A couple of months ago, the rental rates for parts of Sydney were decreased by over $50. According to statistics, the median rental rates for Sydney did not grow during 2015 and landlords have started to reduce prices to attract new tenants. Whether you are renting in Sydney suburbs, or any other part of the country, it is important to follow the lead of these landlords and to prepare your investment property for tenants. In addition to matching your local rental rates, Capital Wealth Property has a few other great ideas for preparing your property for rent,
Inspect and update
Has your property seen better days? Start by getting it inspected and making appropriate repairs. Your tenants will highly appreciate a new carpet, a fresh coat of paint, non-creaking doors and non-leaking taps. In addition, check the structure of your house and fix any issues accordingly. If you can provide upgrades such as new bathroom tiles, new appliances, new fixtures, energy efficient lighting or solar energy systems, they will be very well received by potential tenants.
Advertising your rental needs to be done with great care if you wish to attract the right tenants. For instance, if you are renting a luxury home, write your advertisement carefully to reflect the property’s specifications. If there are any special features such as ‘brand new appliances’, ‘great views’, and ‘5 minutes to the beach’, be sure to include them in the advertisement. Today, most people browse for rentals on the internet. Be sure to advertise on a reputed property website and to showcase great photographs.
Choose the right tenant
Your potential tenants are interviewing you as a landlord along with your property. It is perfectly acceptable to do the same to them! Your tenant needs to be chosen carefully to avoid complications with rent being paid on time, the property being managed well and to avoid unpleasant surprises. If you are renting out your granny flat, this is especially important as you will be living in the same premises.
Get professional help
You will need the assistance of a real estate agent specializing on rentals or a solicitor to assist you in the rental process. You can get professional help to draft the lease and to make sure local laws are followed. A solicitor will also provide valuable advice on suitable rules for the house and other details. If you are renting out a dual income property, duplex or a new investment property, make sure to seek help from financial experts such as Capital Wealth Property.