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Tips for Landlords

By nature, tenants are more likely to care for a property if it is presented in a clean, neat, and tidy manner. The preparation you put into getting your property ready for rental will also result in making it more appealing to prospective tenants.

Here are a few thoughts in presenting your investment property for rental:

  • Remove all rubbish
  • Clean all windows, doors, walls, and skirting boards (no cobwebs please!)
  • Mop tiled areas of bathrooms, kitchen & laundry
  • Steam clean carpets
  • Dust and clean inside cupboards, drawers and bench tops
  • Weed gardens and mow lawns, cut back trees or shrubs if necessary
  • Check all lights, appliances, and smoke detectors; they should be in working order and function properly
  • Check areas around that may require attention, make sure that any minor repairs are completed (dripping taps, loose or missing door knobs, sticking drawers and cracked windows)

Once you have secured a tenant you should work hard at keeping them as much as your tenant has to work at keeping you:

  • Spend money when required. Attend to repairs and maintenance promptly, this will not only preserve the life of your investment property, it will satisfy your tenant's needs as well.
  • Be realistic and fair when deciding on rental increases. Increasing the rent in small increments on a regular basis may not cause such a financial burden on the tenant and can have a substantial effect on the long term performance of your investment.
  • Minimise vacancy losses by renewing the lease. After reviewing the lease terms including the rental amounts it is a good idea to enter into a new fixed term agreement. This will secure you and your tenant to the agreement for another lease term providing peace of mind to you and your tenant.
  • Vacancy can be vastly more expensive than taking a small reduction in rent. Excessive rents can scare off good tenants. There is probably a reason why some are willing to pay above market, perhaps they have been poor tenants in the past!!!

Take out landlords insurance - this eliminates unnecessary risk and potentially expensive payouts. This type of insurance provides a safety net and peace of mind. Depending on the policy it can provide you with cover against malicious and accidental damage to your property by tenants. It can also protect you from loss of rental income as a result of a tenant absconding or damaging your property and leaving it unable to be re let while repairs are made.

For more Landlord tips contact our office and speak with our Property Management Team.