One of the questions that we are often asked is, “What do I need to do to Rent my Property”?
The key to making your property desirable to prospective tenants is to put yourself in their position.
If you wouldn’t want to live in your rental property, the chances are quality tenants won’t want to either.
You need to prepare the property before displaying it to potential tenants and, while the process may very well involve a capital outlay, it will be money well spent.
1. GARDEN, GUTTERING & GARBAGE
- Mow the lawn and do the edging
- Cut back the trees, shrubs and hedges
- Remove the weeds
- Clear leaves and other matter from the gutters
- Remove any excess green waste, scrap timber, bricks or metal etc. from the yard
2. ORGANISE A PROFESSIONAL BOND CLEAN
A ‘bond clean’ is a complete top to bottom clean of the inside of your property. When compared to cars, its like the difference between a car wash and a professional car detailing.
A bond clean normally includes, cleaning of:
- Light fittings
- Air-conditioning units
- Bathroom, kitchen
- Oven, range hood
- Walls spot cleaned
- Window sills & tracks
- Skirting boards
- Door frames
Hiring a professional cleaner is not a legal requirement when leasing a property but is strongly recommended.
3. FLOOR COVERINGS
- Carpets will need to be professionally cleaned and stains removed, if possible
- Vinyl may need rips glued and tiles will need grout cleaned
- We recommended that carpet and vinyl be replaced every 10 years
4. WINDOWS AND BLINDS
- Clean the glass, frames, tracks and flyscreens
- Make sure the windows open and close properly
- Mend any holes in fly screens
- Dust the blinds and ensure they are in good condition and work properly
- Installing tie-downs (cleats) or looped-cords minimises the risk of children being entangled in blind cords . Secure internal blind cords so that dangerous loops cannot be formed.
- Treat your home annually for pests, especially if you have had pets living there
- Often fleas present themselves after your pet has been removed because their ‘host’ (i.e. your pet) is no longer available
6. LEAKS AND DRIPS
- Repair any dripping taps or other leaks
- Consider installing water efficient devices and acquiring a water efficiency certificate from a trusted plumber. Once acquired, you can pass on 100% of the water consumption charges back to the tenant
The information below is sourced directly from the Residential Tenancies Authorities (RTA) website.
Property managers/owners are allowed to pass on the full cost of water consumption, provided:
- the rental property is individually metered (or water is delivered by vehicle), and
- the rental property is water efficient, and
- the tenancy agreement states the tenant must pay for water consumption
7. SMOKE ALARMS, SAFETY SWITCHES AND POOLS
- It is has been a requirement in Queensland since July 2007 for smoke alarms to be installed in all properties (houses and units). This includes all owner occupied and rental properties. Every property listed for sale and/or rented in Queensland must have minimum smoke alarms installed
- Organised for your smoke alarms to be installed, cleaned and certified by a professional before the start or renewal of any tenancy
- A professional contractor will supply you with a ‘compliance certificate’ which is useful to have for risk management purposes
- If you own a pool, ensure your pool safety certificate is up to date
- All rental properties must have a safety switch installed to the power circuit of the property. Make sure your property has one
8. KNOW WHAT YOU CAN CLAIM
You can claim expenses relating to your rental property but only for the period your property was rented or available for rent; for example, advertised for rent.
Expenses could include:
- Bank charges
- Body corporate fees
- Borrowing expenses
- Capital works
- Council rates
- Decline in value of depreciating assets
- Gardening and lawn mowing
- Interest expenses
- Land tax
- Legal expenses
- Pest control
- Property agent fees or commissions
- Repairs and maintenance
- Travel undertaken to inspect the property or to collect the rent
- Water charges
Clients are strongly advised to seek professional financial and taxation advice.
Do some research on insurance policies for your property.
It is recommended that you have:
- Public liability insurance – It is a contractual requirement under the management agreement (not required by law) that you hold and maintain a public liability insurance policy of no less than $10 million dollars
- Building and contents insurance
- Landlord protection insurance (highly recommended)
10. EMPLOY A TRUSTED AGENCY TO MANAGE YOUR INVESTMENT
Madeleine Hicks Real Estate property management team are property investors too and understand the importance of optimal management of your property.
You’re never just a number: we’re different to the larger agencies and we pride ourselves on giving you and your investment property the attention you deserve.
- Optimising your rental returns
- Carefully managing your outlays
- Being proactive and attentive
- Communication, efficiency and transparency
- Local-area knowledge
- Great relationships with local trades people
- Knowledge of the property management legislation
- Being mobile and tech-savvy
- Finding the right tenant, quickly
We hope that you enjoyed our guide to “Rent My Property” and ask that you call us if you would like to discuss any concerns that you may have.