Preparing Your Property For Rent

As wonderful as it would be, when it comes to preparing your investment property for rent, it’s not as simple as ensuring the property is vacant and popping up a ‘for lease’ sign; there are a few things you need to consider.

A well-prepared home will not only fetch a better weekly rent and attract better quality tenants, it will also help to ensure that the entire rental process is simple and easy from start to finish.

While, as an owner-occupier of a property, there are certain things you might be happy to live with – knowing that they could be fixed in time – renters wouldn’t and shouldn’t have to deal with. Additionally, there are also alterations and renovations that could make your property more appealing to renters, potentially even providing a higher rental yield.

So, if you’re looking to lease your investment property, be sure to follow our checklist below for things you should consider when preparing your property for rent.

Don’t underestimate the power of professional photography

Despite the leaps and bounds of built-in phone cameras, nothing compares to professional property photography.

Our biggest tip here is to leave this to the experts! Engage in a professional photographer – they know what they’re doing! They’ll know the best angles to give the illusion of space and light.

For most tenants, your online photos will be the first impression they have of your property – so make sure it’s a good one!

Carry out maintenance and repairs

From the letterbox to the back fence, you want to ensure that everything in your property is in top shape, so carrying out some repairs may be needed.

Items likely to need some repairs could include mouldy bathroom grout, leaking washers, dripping taps and servicing all conditioners to ensure that they are working properly, as well as checking that automated irrigation is in good working order with no leaks. By making small repairs now, you could save yourself a bigger problem in the future.

Consider installing white goods

In order to attract quality tenants, you can use add-ons to show that you care about the welfare, comfort and convenience of your tenants. These add-ons could include white goods like a dishwasher, washer dryer, and updating box air conditioners to split systems.

While these add-ons are an investment, they will boost the value of your rental property and will help in increasing your rental yield in the long term as they make the property more attractive to potential tenants.

Be mindful of cleanliness and presentation

It might seem like we’re stating the obvious here, but presentation really matters. Many renters nowadays will spend several weeks or months searching for the right rental property for themselves online and inspecting them in person, so ensuring that your property’s first impression is positive is absolutely detrimental.

Even simple measures such as ensuring the property is freshly cleaned (including carpet steaming if necessary) prior to any viewings will help in ensuring that your property is leased quickly.

Freshly Painted

The power of a fresh coat of paint should never be underestimated, especially when it comes to properties that may be on the more tired side. Stick to using neutral colours such as whites and creams to ensure that they will be suited to all tenants tastes and won’t require regular repainting over the years.

Quality Fittings and Fixtures

As a property investor, your aim is to appeal to tenants, particularly those seeking a space that is comfortable, low maintenance and good value for money. Therefore, it’s likely that quality tenants will apply for properties that have high quality fittings and fixtures, such as stainless steel in the kitchen and bathrooms.

Don’t forget the outside!

Is the letterbox in need of repair? Are the gutters clean? Is the fence in good condition? Are there any pests or insects you need to deal with? Is the swimming pool clean and in good working order? Are pool gates self-closing and the fences secure? And make sure you mow, sweep, rake, prune and have the garden looking presentable.

Partner with a good quality property management team

The best way to attract quality tenants is to keep them happy and ensure that they have good, two-way communication with your property manager. Therefore, it goes without saying that choosing the right property management team is imperative to attracting the right tenants to your property.

When it comes to marketing your property, your property manager will know what you need to do in order to make your property stand out. From the creation of a marketing strategy for advertising the property to attracting a suitable, quality tenant, with a seasoned property manager by your side, you’ll be able to: come up with a compelling property description, find a professional real estate photographer, find tradespersons to help with any repair work and find and vet suitable applicants.

Are you looking for help in renting your investment property? The team at Thrive Property NT supports homeowners across the Greater Darwin region. If you’re looking for a Property Manager to take the stress out of managing your investment property, who will provide the highest level of tenant screening, get in touch with our Property Management team today – we’d love to help!