Investment Property Management Renting

The Ultimate Guide to Renting Out Your Investment Property

So, you’re thinking about renting out your investment property? Renting out a property can be a fantastic way to make your investment work for you in securing financial stability and long-term wealth acrument – And we’re here to help you make the most of it! Our boutique property management team has got your back, with some friendly advice and expert tips to ensure your journey renting out an investment property is smooth sailing. Read on for the ultimate guide to renting out your investment property!

1. Understanding the Market

Our team know our neighbourhoods like the back of our hand. We will help guide you on the value of your property through providing an extensive list of comparable properties plus taking into account supply and demand within the area. Other factors that are considered when your investment specialist provides you with a rental estimate includes: location, amenities, and market conditions. Our team specialises in leasing property in all suburbs of the Illawarra region including; Thirroul, Bulli, Woonona, Corrimal, Austinmer, Balgownie, Wollongong, East Corrimal, Wombarra, Fairy Meadow and more…

2. Spruce up! – Preparing Your Property

First impressions matter, and this holds true for rental properties as well. A well-maintained and visually appealing property is more likely to attract tenants and command higher rents. Our team understands what the market look for in rental properties, so by collaborating with us to assess any necessary repairs or improvements before listing your property, you may find an increased return! From fresh coats of paint to modern amenities, investing in upgrades can significantly increase your property’s desirability. You will also want to ensure your home is de-cluttered and clean prior to photography and open homes.

3. Storytelling – Boutique Marketing

Once your property is ready, it’s time for marketing! If you know our brand, you’ll know we do marketing unlike any other agency in the region. Our boutique property marketing is crafted by a team of in-house professionals including photographers, videographers and social media specialists. Attracting potential tenants is our expertise. Prior to putting your property online, we advertise your home in our private rental group on Facebook where hundreds of active prospective tenants to have the first look at the property. To reach a wider audience, we not only offer listing your property across all the real estate portals, but also on social media with paid advertising campaigns.

4. Showtime – Open Homes

Open homes aren’t just about viewing; they’re about imagining living in the space. Our team creates the opportunity with potential tenants to connect emotionally with the property – Making it easier for them to envision it as their future home. Our leasing team chat to the attendees to answer questions and build relationships with your prospective tenants. We recommend opening all of the blinds, turning on all the lights, lighting a candle and playing some upbeat music to set the tone for your open home. Ensuring your property is clean, tidy and is inviting allows for the prospective tenants to immediately feel connected to the space.

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5. Tenant Matching and Selection

Choosing the right tenants is a critical step in ensuring a successful rental experience and the longevity of your property. We offer tenant matching which can help lease your property without the need to bring it to market, which will save you on time the property is vacant and portal upload fees. Our expert team also conducts detailed tenant screening, conducting thorough background checks, verifying rental history, and assessing financial stability. By selecting responsible and reliable tenants, you can minimize the risk of late payments, property damage, and other complications.

6. Legal Compliance

Navigating the legal aspects of renting out a property can be complex – Which we can handle all on your behalf so you never need to worry. Our team is always staying up-to-date with laws and regulations, ensuring that your rental property and tenancy is compliant. From documentation to deposits, having a professional team by your side can help you avoid legal pitfalls and protect your investment. You will need to complete an ingoing condition report, lease agreement, alongside lodging the tenant’s bond and providing the tenants with a set of keys per each tenant on the lease. An ingoing condition report should be documented with photos to provide the tenant with evidence of the condition of the property and any damages prior to them moving into the property. This ingoing condition report will be referred to at the end of the tenancy at the vacate inspection prior to the return of the tenant’s bond.

As the landlord / property owner, you are obliged to ensure the property you are renting out is safe, secure and reasonably clean and fit to live in. Therefore, before you rent your house, or even a room in your house, you need to ensure the:

  • Structure and exterior of the house is maintained
  • Gas, electricity, heating and other installations are in working order
  • Any landlord owned appliances are installed correctly and comply with maintenance and safety regulations
  • You address any health issues with the property such as mould and rising damp
  • You comply with anything else outlined in the tenancy agreement

Keep in mind, each State and Territory has their own legal requirements for landlords so make sure you investigate what these are.

7. Ongoing Maintenance and Communication

Maintaining a positive landlord-tenant relationship is crucial for a successful rental experience. At the beginning of the tenancy, there may be a few repairs that the tenant may report. Handling repair requests, addressing concerns, and ensuring that the property remains in good condition are essential responsibilities that our team can efficiently manage. We use cloud based software where tenants can report repairs and maintenance and streamlines the process of gaining approval for works and assigning to relevant trades.

Renting out your investment property can be an amazing way to kick-start your journey in building wealth, however requires careful planning, attention to detail, accurate documentation and expertise in Property Management. By partnering with Molenaar + McNeice, you can streamline the rental process, attract quality tenants, and ensure the long-term success of your investment. From market analysis to tenant selection and legal compliance, our experienced professionals have the knowledge to guide you through every step of the journey. If you would like to speak to our investment specialists about your investment property, follow the link here

Jordy Woolley
dynamic | innovate | style Jordy’s journey at Molenaar and McNeice epitomises the spirit of innovation. She first joined us as an experienced property manager where she hit the ground running with her fierce drive to redefine what property management can look like. Less than 12 month...View Profile ›
Molenaar x McNeice
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