LANDLORD TIPS & GUIDES

Landlord Tips & Guides

We have gone ahead and prepared a basic guide to answer questions many new landlords have. Have a read through and feel free to contact us if you have any further questions.

Preparing Your Property to Rent

Firstly, presentation of the property is arguably the most important factor. A well-presented property will attract more interest and in turn rent quicker. It is also more likely to attract quality long term tenants. Simple things like adding a coat of fresh paint or general cleanliness and garden maintenance can go a long way.

Below are some other things to do:

• Have mail redirected – ensure all mail is redirected to your new address if you were previously living at the address.
• Utilities – ensure all accounts (electricity, gas, phone etc.) are notified or cancelled accordingly. The only services to remain in your name are water, rates and strata – these will need to be redirected to our agency or your new address, depending on your preference.
• Appliance manuals – Please hand them to your property manager or leave them at the property. Doing so can help reduce unnecessary maintenance calls by the tenant.
• Keys – ensure all locks have keys. We require a minimum of two sets (one set will always remain with the office). We may need to cut additional keys depending on the number of tenants to reside at the property.
• Smoke alarms and safety switches – Your property will need to be compliant with regulations. Don’t stress, we can arrange an audit and annual smoke alarm inspections!

Do I need Landlord Insurance?

This is the landlords responsibility and we strongly advise all landlords take out a Landlords Insurance Policy.

Why do I need landlord insurance if I have an agent?
Although we carefully screen all applications to help select the best tenants, we cannot guarantee your tenants behaviour at your property. The risk always falls on the owner of the property, and therefore we recommend all landlords should be insured for such a risk.

Why do I need landlord insurance if I have a good tenant?
Even good tenancies can turn bad. If the tenants’ circumstance changes, it is possible the tenancy can become unstable. This can result in issues such as rent owing and the property not being maintained. It’s always best to be safe and properly insured to cover yourself, even with good tenants.

What does landlord insurance cover?
Landlord insurance will cover lost rent due to tenant default and malicious damage to the property caused by the tenant.

We suggest you consult your landlord insurer so you are fully aware of the extent of your cover and any excesses that may be applicable in the event of a claim.

Pet Friendly Rentals

Should I allow Pets?
We have found many tenants struggle to find rental properties which are pet friendly. If your property is suitable for pets, allowing them can be a big positive. Pet friendly homes open themselves up to a much wider market, meaning suitable applicants can be sourced faster. Also, because pet owners find it harder to find a property, they are more likely to become long term tenants.

As a landlord, you have the right to choose what pets will be suitable and what conditions you would like to have (i.e. outdoor only). Obviously, allowing pets can also put your property at risk of additional wear and tear – we always obtain references from previous agents so you can make an informed decision.

Rent furnished or unfurnished

Should I furnish my property or leave it unfurnished?
We often get asked if a property will obtain a higher rent if it is furnished or if it will attract better quality tenants.

Both furnished and unfurnished properties can be great, depending on the rental market and demographic. Weekly rent is generally higher when a property is furnished, but in some cases, it may take longer to rent since there isn’t as many prospective tenants looking for furnished properties. That’s why it’s always important to consider the demand for furnished properties in your area. It’s also vital to consider how vacancy periods will affect your rental yield, since furnished properties generally have shorter term tenancies.

It’s best to consider these things on a case-by-case basis and we’re always here to offer our expertise – Just give us a call.

Ways to maximise rental returns

How to obtain higher returns on your rental property?

Factors such as the presentation of a property affect the level of interest received during the marketing process and therefore the rent the property can ultimately achieve. That’s why we provide suggestions to our landlords before and during the marketing process to ensure optimal rental yields for our clients. We consider things on a case-by-case basis while taking into account the current market to provide constructive feedback – suggestions may be as simple as applying a coat of paint to a door, installing a dishwasher or in some case we may suggest improvements to a property.

We will always strive to get you the highest rent possible; however weekly rent must be carefully considered and in line with the current market to get your property rented promptly with quality tenants and avoid extended vacancy periods.

Below are some factors we consider when marketing your property:

• Demand – This can be seasonal and affected by several factors.
• What is currently available – We look at properties currently available, and consider their location and features for comparison to calculate a maximum rent for your property.
• What we have rented now – We compare your property with what we are currently renting out, taking into account property locations and features.