Welcome to episode four of our property management series here at Pure Real Estate. In this episode, Russell and Alisha discuss the current rental market and how to maximise your rent and minimise issues with tenants.
One important thing to do to maximise your rent is to get a waterwise certificate for the property. This will allow you to on-charge tenants for water usage and help with cost recoupment. Additionally, it’s important to have landlord insurance, which covers loss of rent, pet damage, and tenant damage. Although it may be an additional cost, we feel it’s worth it for the peace of mind it provides.
From a marketing perspective, it’s important to have professional photos and a Matterport 3D tour of the property. This will attract more potential tenants and allow them to see the property before they come to view it. Additionally, it’s important to price the property correctly. Do the necessary market research, understand the surrounding areas, and avoid pricing it too high as this might discourage potential tenants.
When it comes to choosing the right tenant, we recommend doing a tenancy history check, checking affordability (ideally 30% of combined income), and looking at the tenant’s rental history. The ideal tenant is someone with 30% or less of their income going towards rent, good rental references, and a strong rental history. This helps to ensure that the tenant will be able to afford the rent and is likely to take care of the property.
In conclusion, it’s important to maximise your rent while also minimising potential issues with tenants. By getting a waterwise certificate, having landlord insurance, professional photos, pricing the property correctly, and choosing the right tenant, landlords can increase the chances of having a successful rental experience.
Disclaimer: The information provided is intended to be accurate and helpful. It is the responsibility of the reader to verify any information before making any decisions or taking any action.
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