The Landlord’s List – A Simplified Guide to Renting Out Your Property
Ah, being a landlord. As renters appear to be on the rise in Australia, with more families and individuals deciding to go with the rental life, rather than buying, now is the perfect time to rent out your property. However, this process can seem quite alien to newcomers, given the sheer number of moving parts that go into doing it right.
Regardless of how knowledgeable you are about the rental process, it’s always good to have a refresher. So, after speaking with a Melbourne property manager, we thought we’d create a quick crash course on the subject. Let’s get into the nitty gritty of renting out your property!
Who Manages My Property?
While more experienced landlords will sometimes opt to take on the role of manager, those of us with less time or knowledge on the subject will generally opt for a property manager. While it may cost more than taking it on yourself, there are a wealth of benefits to working with a property manager. Plus, with a wide array of businesses offering reliable property management in Melbourne, the process of finding one has never been simpler.
The role of a property manager includes:
– Screening applicants to ensure that an acceptable tenant is found.
– Condition reports both before and after the tenant has lived at the property.
– Inspections to make sure that the tenant is taking care of your property.
– Rent management, so you don’t have to worry about tenants neglecting their payments.
– Repairs, maintenance and alterations.
– If it comes to it, property managers will also handle evictions.
In short, while you can take on the process yourself, it’s significantly easier if you are working with a property manager. Nobody wants to deal with a difficult tenant, and when working with a property management service, you won’t have to.
What Does Screening Tenants Involve?
While it can be difficult to determine how well a tenant will treat your home, it’s important to have a list of desirable traits to help make your choice. For instance, some landlords are more lenient on pet ownership than others. If you are happy for a tenant to have a pet/pets in your property, you are likely to have a larger pool of applicants to choose from.
Previous rental history, including feedback from past property managers/landlords, will be a pivotal factor in deciding whether a tenant is desirable. In the end, you want a renter that treats your home with respect and pays their rent. If an individual has a history of doing just that, then they are likely to be a good tenant.
How Much Rent Should Be Charged?
While we’re all looking to maximise our ROI when renting out a property, there’s a balance that needs to be found. Your pricing will be based on a variety of factors, all of which tend to come down to location, demand, and the specifics of your property.
One thing that goes unconsidered by many landlords is that there are benefits to lowering rent. While there will indeed be less monthly revenue, it will allow you a wider selection of tenants to choose from. Additionally, tenants are more likely to stay in a home or apartment that they can readily afford. This will mean that there is less time looking for new renters and, in turn, less things that you have to focus on as a landlord.
While there are always going to be more things to discuss, this has hopefully given you an introduction to renting your properties. Remember to look up the specific laws and stipulations of your state before starting the renting process. Good luck!