Making your investment property ready for the rental market:

Having an investment property on the rental market for the first time can be an intimidating process. We can provide you with the guidance to get your property ready for the rental market and you ready to talk with prospective tenants. This will ensure that your property is “rental ready” and making money as quickly as possible.

Know what information a landlord should request and have documents ready to give to a prospective tenant showing that you are a organised and serious landlord that will instill confidence in you and set the scene for the relationship that will be ongoing during their stay in your investment. This will also ensure that the property is returned to you in the best condition possible.

Renting a property is like any situation … begin with the end in mind. You want your tenants to be happy whilst they are there and you want them to pay on time whilst looking after the property.

There a minimum number of forms that you should have ready at the beginning of any tenancy. These forms and information sheets will provide you with tools to begin the successful rental process and are readily available from the Residential Tenancy Authority (RTA QLD) website @ www.rta.qld.gov.au.

Being a landlord can be a great source of income, but it also can cost you time, money, and peace of mind if you aren’t prepared and able to manage your property efficiently. Use our Rental Readiness Checklist and keep at top of mind some of the information and documents you will need to think about as a landlord and property owner:

Rental Readiness Checklist

Find a good tenant or a committed property manager;
Establish the market value of your property
Set up a dedicated bank account for your investment property transactions
Word your rental advertisements so that it gets noticed;
Ensure you have all the documents you need to in order to finalise a lease for a prospective tenant. Documents such as:
1. Lease agreements;
2. Condition reports;
3. Bond lodgment forms;
4. Breach Notices.

Have written explanations and checklists for tenants so that they perform required preventative maintenance to property assets such as pools and air-conditioning

Find good property maintenance professionals for the following trades and services:
1. Plumbing – Roof and Drainage;
2. Electrical;
3. Pool maintenance and repair;
4. Fencing contractors;
5. Window (glass) repairs;
6. Arial and TV repairs;
7. Carpet Cleaners;
8. Air-conditioning suppliers and servicing;
9. Appliance repairs and maintenance such as dishwashers & washing machines
10. Painters;
11. Handyman repairs and maintenance.

Enroll in a credit check company like Baycorp and Consider joining a local Property Investor Association. We have partners we can refer you to for your specialist advisors such as Lawyers, Accountants, Tax Specialist, Builders, Property Managers, Valuers and Quantity Surveyors, Residential and Commercial Finance Brokers

There are also great software packages around that assist with the management of rental properties in your portfolio - www.quickenrental.typepad.com is just one available on the market.

Interested in talking with us? Then call 1300 727 586.