Tips On Renting Out Your Property
At James Dean Residential, we firmly believe that getting the best possible rent for your rental property is just the beginning of being a good managing agent. Our aim is to get owners not only the best possible rental price but also to rent the property in the shortest possible time and to quality tenants who suit your needs.
To assist you in achieving all of the above aims, we recommend that all owners consider following as many of the below recommendations as possible.
When Advertising Your Property -
- Use professional photography to advertiseyour property. At James Dean Residential, we will arrange and pay for, your intial property professional photo shoot (normally valued at $135.00 inc GST)
- Promote your advertisment on www.realestate.com.au (Australias biggest real estate search engine) with an upgraded "Highlight Listing". At James Dean Residential, this upgrade is complimentry to all listings
- Commence advertising your property approximately one month prior to the date it is available.
- Ensure that your property is neatly presented prior to all insepctions - this includes lawns, gardens and pools.
- Exterior pressure cleans of the house, surrounding paths and driveways can give a property the WOW factor.
- Minimise clutter where possible.
- Strongly consider making your property a pet friendly house - A recent survey in Queensland found that 85% of Queenslanders owned pets. Properties that are advertised as "no pets" can therefore significantly reduce your enquiry rates and increase vacancy periods.
- Remember the little things like ensure there are no dirty dishes in the sink, clothes on the floors or odours such as pet smells present.
- If you have pets that are likely to jump on people, make sure they are secured during prospective tenant inspections.
- Consider reducing the advertised price to slightly under the market which may help attract more interest.
- In some cases, incentives for tenants may give your property the edge over a similar house (ie - rent free period).
- Where possible avoid availability dates in slower times of the year like Christmas & New Years.
Tenant Selection and Minimising Risk -
- Selecting the right tenant for your rental property is the one of the most important choices that the owner and agent will make to help minimise risk and reducing other tenancy related issues.
- Owner and agents that are proactive in their approach to tenancy matters including maintenance issues and rent arrears, can minimise potential problems in most cases before they become a serious problem.
- Ensure you have the correct landlord protection insurance (LPP) for worst case senarios. It is quite common for unforseen problems and peoples circumstances to change dramatically in a short space of time. Job transfers, relationships break ups, loss of employment and death are some common occurances in tenancies and can result in large tenancy defaults. Pursuing a tenants debt through the tribunal has no guarantees of recovering a debt so having the correct LPP could save you thousands in the event of a default.
- If you have a pool or spa, state government laws require that you must have a pool compliance certificate in place before a tenancy agreement can be entered into. Contact our office for further information or Shane at Poolwerx Wynnum on 0411 881 925. We also recommend that a monthly pool service by a qualified pool technician is included as a part of your tenancy. This service is generally included in the rental price, with tenants liable for chemical usage and servicing obligations between monthly services.
Once a Suitable Tenant has Been Secured -
Once suitable tenants have been secured for your rental property, to assisit in minimising teething problems and to maximise the length of the tenancy, we recommend -
- Have the property professionally cleaned prior to the commencement of the tenancy
- Have all carpets professionally cleaned prior to the commencement of the tenancy
- Have all tiles professionally cleaned - doing this can make your tiles look brand new
- Have all blinds (usually holland and vertical blinds) professionally cleaned prior to the commencement of the tenancy
- If you have a pet, ensure that a flea fumigation is carried out by a licensed pest controller prior to the commencement of the tenancy
- Ensure that all lawns, edges and gardens are neat and tidy prior to the commencement of the tenancy
- Remove all furniture and miscellaneous items from the property when vacating
- Ensure that you have provided us with all garage and air conditioning remotes as well as keys for all locks
- Provide us with any manuals/instructions relating to appliances in the property (eg air cons, ovens etc)
If you need assistance with any of the above matters, we can recommend and/or arrange for contractors to contact you you to carry out the work required. Our recommended contractors are reliable, guarantee their work and charge a very reasonable rate for their services. Moving can be a massive task and the use of professional contractors can make your move mush easier and also save you time during your move.
Things to Consider During a Tenancy -
Owners who maintain their rental property to a high standard during a tenancy can greatly reduce the chances or large maintenance expenses and also the chances of tenants defaulting as well as potentially minimising vacancy factors. Minimising turn over rates can also greatly reduce excessive wear and tear which is commonly associated with frequent tenant change overs. Some recommendations to consider during a tenancy are -
- Attend to all maintenance issues as soon as possible
- Consider approving any reasonable requests made by your tenants
- Service applicances annualy to help maximise the life of the applicance and avoid large repair or replacement costs. Some common appliances to service regularly include air conditioners, garage doors and pool filters
- Annual termite inspections
- Annual building inspections for houses older than 10 years
- Annual pest controls (which are tax deductable for owners)