Landlord's Guide
Category Useful Guides
If you are considering renting or leasing your property out, whether this happens to be an investment property, your previous residence or a commercial premises, there are a number of important factors to consider.
GETTING ASSISTANCE FROM A RENTAL/LEASING SPECIALIST
Depending on your needs and circumstances, one of the first things you will need to decide on is whether you would like to utilise the services of a rental agent to place a tenant and manage the property as well as the relationship with the tenant on your behalf, or whether you would only like assistance with the placing of a tenant and therefore take care of the management yourself.
PUTTING YOURSELF IN THE SHOES OF A TENANT
In order to maximize the attractiveness of the property to prospective tenants, visualize yourself living in the property. What features would add value to you if you were living in the property? Sometimes there are small, yet important, tweaks that can be made to a property to increase its appeal, such as decently powered lighting and bulbs, plumbing for a washing machine and dishwasher as well as sufficient plug points. Speak to a Quay 1 rental or leasing expert about what small changes, if any, could be made to your property to maximize your rental return.
SETTING THE RENTAL AMOUNT
The monthly rental amount your property will be able to achieve will largely depend on the number of competing rental units on offer in the area, the level of unique and desirable attributes of the property, as well as the level of demand the area is experiencing within the relevant segment of the market. As with any market, rental property prices are largely determined by supply and demand. Generally speaking, the less properties are on the market at a given time, the more you will be able to achieve in terms of monthly rental income. Your Quay 1 rental or leasing expert will be able to provide you with insight into the prevailing market conditions and guide you on setting a rental price to ensure that you maximise your return in the current market.
PUTTING A MARKETING CAMPAIGN TOGETHER
Once you've settled on an asking rental price in consultation with your Quay 1 rental or leasing expert and photos of the property have been arranged, he or she will give their marketing team the green light to go ahead with the launch of the integrated marketing campaign. An effective marketing campaign for a rental property will allow for maximum exposure on a number of property portals, websites, as well as distribution to local, national and international tenant databases, along with strategically targeted social media and digital marketing components.
HOSTING VIEWINGS AND SECURING OFFERS TO LEASE
Once interest in the property amongst prospective tenants has been drumbed up from the marketing campaign, your Quay 1 rental or leasing expert will speak to you about setting up a viewing schedule. This is the point where your rental expert should come out and shine, handling any potential objections that tenants may have about the property and negotiating the best offers to lease on your behalf that can then be presented to you.
TYING IT ALL TOGETHER
Now that you have an offer that is acceptable to you, your rental specialist will perform the necessary background and credit checks to ensure that the tenant is in a financial position to sufficiently service the monthly rental and does not have a history of defaulting on debts. Once the precautionary checks are complete, a professional lease agreement will be drawn up and circulated for signature by the tenant and yourself. Following this, the rental deposit will be called for and invested, and finally, the rental specialist will do the key handover and final incoming inspection before the tenant moves into their new home.
Ready to start your real estate journey? Contact Quay 1 International Realty and we'll connect you with one of our area specialist rental or leasing brokers to ensure that you achieve a top result when renting or leasing your property!
Author: Quay 1 International Realty