What Should I Do To Prepare My Property for Rental?
Renting your house is not as easy as it may seem. There is a process you have to follow to ensure a smooth sailing operation. Before you plan your advertising strategy, you have to make sure first that everything else is already taken care of. Whether you are planning to self-manage your property or utilise the services of property management Perth company, these are things that you should do:
Self-Manage or Property Management Perth Company
Before anything else, decide whether or not you will hire the services of a property manager. Do this before anything else because this will determine how you will be going through the entire rental process. Read a quick Cost vs Benefit Analysis of Property Management here.
Purchase Landlord Insurance
This is very important in renting your property. Landlord insurance will protect you from any loss or damage caused by your tenants; this would also cover lawsuits brought about by your tenants. To learn more about the benefits of landlord insurance, click here.
Get an Accountant
Unless you are an Accountant yourself, it would be best if you get an Accountant to manage the financial aspect of your rental property. Accountants can help you in maximising your depreciation strategy and minimising your tax. Read about property tax depreciation here.
Get a lawyer to review your lease contract. This can help you ensure that your lease contract does not have any loopholes that can be used against you. Make sure that important details are specified on your lease.
This will ensure that everything in the property is working as it should. Any problems in the property should be addressed before your tenants move in. This is actually needed before and after a tenant contract in order to properly document the property condition to clearly see if anything is damaged once the tenant contract ends.
Make your property looks attractive. Clean the property; repaint the house; and do the necessary landscaping. No one wants to rent a rundown looking property. If you want to find the best tenant, make your property the best home to live in.
Understand the Residential Tenancies Act
You need to understand the Residential Tenancies Act (1987). This act lays down the rules and regulations involved in renting out a property. Recently there have a range of changes made to the act, which will become active as of July 2013. We have documented some of the changes to the act and the implications and impacts the changes have. Click here to read the July 2013 Changes to the Residential Tenancies Act.
Or just choose us
Yes, renting your property is harder than just putting up a “For Rent” sign. A process should be followed that would protect both you and your property.
This can be a bit tedious for someone who does not know how it really works.
However, when you hire the services of a property management Perth company, you will be assured that the whole renting out process will be carried out meticulously.
Thank you Lorinda for your friendly, inspiring voice on the phone. You are a real credit to RMA.