Below you will find our 7 Essential Tips for Renting Your Property Fast & Stress Free.
When you rent out your property, you are competing with thousands of other landlords to attract the eyes, ears and attention of potential tenants. Some suburbs have higher vacancy rates and many more rental properties than neighbouring suburbs.
So the big question is: “How can I rent my property quickly, to the best possible tenants?
Over 95% of leased properties in Australia today receive rental applications online, as it saves time and is very convenient. Make sure you have high-quality photos to attract potential tenants that pay top dollar.
A skilled real estate agency, like Affinity Property, can give you an accurate appraisal of the value of your home.
When you are trying to attract tenants, make sure that the power is on so that lights can be used. Lighting is an essential part of good photography. You want great photos to promote your property to potential tenants.
Keep in mind that tenants must leave a property as they found it.. Make sure your photos show that your property is clean and tidy so tenants know what to expect
A modern home is favourable to potential tenants (especially high paying ones). Make sure to boost your home’s appeal by including everyday essential household items in your property.
This will not only increase the rental return but will provide you with a wider range of tenants while meeting market requirements.
You can claim depreciation on items like dishwashers and other appliances as a tax deduction. For more information, see the ATO's section on the decline in value of depreciating assets decline in value of depreciating assets
One major benefit of new appliances is that they are more energy efficient, while a new dishwasher is more water efficient. This saves both you and the tenant money when it comes to water and power bills.
One way to attract and keep tenants is to ensure you attend to any repairs as soon as they are reported. Maintaining your property will make it a more attractive home to current and prospective residents.
There are some repairs that will be too advanced or complex to do yourself. Instead, you should hire an expert contractor. You can find the best contractors and handymen by finding contractors with high quality reviews, or who are trusted by your property manager.
Do not wait to do all your repairs at once. Attending to maintenance as the need arises, rather than one larger outlay, will safeguard your property’s long-term capital value. This will also spread the cost of repairs and allow you to claim deducations in each tax year.
Small refurbishments and updates can be a profitable way to increase your rental yield and long-term tenant prospects. Focus on making small improvements to maximise your returns.
A good rule of thumb when adding value to your property is not to spend more than 2% of your home's current value when updating or renovating. If you spend too much, you might not make a profit when you sell.
With the right appliances, decor, and usage of space, significant value can be added to your property. A quality Staging and Styling service which declutters and depersonalises your property to accentuate its positive qualities. This attracts more tenants who will pay higher rents.
It is absolutely critical when writing your property description, you highlight items that are important to tenants. Tenants value features like entertainment areas, air conditioning, ceiling fans, car accommodation, solar panels, water tanks, pet-friendly, a dishwasher, heating, a pool, recent renovations, etc.
The target rent must match your description. A premium property being rented at $800 per week needs to be advertised with high quality photos and a great description.
Put yourself in the tenant’s shoes – they are looking to lease property in their price range that is comfortable, safe, convenient and offers stability. Make sure to communicate that your property meets their needs. .
While you don’t want to undersell your rental property, it is important you don’t alienate prospective tenants by asking too high a price or have your property sit vacant for an extended period. Remember that one weeks’ missed rent at $500 will quickly add up to more than $10 less per week asking price.
A residential tenancy agreement (also known as a lease) is a contract between a landlord and a tenant. There are many terms that can be negotiated in a lease including:
The best tenancy agreements generally happen when the landlord and tenant are reasonable and negotiate in good faith. Landlords and tenants should be considerate of each other and compromise where possible.
Allowing pets with responsible tenants may result in a longer term tenancy with fixed rental increases. This gives peace of mind to both the tenant and the landlord. To ensure your property is protected if you do allow pets, you can have the tenants sign a “Pet Agreement” whereby the tenant takes all responsibility for their pets. The correct Landlord Protection Insurance is also important when it comes to approving pets
They should also understand that you want the best possible rent and your property leased in the fastest possible time and that you expect: