiles, chipped paint, leaking showers, dripping taps and mouldy bathroom grout, are much easier to just have repaired rather than sitting on for a while in an attempt to save money. Broken or obviously damaged items can result in a lower weekly rental return as the property doesn’t present as well. It can also now save you a much bigger problem in the future.
2 – Consider providing certain appliances:
Think about what you’d be leaving behind or letting the tenants use and make sure it’s in good working order. For example, if your kitchen has a dishwasher or space for one, ensure it’s either in working order, or consider putting one in, as this can add significant value to the property. If your laundry has space for a built-in washing machine and/or dryer, you might be better off leaving your washing machine there, or purchasing one for the property. Again, this can add value as it takes out the inconvenience for a tenant to purchase their own and move it into the property.
3 – Deep clean your property:
Before photos are taken, make sure you give your home a really good scrub. Here are some important areas to look out for:
- Bathroom – ensure the bathroom is crystal clean, rid of any mould, and calcium build up on shower screens is not evident. If you want to take it the extra mile, have your tiles re-grouted
- Carpets – make sure all of your carpets have been properly steam cleaned by a professional cleaner. If you’ve lived in this home for a number of years yourself, or have had tenants previously occupying the property, going over the with a quick vacuum doesn’t quite get rid of the dirt and bacteria build up that occupies the carpets
- Security Screens – Security is a highly important factor for all tenants, so have a look over your security/fly screens at your property making sure any tears are patched up, and significantly damaged screens are replaced
- Outside – Is the letterbox a bit dirty? Do the gutters need to be cleaned? Is the fence in good condition? Are there any pests or insects that need to be dealt with? These are all important questions to ask yourself to make sure the exterior of your home is in tip top condition
4 – Add value upgrades:
Consider modernising your property with new light fittings, carpets, and paint. Adding reverse cycle air conditioning can also add value to the property, particularly if you’re leasing the property during Summer. If your kitchen and bathrooms are looking quite dated, consider upgrading them. However, your property manager can best advise you on your particular situation.
5 – Present your property in the best condition possible:
Prior to both photographs and home inspections, prepare your property as if it were for sale. This can create more competition, resulting in more rental applications, meaning you have the opportunity to really reach the best possible tenants for your property.
6 – Make sure you meet all minimum standards and regulations:
Ensure you have a good understanding of the Residential Tenancies Act 1987, prior to putting your home up for rent. Following the Act as a guide for compliance, will ensure that your property meets the standards and requirements, taking the headaches away of repairing and replacing items down the track. For example, this could include curtain and blind cords, stairs, railings, balconies, pool fences, glass and windows.
7 – Update your insurance:
The last step before letting your home out is to update your insurance to landlord insurnance.
Naturally the whole rental process will be easier if you choose a good property manager or real estate agent to do the negotiations for you, and draw up on their expertise. If you’re thinking of letting out your home or investment property, contact our friendly Property Management team at ART OF REAL ESTATE today.