There are a number of things that we recommend you think about (and do) before you open up your property to renters.
If only preparing your home to be leased by other people was as simple as moving out, putting a “For Lease” sign out the front and seeing dollar signs in your bank account every month.
It’s all the preparation – but what EXACTLY do we mean by “preparing” your property for lease?
We’re talking about making an effort to put your property in the best possible position to attract the best possible tenant and income, in the shortest amount of time.
A well-prepared property is far more likely to achieve these objectives, whilst making the entire process much easier for everyone involved.
Think of potential renters like potential buyers. They will be more attracted to a functional, aesthetically pleasing property.
There are certain things that we as home-owners put up with, knowing we can fix them in due time. However a renter won’t and shouldn’t have to put up with these inconveniences. Failing to address these issues could seriously impact your property’s ability to perform in the market.
Here is a checklist you should work through before putting your home up for lease.
Just Fix it
When someone moves into a new home, they want to feel proud and safe living there. A renter shouldn’t have to accept malfunctioning or broken features in a property they are paying to be in. Before you list your home for lease, do an unbiased walk through and note down everything that should be fixed. Yep – this includes the little things like mouldy bathroom grout, leaking washers, dripping taps, broken tiles or chipped paint. You might be used to it, but they aren’t! Carrying out maintenance or small repairs can add value to your property, and might even save you from having to deal with a bigger issue down the track. If in doubt, just fix it.
Throw In Some Extras
Are you leaving anything behind for your tenants to use? Yes? No? If not – you should take a look around and see if there’s anything you can include to sweeten the deal. Good inclusions are the things that you forget don’t usually come with the house – like appliances. For example, many landlords will leave dishwashers in place, as renters breathe a sigh of relief knowing they’ll have some help with the washing up.
Scrub-a-Dub-Dub
Chances are you won’t be happy if your property is handed back to you a dirty mess – so it’s important to set standards high from the get-go. Treat your home exactly how you would if you were going to sell it. We’re not just talking wiping down the surfaces and sweeping the floor – we’re talking a BIG clean, including:
- Carpets
- Curtains and blinds
- Flyscreens
- Windows
- Garbage bins
- Rangehoods and more…
Presentation Makes Perfect
Again, take the “if I were selling I would do this” approach. Style your property like it’s on sale. Think of potential renters like potential buyers. They will be more attracted to a functional, aesthetically pleasing property. Don’t feel pressured to bring in a team of property stylists, but take the time to create a home that looks amazing in photos and will not disappoint during the opens.
Don’t Neglect The Exterior
The outside of your property is the first thing that any prospective renter will see when they pull up out the front. Is it looking it’s best, or looking kind of shabby? Apply the above points to the outside of your home. Is it clean? Is it in need of repair? Is the garden in good shape? Is there dog poo all over the lawn? Once you have asked yourself these questions, you can go ahead and paint, mow, sweep, rake, prune and scoop away.
Easy Upgrades
A fresh coat of paint, new carpet and light fittings are affordable but effective ways to give your property an upgrade. Another popular option is including heating and cooling systems, or installing a modern bathroom or kitchen. Before undertaking any renovations, chat to your property manager and work out if it is worth the time, effort and money.
Insurance
It’s important to update your insurance company know that you are no longer living in your home and set up landlords insurance. We advise tenants to get contents insurance to cover their belongings.
Read The Fine Print
Does your property meet the regulations or safety guidelines in your state? If you aren’t sure, have a chat to your property manager about which laws are applicable to your property and whether are you are meeting the standards.
