Preparing your home for lease. How to appeal to more renters, maximise returns and minimise vacancy
3 3 Contents. Introduction 04 Property presentation basics 07 Enhancing your property’s appeal 08 Obligations & regulations 11 Why being pet-friendly pays off 12 Where Belle Property can help 14
Whether you’re buying your first investment property, renting out your family home, or growing your portfolio, it’s important to continuously look at ways to optimise the performance of your investment. In this guide, you’ll find valuable information on how to prepare your property for rent to maximise its potential and appeal to more potential renters in a broader market. All of which when done right, can help minimise vacant periods, attract the highest rent and meet your obligations as a property owner. Introduction. 4
5
6
Property presentation basics. Having your investment property present as a desirable home is the first step in attracting a renter and ensuring a great return. A well-presented and well-maintained property also increases the likelihood of it being returned in the same condition at the end of a tenancy. Inside • Deep clean throughout (or enlist a professional to do so), paying attention to kitchen and bathroom cupboards, drawers, appliances, fittings and fixtures • Clean all built-in storage, lights, windows, flyscreens and curtains/blinds • Wipe down skirting boards, walls and doors, mop all floors and steam clean carpets • Check all lights/light switches are safe and working • Ensure appliances are clean and functional • Ensure common areas are clean and tidy in Strata titled properties Window treatments • Ensure all shutters, curtains or blinds are clean and in good condition • Dressings that can block out light or insulate against extreme temperatures can help reduce energy costs • Ensure any fly screens fitted on windows and doors are not ripped or damaged Homes aroma • Thoroughly clean and air out areas with lingering odours from pets, cooking or smoking as this can be dealbreakers for renters • If stubborn odours remain, particularly in fabrics or carpets, invest in some deep cleanings Outside • Clean and tidy all outdoor areas including the garage, deck and patio—sweeping and washing paths and driveways, cleaning paintwork, window frames and clearing out gutters • A tidy, low-maintenance garden is appealing for renters, so mow the lawn, weed and trim overgrown plants and trees • Ensure any fences or gates are safe and intact, and if you have a pool, that it is sparklingly clean and free of garden debris 7
Enhancing your property’s appeal. If your budget permits, making improvements to your property can help boost its rental potential while appealing to reliable renters looking for a well-appointed and comfortable home. A coat of paint Dated colours or peeling paint is a turn-off for many renters. Never underestimate the impact of a fresh coat of paint, particularly on an older property. Stick to neutral colours to make the room seem lighter and brighter while also allowing renters to imprint their own style. Don’t forget about the floors If your flooring is badly worn or outdated consider replacing it with something more aesthetically pleasing. Opt for a floor treatment that is hard-wearing and easy to clean such as tiles or wooden flooring, ensuring bathroom and kitchen floor coverings are suitably water resistant. Refresh the kitchen New kitchens are expensive so instead of a full overhaul try replacing benchtops and handles or painting cupboards to give it a fresh look for a fraction of the cost. Again, go for neutral to appeal to the majority of renters. Dishwashers are deemed an essential kitchen appliance these days so installing one may help the property appeal to more renters. If any appliances are on their last legs, remember that a stitch in time saves nine, and replacing them sooner rather than later may reduce the likelihood of an urgent repair or maintenance call. Update the bathroom If your bathroom is tired but you’re not in a position to replace it yet, consider smaller alterations like replacing the toilet, vanity, basin, taps or shower heads which can help breathe new life into something old-fashioned. If storage is limited mounting a new bathroom cabinet can be a cost-effective solution. Heating & cooling Appeal to more renters by investing in and installing air-conditioning to the property, especially in warm climates. Some states may also mandate having fixed heating in the property that meets the applicable energy efficiency standards. 8
9
10
11 Obligations & regulations. While your property doesn’t need to be in totally perfect condition, as a property owner you need to ensure it is in good repair and fit to live in, while complying with all safety regulations and laws for rental properties. Complying with regulations You will need to ensure your property meets regulations and guidelines covering energy efficiency, smoke alarms, ventilation, presence of mould or pests, swimming pools, window safety and overall security. As well as any other obligations for property owners relating to stairs, decks, balconies, railings, blinds, water efficiency and electrical/gas safety. Security is another important aspect with functioning door and window locks a must (where window locks are fitted they must be working and keys provided). Keep on top of repairs Take advantage of periods when your property is empty to attend to any repairs – either DIY or call in a licensed tradesperson. Don’t overlook things that seem trivial or which you’ve grown accustomed to, like mouldy bathroom grout, dripping taps, broken tiles or chipped paint. This avoids small problems growing or requiring costly emergency repairs later down the track. Pools and spas If your property has a pool and/or spa, ensure it is thoroughly clean and compliant with any applicable safety laws. In most states, pools need to be registered and inspected for compliance, with appropriate fencing required for both pools and spas. During the lease we recommend engaging a professional pool maintenance tradesperon to ensure the pool functions optimally, reducing costs and allowing you to anticipate any maintenance issues. How we can help Our property managers can advise on the safety and security regulations which apply to rental properties in your state, and can recommend reliable tradespeople and pool professionals before and during a tenancy.
12 Why being pet-friendly pays off. With pet ownership increasing, an effective way to attract more renters is by making your property pet-friendly. Properties that accept pets are often in short supply, in turn attracting many applications and renting out quickly. In addition, animal owners often seek longer-term leases and maintain their rentals to a high standard, reducing your leasing and vacancy costs. Making your property pet-friendly While major alterations aren’t required to make a property pet-friendly, bear in mind pet-owners usually require any outdoor areas to be fully fenced. A cat flap or doggy door is also useful but owners are not obliged to install one. It’s also worth investigating different types of flooring to minimise any damage from pets. Tiled floors are highly durable, scratch-resistant and easy to clean; floorboards can become scratched, while if a property is carpeted it is a good idea to ensure the renter organises and pays for steam-cleaning and pest treatments at the end of the lease. Protecting your property Pet clauses If you’re concerned about property damage you may be able to include a ‘pet clause’ in your tenancy agreement. This usually stipulates the renter pays for any damage caused by the pet, regularly removes droppings and organises professional cleaning and pest treatments upon vacating the property. Pet resumes Before accepting any fur renter you can request to first see the animal’s ‘pet resume’. This gives an overview of the pet including its photo, breed, age, size, temperament, vaccination and microchip details plus a reference from a previous rental provider and/or vet. Update your insurance Check your landlord’s insurance policy to ensure you are appropriately covered for any damage caused by a pet living in the property, and if any exclusions or limitations apply.
13
14 Where Belle Property can help. The process of leasing out your property can seem daunting, so as well as conducting your own research it is worth enlisting the help of a professional property manager. In addition to explaining your rights and responsibilities as a property owner, your property manager can advise on everything ranging from renter selection and management, marketing, presentation and ongoing maintenance all the way through to purchasing your next investment property. Our property managers are skilled in understanding the complexities of property management, while taking the time to ensure property owners and renters are comfortable with each process, promoting relationships built on trust and mutual respect. All of this leads to a smooth tenancy with less chance of issues arising, while in turn optimising the return on your investment. Visit belleproperty.com today to find your local property management team and discover more about leasing your home or investment property.
15
Contact. Contact your local office today. belleproperty.com/agents-and-offices
www.belleproperty.comRkJQdWJsaXNoZXIy MTI3ODI1