4 tips for renting out your property for the first time

An investment property should be exactly that – an investment for you.

If you’re new to renting out your property, or a seasoned investor wanting to get more bang for your buck, you need to be smart with how you rent out your property.

Are you planning to rent out your property for the first time?

Read more from the Perth property management team at Thought Leaders Real Estate for 4 tips.

1.   Back yourself with the knowledge

Compliance is a self-confessed issue for many landlords.

Keep these essential factors in mind when you rent out your property for the first time:

·         Check utilities are operational and notify suppliers of when the tenant will move in

·         Clean your property thoroughly

·         Draw up, understand, fill out and sign the tenancy agreement

·         Know and meet the minimum safety requirements for your rental property

·         Organise a property condition report

·         Understand your rights and responsibilities as a landlord as well as the rights and responsibilities your tenant has.

Worried there’s something you might have missed? Professional property management can be a lifesaver for landlords who struggle with the finer details.

2.   Learn and implement how much your property is worth

As much as you would like to believe, your humble 2 x 1, twenty-year-old property 45 minutes from the Perth CBD probably won’t be rented out for $1,000 a week.

There are a few different paths you can explore when setting the rent on your property:

·         Acquire an appraisal online or in-person from a real estate agency

·         Contact your property manager for a rental appraisal letter

·         Calculate the monthly rent yourself by examining your property’s details (bedrooms, amenities, car spaces, age of and any damage to the property), research the current rental listings to similar properties in your area and finally add any additional expenses (such as including internet and electricity in the rent).

Still unsure what your property may be worth? Talk to your property manager for expert advice.

3.   Market your rental property well

Ideally, you want your rental property to be tenanted more often than not. Otherwise, you’ll see less return on your investment.

So, it’s time to understand, implement and ‘show off what your dream tenant(s) wants.

Consider these factors:

·         Many people now work from home – do you have a designated home office you can highlight?

·         Take professional photographs (and consider including virtual furniture) so the tenant can really envision living there

·         Advertise on more than one website

·         Invest in upgrades and home improvements – they don’t all have to be expensive, but they will be appreciated

·         Upgrade the current safety and security systems

·         Make your property pet friendly.

All of the above can seriously be a deal or no deal for a potential dream tenant.

4.   Hire a property manager

Hiring a property manager to manage the ins and outs of your rental property is an investment worth making.

Why?

·         We save landlords and tenants valuable time and hassle

·         Organise rental inspections, urgent repairs, rent collection, dispute resolutions and more

·         Ensure compliance for both parties, so landlords can enjoy their investment and tenants can enjoy their tenancy.

Rely on Thought Leaders Real Estate when leasing out your property.

Need professional property management in Perth?

Contact Thought Leaders Real Estate for the best services for your property.