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Finding the right tenant

Whether you are renting out a cliff-top Mansion in Portsea, a home in the ‘burbs, or an apartment in St Kilda, you’ll want to maximise the rental income that you receive. Properties that are in good condition before renting will attract higher quality tenants. So, if you want someone to respect your investment, make sure the leaking taps, blown light bulbs and plants in the garden are all maintained to present the best of your property. A good rule of thumb is to ensure your property is presented as if it were being put up for sale, and you needed to get the highest possible price. Your efforts will be rewarded with more money in your pocket.

Always remember, it’s not a rental property without the renters, and letting a bad renter in out of desperation, due to lack of interest, can be worse than having no renter at all. So, to ensure your property journey is a smooth one, it’s not only “location, location, location,” but also; “presentation, presentation, presentation.”

Presentation tips:

  • Make sure the entrance is appealing, this is the first impression your potential tenant will have of the place they are considering making home.
  • A clean and tidy garden which has some thought put into it can be low maintenance to the tenant and still a lovely space to enjoy the outdoors.
  • Don’t forget kitchens and bathrooms can make or break someone’s decision to move in; keep these spaces clean and functional.
  • A freshly painted home with good quality fitting will attract a higher-income market. Make sure any door knobs, lighting or broken items are fixed and in good condition.

Without overcapitalising it is important to be mindful with your strategy to create a rental property where people will feel comfortable and want to stay. After all, one of your main goals should be to have a good tenant stay for many years.

Property Managers

Real Estate agents offer specialist property managers to save you the worry and time it takes to manage a rental property. They will create an advertising campaign, screen applicants, collect rental, handle any maintenance and repair issues, handle complaints, and if need be pursue eviction.

Find a professional and asks lots of questions before you commit to somebody; remember you’re hiring this person because you don’t have the time or inclination to manage the property yourself. You want reassurance the service they provide will benefit you and the tenants.

A good property manager will:

  • Handle all the advertising; both on the web and any printed adverts. Professional photographs may capture features of the house that are a drawcard to attract the right tenants as well as a good write up on the property features.
  • They will have a good understanding of the rental market and will advise you of the average rental and demographic in the area.
  • Screen your applicants; that includes verifying income, running a credit check and ringing references to confirm the information given is true and correct.
  • Collect your rent and follow up any maintenance issues as well as organise regular property inspections to ensure your property remains in great condition.
  • Liaise between you and the tenant to assure both parties are happy.

Last of all, arrange Landlord insurance for your peace of mind; after all the work and effort you put in, make sure your investment is protected. Having an investment property may be a great idea, however making the most of your investment may take some extra effort and working with professionals to make your investment grow. For investment advice, please contact DFG Wealth on (03) 5976 8426.

Secure your financial future today!