Attracting prospective tenants
Getting your home ready for rent doesn't start and end with a "Property For Lease" signboard on the front lawn. There are a set of steps to follow before inviting potential tenants to view the property. Below are commonly asked questions we get from homeowners.
1. What should a well-presented home look like?
To create the perfect first impression, we advise homeowners to look into these areas:
i. The front lawn, driveway and main entrance
It's the first thing prospective tenants see. Having a well-manicured, if not in the least neat and tidy, front lawn is not only pleasing to the eye but triggers a sense of ease and serenity. It will come across as more welcoming too.
ii. Ensure every fixture and appliance works
From the front door lock and handle to every home appliance in the house, ensure they are in good working condition. Tenants will then feel compelled to look after them in the course of the tenancy.
Besides this, there are security and safety conditions to be met as well. We advise engaging the services of a handyman or electrician to ensure there isn't anything in the house that will pose a security or safety hazard.
iii. Cleanliness
A run-down or messy looking home is a turnoff and devalues the worth of the property. We advise homeowners to engage professional cleaners to carry out a pre-tenancy spring cleaning of the house. It'll be the benchmark when assessing the condition of the home at the end of the tenancy or regular home inspections.
2. Are there legal obligations landlords must abide by?
Homeowners need to be familiar with their legal obligations as landlords. We encourage homeowners to spend time studying them to ensure a thorough understanding.
While most on the list are relevant to every home, there are exceptions or additions. For example, there are additional rules governing the tenancy agreement of a house with a swimming pool or gazetted as a heritage house.
3. What are the different types of insurance policies landlords should consider taking out?
We remind homeowners and landlords this: "Accidents can happen!" Hence, taking out protection in the event they do gives the peace of mind landlords and tenants need throughout the tenancy period.
For example, in the event tenants aren't able to make their monthly rents because of a financial setback, there are income protection insurance policies that will ensure the landlord is covered.
The above is in addition to the more common insurance coverage we advise landlords to take, which include home content as well as public liability insurance policies.
Renting out your home is both exciting (after all, it is an income stream) as well as filled with anxieties. While securing a tenant is the main goal, we feel it is just as important to secure the best rental income you can get. The steps outlined above have a part to play in achieving these goals. To learn more about them as well as others of similar importance:
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