One of the first steps to leasing your property out is to engage an agent.
Have a few agents around to your place and have them inspect the property and give you an indication for what rent you could hope to expect.
Once you’ve got an answer, ask if there’s any improvements or suggestions they would make that wouldn’t cost too much to implement and could potentially help to add value to the overall rental asking price.
If they suggested some basic renovation work, ask if they have an idea for how much it would approximately cost for the work to be done.
This should give you an indication of whether or not it may or may not be worth undertaking the renovation work.
It is important to note that, at the very least, you want to have a clean, tidy and presentable home to present to the market.
If for example, work needs to be done to add to the overall appeal and value of the property but will cost a lot initially, that original investment of time, effort, energy and money may still be a worthwhile investment to get your property up to standard.
In turn, once the bigger stuff is complete and out of the way, you can now just focus on the smaller maintenance requirements of the property for years to come.
Doing some basic renovation work up front can also lower the chance of unhappy, unsatisfied tenants along with the possibility of requests for repairs being made.
Once you’ve got an idea for the types of improvements that need to be made to the property, ask the agent further in depth questions like.
What type of tenants do you think we’ll get?
What do you think potential tenants will like and dislike about the property?
Are there any objections we may get from potential tenants?
Are there any appliances I should have in the property that potential tenants expect?
What can be done to improve our chances of getting a quick, high quality tenant?
Ask as many questions as you think is relevant.
Remember, you’re leaving the keys to your investment in the hands of someone else to manage. You want to be as comfortably sure as possible that the agent you’ve selected is the best person for the job.
They’ll be representing both you and the property once you’ve chosen them.
Once you’ve had a few agents through, decide on who you’ll chose and keep their details handy for when you need to call on them.
Tip – ‘Try before you buy’ the agents by getting in touch with them in the lead up to leasing your property out to see how responsive and cooperative they are with trying to help get your property ready for lease.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
