A Property Investors Guide To Renting Your House – 15 Steps to Success

Renting out your house can be a profitable venture for a property investor, but before welcoming tenants, it’s important to ensure that your property is “rent-ready.” When you live in your own house, you may overlook or put up with things the way they are as you prioritise your time or finances in other areas. Unfortunately when you are renting out your house to tenants, it’s not always an option to look past things. This is especially the case if they are going to be a safety hazard.  To get your house rent ready you’ll need to make your property appealing, well-maintained, and compliant with legal requirements. Here’s a list of the essential steps to prepare your property for tenants, whether you’re a seasoned property investor or new to property management.

Step 1: Clean and Declutter

In property management, a clean and clutter-free property is a must. Start by thoroughly cleaning every nook and cranny. Scrub floors, walls, windows, and appliances to create an inviting space. This includes removing everything from storage sheds, garages, and the back yard that you don’t want to be part of the rental agreement.

Step 2: Repairs and Maintenance

As a property investor, you’ll know that addressing necessary repairs is crucial. before renting out your house, you’ll need to fix plumbing issues, electrical problems, and structural concerns. Ensure that all appliances and systems are in excellent working condition. Don’t forget about cosmetic fixes like repainting walls or repairing damaged tiles. Check gates, fences and clotheslines outside that may be in need of repair.

Step 3: Safety Compliance

Safety is paramount in property management. Ensure your property complies with safety and health codes. Install the required hard wired, interconnected smoke detectors and ensure they are working properly. Identify potential hazards and make any necessary modifications, such as securing handrails to stairs or fixing loose steps or pavers.

Step 4: Landscaping and Street Appeal

Enhancing street appeal is vital for property investors. Maintain the lawn, trim bushes, and add some potted plants or flowers. A well-kept exterior creates a positive first impression, which is important for gaining responsible and respectful tenants.

Step 5: Appliance Check

Property management involves ensuring that all appliances are in good working order. Verify that the stove, oven, dishwasher, air conditioners and garage door are functioning correctly. Provide manuals for these appliances if available.

Step 6: Pest Control

Consider professional pest inspection and treatment if needed. Ensure your property is pest-free before tenants move in.

Step 7: Utilities and Services

In property management, ensure any included utilities like water are set up for tenants. Clearly communicate utility responsibilities in the lease agreement. Usually tenants will pay for their own water usage, electricity, and internet. If the property is in a complex or on a water or power supply that isn’t individually metered, you will be responsible for this. Remember to consider this when setting your weekly rent.

Step 8: Safety Measures

Install or verify the presence of safety features like window locks, deadbolts, and proper lighting in common areas and entryways. Consider security measures like a home security system if desired.

Step 9: Deep Cleaning

A seasoned property investor will understand the importance of deep cleaning. You need to have the house ready in a condition that you expect the tenants to keep it at. If tenants move into a pristinely clean house, they will more likely be someone that appreciates that way of living and keep up with the cleaning. Conversely, if you rent a place out that’s dirty or worn, the tenant who accepts this is less likely to be house proud. Consider thorough cleaning of carpets, upholstery, and hard-to-reach areas.

Step 10: Documentation

Property management requires thorough documentation. Document the property’s condition with photos or a video walkthrough. This serves as a reference point for both you and the tenant when assessing potential damages during the lease. Complete an entry condition report and have the tenants sign it.

Step 11: Legal Compliance

Review local and state landlord-tenant laws to ensure compliance. Make necessary updates to the lease agreement, ensuring it covers all legal requirements and outlines the rights and responsibilities of both parties.

Step 12: Professional Inspection

Consider having a professional inspector evaluate the property to identify any hidden issues that may need attention.

Step 13: Amenities and Features

If your property includes amenities like a pool, gym, or communal spaces, ensure they are in working order and safe for tenant use.

Step 14: Tenant-Friendly Upgrades

Consider making tenant-friendly upgrades, such as installing ceiling fans, modernizing light fixtures, or adding energy-efficient features. These enhancements can attract quality tenants.

Step 15: Marketing

In property management, effective marketing is key. Once your property is rent-ready, create a compelling listing with high-quality photos and detailed descriptions. Advertise on relevant platforms to attract potential tenants.

By following these steps, property investors can prepare their houses to be rent-ready, ensuring a smoother and more successful rental experience. A well-prepared property can lead to satisfied tenants and long-term rental success in property management.

If this all sounds a bit overwhelming then consider investing in the services of a good property manager. At Realty Road we can help you with any property from the Gold Coast to Brisbane. We can also have contacts all around Australia so we can help you find a good property manager outside of these areas too.

If you’re looking for your next investment property then I have some very good options right now to fit all locations and budgets. Contact us today!