So you’re ready to take on the challenge of managing your own rental property and you’re looking for some wise real estate advice? This guide will give you some valuable tips on things you need to understand for success.
To increase your applications numbers, tenants are looking for a move straight in with a no maintenance property. Hence, it’s important to have all your repairs out of the way before you even start the leasing process.
Focus on things that tenants can check during the inspections eg: operating window, floor coverings, doors, tap fittings, bathrooms that look and smell clean.
Trying to lease a home with issues can make potential tenants avoid your property all together as they don’t know how willing a new rental provider is when it comes to repairs.
First impression really matters most, hence using a professional cleaner to give the place a detailed once over can really make all the difference in convincing you’re a landlord that cares and wants the best outcome for their tenants.
Open For Inspections.
Make it easy for your tenants to view your property, hence frequency of open for inspections are key. Try and aim for two inspections per week, a late mid-week open and a Saturday morning open.
During the inspection, allowing tenant’s to rome through your property is a great way to make them feel comfortable. Not only are you trying to convince potential tenants to lease your property, but you’re also selling yourself a relaxed rental provider that is showing signs of paranoia.
Have the power turned on, heater or A/C on, lights on and window coverings open to increase your property’s appeal.
In 2022, advertising platforms like domain and real estate.com.au are the main way tenant’s source property for rent. Hence getting this step right is key to attracting people to your property.
Things like a professional wide angel photos with professional editing, the biggest and best advertisement on the property platforms that generate the most traffic. This step can cost allot of money but will be your main source of good tenant leads.
Securing A Long-term Lease.
Matching up the right tenant with the right property is key to a long-term lease. Consider the stage of life your applicants are at and match up the life demands to the type of property your leasing. For instance, a good match of property for a family of 4 will need a larger home with multiple living areas and many bedrooms, close to schools and shops.
A single person would be interested in amenities like restaurants or being close employment hubs like the CBD, a one-bedroom property around inner Melbourne with great quality amenities like a pool or gym could really suit.
Once you have found the perfect tenant make sure you have a watertight tenancy agreement. Verbal agreements don’t stand up in court when something is wrong, the only relationship you have is the one that is in writing so it’s wise to point out the obligations of all parties in writing. If you're a new landlord or this is all too much for you, there's always the option of hiring a property management company to handle all of these responsibilities for you.
This document records the condition of the property via photos when it’s handed over to a new tenant. This acts as an extension to the lease agreement. This document is handy in resolving disputes piratically around natural or intentional wear and tear. It’s also used during the exit inspection when your tenant leaves the property.
There’s heaps to learn when it comes to DIY property management and most of the learnings will come by experience. If you’re wanting to remove the risk of doing things yourself, speak to Property Managers Footscray for more advice.