Thinking about renting out your home for the very first time? Whether you’ve just bought your first investment property or are looking to move out of your current home to get a rental tenant in, here are our top tips for getting the most out of renting out your home.
The Importance Of Preparing Your Property
Taking the time to adequately prepare your home before renting it out can make all the difference when looking to make the most of your rental property and attract suitable tenants. A well-presented property:
- Attracts better quality tenants
- Can potentially earn a higher weekly rent
- Makes it easier to rent out your home
Getting Your Property Ready
There are lots of things to consider when getting your property ready to rent out. Ensuring you’ve done all the necessary checks, clean up and repairs to your property prior to leasing it out can take a bit of time and will generally involve the following steps:
1. Move everything out – if you’re looking to rent out the home you’re currently living in, moving all of your furniture and personal belongings out of the property will be your first step to preparing your property for your new tenants. If you’d like some help with moving or storing your furniture temporarily, you can reach out to your local furniture removal and storage specialists and ask for a free quote.
2. Renovate & Repair – check around the property and look for areas that are damaged or in need of urgent repair. Some key areas to keep an eye out for and assess for urgent repairs include:
- Mouldy walls and grout
- Dripping taps and faulty plumbing
- Chipped paint
- Damaged walls
- Locks with no keys
- Loose tiles
- Pre-installed appliances that need repairs (e.g. dishwasher and air conditioning units)
3. Give Your Property A Deep Clean – they say presentation is everything! Giving your property a deep clean will not only ensure your property presents well and attracts quality tenants, but sets a standard of cleanliness for when the tenant eventually moves out.When doing a deep clean of your property, be sure to focus on the following areas:
- Carpets
- Curtains
- Blinds
- Windows
- Flyscreens
- Garage floors
4. Setting your rent – there are different ways of working out how much rent you should charge on your property. You can get a free rental appraisal online, calculate the monthly rental amount on your own or get in touch with a property manager and ask for a property appraisal.If this is your first time setting a rental price, you can try to set it on your own as well as ask for a rental appraisal letter from a property manager for comparison before deciding on what price to set.
5. Market your property – knowing how to effectively market your rental property is the key to filling your vacancy as soon as possible and attracting the right sort of tenants. Employing strong marketing techniques will not only help promote your home to the right target audience, but also make it look more appealing to renters while potentially achieving a higher rental return.Below are some areas to focus on when looking to build a strong marketing plan for your rental property:
- Know your target demographic – by having a good idea of what kind of tenant you want to attract, you can then hone in on what attributes your ideal tenants will want with their ideal rental property. You can then highlight the characteristics of your property that will most appeal to your target demographic.
- Professional photography – using professional photographs to promote your rental property can ultimately mean the difference between losing a week or more of rental income vs attracting multiple enquiries and inspections and securing quality tenants much sooner.High-quality professional images of your property for promotions will send the right message to potential renters and set a benchmark for the level of care and cleanliness you can expect of your tenants moving forward.
- Consider various advertising channels – explore various advertising options for promoting your rental property and advertise on multiple websites. Some places to consider advertising include through word of mouth, in online listings through websites like rent.com.au and flatmates.com.au.
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