Getting your investment property ready to rent
Property investors looking to have long-term tenants and receive good rental returns from their investment property need to ensure the property is desirable to potential tenants.
You can dramatically increase the property’s desirability and increase the rental intake by spending some time and money on the presentation and maintenance of your property. This should provide a good return on investment in the long term.
Not only does a rental property that presents well have a higher chance of securing a high-quality tenant, but chances are, they’ll take better care of it too.
Before you list your property for rent, take a read of our recommendations below to ensure your investment is presented as best as possible.
1. The basics
Before tackling the aesthetics, you’ll want to make sure your property meets the basic requirements of a quality household.
Does your property have:
• Phone/internet connection
• Heating and cooling
• Security: changing locks between tenancies is recommended and always have a spare sets of keys for yourself and your managing agent (including window locks and garage)
• Privacy: curtains and/or blinds should be installed on all windows, plus fencing or screening in place, where required.
• Smoke detectors
You’ll also want to check whether there is any aspect of your property failing to meet current regulations or safety guidelines.
Consider fixtures such as pool fences, stairs, railings, balconies, blinds and curtains, glass and windows. Also, does it meet the electrical and water efficiency standards under the local Residential Tenancies Act?
2. Deep clean the property
When getting your property ready to rent, you need to do more than just dust, vacuum, and mop.
Make sure you clean those easy-to-forget areas of the house like ceiling fans, window tracks, and oven grills. Hiring a professional bond cleaner is a good idea as they will ensure it is cleaned to a high standard and won’t miss anything. Having a property sparkling clean also sets the precedent for the standard of cleanliness expected when your tenants vacate.
3. If it’s broken, fix it
Often when living in a property, there can be things that get neglected and we grow used to living with them. Now is the time to get them sorted, so your property is in the best condition possible. Inspect every fixture, from the letterbox to the back fence, and everything in between and check if it needs replacing or repairing.
Look out for problem areas such as:
• Leaking washers or taps
• Broken tiles and chipped paint
• Broken light fittings & burnt out light bulbs
• Broken door and window latches
• Smoke detectors overdue for service
• Clogged guttering and/or drains
• Heating and/or cooling systems requiring service
• Faulty or damaged appliances
• Faulty swimming pool filters &/or equipment
• Faulty fences, gates or security systems
If you’ve lived in the property for a while now, there may be things you overlook because you’re used to avoiding them or living around them.
4. Tidy up outdoor areas
The first thing people notice when they visit a house or apartment is the outside. Is the front door dirty? Is the lawn overgrown? Are there cobwebs hanging from the eaves? You’ll want to create a great first impression for potential tenants.
Pay particular attention to:
• Weeding garden beds and pruning hedges
• Trimming back vines and overhanging trees
• Mowing lawns and reviving dead patches
• Cleaning front entrance and external light fittings
• Cleaning garage door and garage flooring
• Removing cobwebs from eaves
• Cleaning windows and glass doors
• Sweeping and hosing down driveways, pathways and paved areas
• Removing stains from driveway
• Removing all garbage and garden clippings
5. Can you add value at all?
Updating the interior of a home instantly lifts its mood and appeal to tenants. New paint, carpet and light fittings are an affordable way to transform outdated spaces and adding extra comforts like heating and reverse cycle air conditioning can also potentially add value to a property.
If you can afford to go one step further, then modernising a kitchen or bathroom is a great long-term strategy. One that will immediately elevate the perceived value of the property and increase its rental return.
6. Make it stand out
Prospective tenants are no different to prospective buyers – they’re all attracted to a well-presented property.
Consider leaving furniture in the home and do your very best to prepare your property for an eye-catching photo shoot and a great ‘first impression’ at every open-for-inspection.
If you would like more information regarding preparing your property for rent, get in touch with our Property Management team who are always happy to help.