First time leasing a property - tips?

[BLTN]

Hi SSers,

My reno project is nearly complete and I will be looking at renting out the place as soon as possible. Floors have just received their final coat and I will be taking photos probably first thing Friday morning with the intention of putting an ad up that day.

Just wondering if anybody has any advice on:

a) Best places to look for tenants (privately, it seems the only option is gumtree)
b) Tips for screening out crap tenants, or things to watch out for
c) Tips for other ways to advertise, or ways to get a higher rent
d) Tips for the ad in general and key features I should point out, what people are looking for etc

Any help would be greatly appreciated.

Cheers,
BLTN

 

[Lil Skater]

Hey BLTN!

For advertising check out - www.rentmyestate.com.au

I think it's around ~$150 to list your property, and it's also put on realestate.com.

Screening tenants you will need/want them to fill out an application, so you can check what they've written is true. Also good to trust your instinct as well, even if the application on paper is good.

Higher rent - The market determines the price, you may get an extra $5-$10/week if you allow pets.

Things to point out - bedrooms/bathrooms/car spaces/living areas (they're a given), heating/cooling, dishwasher, storage, outdoor areas etc. Also pointing out that it's freshly renovated, surprisingly not so important, but still good to point out what's new.

 

[D.T.]

Pete
Why dont you want to use a PM?

 

[BLTN]

Hey BLTN!

For advertising check out - www.rentmyestate.com.au

I think it's around ~$150 to list your property, and it's also put on realestate.com.

Screening tenants you will need/want them to fill out an application, so you can check what they've written is true. Also good to trust your instinct as well, even if the application on paper is good.

Higher rent - The market determines the price, you may get an extra $5-$10/week if you allow pets.

Things to point out - bedrooms/bathrooms/car spaces/living areas (they're a given), heating/cooling, dishwasher, storage, outdoor areas etc. Also pointing out that it's freshly renovated, surprisingly not so important, but still good to point out what's new.

Thanks for this, I'll check it out.

With regards to the application, is there a common paperwork that is used for this?

Pete
Why dont you want to use a PM?

Save money. If managing myself becomes too time consuming in the future, I can always outsource it. But at the moment, it is an easy way to save money. Plus I learn more about the process and what is involved and the kinds of issues that can come up.

 

[Lil Skater]

You'll need to look up your state authority, ie. in Vic it's consumer affairs, they have all the relevant information.

I'd strongly suggest you do a lot of research into the laws, so you're not caught out and lose money.

 

[thatbum]

Pete
Why dont you want to use a PM?

I don't think its worth using a PM in WA as long as you have:

1. A bit of time and availability to do the initial advertising and home opens; and

2. A good knowledge of the residential tenancy rules and procedures.

He's okay for both at the moment as I understand.

 

[MichaelGilbert]

Hi SSers,

My reno project is nearly complete and I will be looking at renting out the place as soon as possible. Floors have just received their final coat and I will be taking photos probably first thing Friday morning with the intention of putting an ad up that day.

Just wondering if anybody has any advice on:

a) Best places to look for tenants (privately, it seems the only option is gumtree)
b) Tips for screening out crap tenants, or things to watch out for
c) Tips for other ways to advertise, or ways to get a higher rent
d) Tips for the ad in general and key features I should point out, what people are looking for etc

Any help would be greatly appreciated.

Cheers,
BLTN

Hi BLTN,

As Lil Skater mentioned you can use our website www.rentmyestate.com.au to advertise your property on all the big sites particularly realestate.com.au

I've also written blogs (on our site) that can help with creating a good ad, screening tenants etc (basically getting the best out of our site) and I'm available on 'chat' or phone if you have any specific questions.

I certainly believe there pros and cons for self managing (and likewise for using an agent). Everyone and and every property is different so I think it depends on your own circumstances as to which direction is best for you.

Look forward to speaking with you soon.