When you go to rent your house, its success will rely heavily on your rental strategy. If you have a property you are considering leasing out, understanding & implementing the right rental process is vital. With a fool-proof strategy, you should have your property leased in no time.
Helping us uncover the key to a stress-free leasing process is Calibre’s Business Development Manager Emily Williams . Emily has come on board to impart her knowledge & wisdom to help you rent your house. “I feel sad for property investors when I see their properties sit untenanted for months on end. With the right property management agency and a great strategy, as an investor, you should be confident that you’ll be able to rent your house free from stress and worry” says Emily.
Emily’s 6 Step Guide To Rent Your House
1.Do Your Market Research
Your agent will provide relevant comparables of houses that are currently available within a 2km radius of your house. They will also provide a list of rented properties and discuss the features that the market are paying for based on the leased prices. You will also have a discussion around the demographics of the area and decide on a price with consideration of what type of tenant/age group you would like to reside at your home.
Now that your market research has told you who your target tenant market is, it’s important to ensure your property appeals to them. Touch up peeling paint, oil deck, mow/hedge and undertaking cosmetic improvements to the property will help to attract the tenant you are aiming to secure. The cleaner and better presented the property is, the higher quality tenant you will attract.
3.Research & Choose Property Manager
Short list the agents that have great google reviews and make an appointment with them to meet you at the house. Choose an agent who is enthusiastic in providing an excellent level of service and go the extra mile. Once you have chosen your agent, book in your photo-shoot and list your house!
4.Decide on Price & Marketing Strategy
You may want to start above the market price to see how the market responds and then reduce your price. However, to secure a tenant in the quickest possible time-frame, advertise your property at market price. This will reduce your time on market and therefore increase your bottom line. Your agent will go through the marketing strategy to rent your house.
5.Choose the Right Tenant/s
Ensure your agent utilises tenancy databases such as TICA and Equifax. They conduct checks as well as ensuring thorough rental and income screening processes. A good property manager will conduct a thorough screening process of all potential new tenants.
6.Ongoing Communication & Inspections from Your Property Manager
Your property management team should provide a report after each inspection. The report should detail such things as who inspected the property, their feedback in terms of price and the condition of the house. Once a tenant is secured, ongoing communication between the agent and landlord is paramount. This will include such issues as maintenance items, tenancy requests and any other matters. The routine inspection reports should be completely regularly and a report with photos provided to you.
For other articles that will assist your property investment see :
- 8 Value Adding Improvements to Secure Better Rent Return
- The Best Financial Advice You Need when Buying Your First Home
- 5 Things You Need To Know About Claiming Tax Depreciation on Your Property
- How To Ensure Rental Return Makes Your Investment More Fruitful
- 3 Clever Ways That’ll Save You Money On Big Ticket Household Items