RESIDENTIAL LEASES

1. Keeping up with Appearances

   Before a property is advertised for rent, it is important to ensure that you get plenty of high quality internal and external photos preferably by a professional, but only when the property is looking its very best, which can be achieved by:
   • Cleaning out gutters
   • Repainting the interior and/or exterior if required
   • Pruning shrubs and trees
   • Mowing the lawns
   • Re-mulching the garden beds
   • Power is on so the property doesn’t look dark and
   lighting can be used for photographs

2. Keep the Appliances Current and Modern

   A modern kitchen with stainless steel appliances are favourable to applicants. Air conditioners and dishwashers are also now considered an everyday essential household item. Including these in your rental property will not only increase the rental return but will provide you with a wider range of tenants while meeting market requirements. 

3. Stay on Top of Repairs and Maintenance

   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. It will safeguard its long-term capital value and can be attended to as the need arises,
   rather than one larger outlay. 

4. Value Adding

   Small refurbishments and updates can be a profitable way to increase your rental yield and long-term tenant prospects. It’s important to avoid over-capitalising, so concentrate on cosmetic improvements which will impact the overall appeal. These can include a fresh coat of paint, replacing tired or worn carpets, cleaning and re-sealing kitchen and bathroom silicone and grout, updating fans, lights and tapware. Improving the visual appeal of a property increases demand which in turn translates into shorter vacancy periods. 

5. Know your Rental Market Price Point

   While you don’t want to undersell your rental property, it is important that you don’t alienate
   prospective tenants by asking too high of a price or have your property sit vacant for an extended
   period. Remember that one weeks’ worth of missed rent at $500 will quickly add up to more
   than $10 less per week asking price. 

6. What about Pets?

   As an investor you want to minimise any potential damage to your investment property. However,
   when you consider the fact that around 63% of Australian households own a pet of some kind, you can see how advertising ‘no pets’ will significantly reduce the amount of applicants. You have the added security if you do allow pets of having the tenants sign a “Pet Agreement” which the tenant takes all responsibility for their pets. The correct Landlord Protection Insurance is also important when it comes to approving pets.

7. Ensure you Hire the Right Property Management Team for the Job

   A good property management department will ensure that thorough prospective tenant screening
   is conducted so that you get the best tenants for your property. A great rental department will
   also advertise your rental property over a board range of advertising platforms to ensure they are
   targeting all possible avenues to find you a tenant.