Preparing Your Home for Lease: A Step-by-Step Guide
Having an investment property can be a rewarding way to generate income, but to attract the right tenants and maximize your property’s potential, proper preparation is essential. Here’s a comprehensive guide to ensure your home is lease-ready and appealing to prospective renters.
1. Select your Property Manager
• Book an appraisal with your agent and seek their ideas and thoughts on renting, what’s required to list the property and what rent amount per week your property is going to achieve in the existing market.
• Sign documents required for your property to be managed. Note- you will need supporting documentation that proves your identity and that you are legally the owner of the property.
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2. Declutter and Deep Clean
Before listing your property, a clean and organized space is a must.
• Declutter: Remove personal items, excessive decor, and unnecessary furniture to make the home look spacious and allow for tenants to see what each area can be used for.
• Deep Clean: Clean carpets, windows, appliances, and every nook and cranny. Pay attention to high-traffic areas like the kitchen and bathrooms. Consider hiring professionals for thorough cleaning. Remember, how the tenants find your home, is how we want them to leave it!
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3. Address Repairs and Maintenance/ compliance
Ensure your home is in good condition by addressing any maintenance issues:
• If your property has an inground pool, you will need to make sure that an up to date pool compliance certificate is valid and available for the property.
• Fix leaky taps, squeaky doors, and cracked tiles.
• Check electrical outlets, light fixtures, and air conditioning systems
• Ensure appliances are in working order
• Replace broken or outdated appliances, if necessary.
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4. Repaint and Refresh
A fresh coat of paint can make a world of difference, however it is always a good idea to check with your property manager if this is something that is necessary before finding a tenant. If you do decide to repaint and refresh:
• Opt for neutral colors like beige, grey, or white to appeal to a broader range of tenants. Often, easier to maintain colours like grey or neutral is easier to keep looking new for longer rather than a white or light colour.
• Repaint areas with visible scuffs or damage, focusing on high-traffic zones like hallways and living rooms.
• Don’t forget to refresh exterior paint or touch up areas like doors and trim.
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5. Enhance Curb Appeal
First impressions matter, and the exterior of your home sets the tone for potential tenants.
• Mow the lawn, trim bushes, and remove weeds.
• Add potted plants or flowers to create a welcoming vibe.
• Pressure-wash driveways, walkways, and the exterior walls.
• Ensure that pamphlets are not left laying around the yard
• Ensure outdoor lighting is functional and inviting.
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6. Market Your Property Effectively and tenant selection
• Have your agent attend the property to get photos for advertising and then advertise the property on all available rental platforms
• Hold open houses
• Your agent receives applications and processes these. They will forward you details of the application for you to select your preferred applicant and provide guidance as to what tenant is more suited.
• Approve a tenant for the property and set a date for the tenant to collect keys for the property.
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7. Prepare for your tenant to move in
Your Property Manager will handle the majority of these steps for you.
• Organise tenant sets of keys- each tenant needs a full set of keys to all lockable handles at the property and your Property Manager also needs a full set of keys
• Organise for a water compliance certificate to be issued for the property so that water can be charged to the tenant
• Organise for smoke alarms to be checked before the tenancy begins and is scheduled to be serviced once every 12 months for the duration of the lease agreement
• Ensure the property has been cleaned, carpets are clean and the lawns and gardens have been maintained
• Ensure that compliance items such as blind cord keepers for blinds, railings for stairs etc are completed
• Ensure that the doors have door stops and other maintenance issues are completed.
Your tenant is now ready to move into the property!
Final Thoughts
Preparing your home for lease takes effort, but the results are worth it. A well-maintained and thoughtfully presented property not only attracts great tenants but also ensures a smoother rental experience for both parties as well as ensuring that your property is compliant to the NSW requirements. By following these steps, you can maximize your rental income while maintaining the value of your home.
It is always a good idea to check with your Property Manager if you are unsure of what to do or where to start. Once you have a property manager in place, most of the process of getting the property ready for lease is handled by them.
Ready to get started?
Call Mel McKinney on 0487 742 114.