8 Costs To Prepare Your Investment For Lease

So you have bought your first investment property but now need to get it ready for a new tenant.

What are the costs associated with leasing our your unit or house? Are these required?

There’s a fair bit to do in preparing your investment property for a tenant. The good news is our New Client Manager will be able to do a lot of it for you!

In the meantime, we have put together a list of items to help give you a brief idea about preparing your investment to have a tenant:

MARKETING.

You will need to set aside marketing money to reach your future tenants. The better the property is marketed, the more prospective tenants will enquire, the more they be willing to pay, and the better the tenant you’ll be able to find too. We will be able to quote on how much this will cost to promote your property on the top real estate portals, arrange signage and photography.

ASSET MANAGER FEES.

We take property management very seriously, and we love what we do. We will oversee the entire leasing transaction, maintenance and rental income. The services and expertise offered by our property managers is worth much more than this fee and not one you want to discount on! Plus, in many cases, the agents service fee is tax deductable.

INSURANCE.

One of those things we hope you will never need, but if you do, you’ll be glad to have it!  We will highly recommended that you take out Landlord Insurance to protect you from the unpredictable (e.g. tenant damages, abandonment, pet damages etc).

SMOKE ALARMS.

For a fix fee ($99 approx.) charged every year, a compliance company will ensure your alarms are working, up to date and complaint. This is a legislative requirement and can’t be avoided.

WATER COMPLIANCE.

Whilst not essential, this is definitely beneficial! Getting your investment property certified as “water-efficient” will allow you to charge excess water to your tenant. Once certified, ensure you property manager has this documented in the lease for the tenant to be responsible for the water.

MAINTENANCE.

Check that EVERYTHING works. A tenant will expect this, so it’s easier to do this before they move in. Lights, fans, blinds, sliding doors, are all things to check. It’s all about getting the best tenant who will pay the best rent and want to stay longer.

CLEANING.

Start fresh with your investment track and make sure your property is as clean as possible. The best way to do this is with a fresh bond clean. This simply means that your new tenants will need to return the property to the same standard as when they move out.

OWN A POOL?

You will need an up to date Pool Safely Certificate. You can check this on the QBCC site http://www.qbcc.qld.gov.au.

In addition to this, you need to consider who will look after the pool. Technically you can request that the tenant be responsible, however pools can be tricky with chemical balancing. Consider hiring to have your pool serviced once a month.

Keep in mind that it is all about maximising the rental return and promoting tenant longevity! The good news is we can simply take care of all of it for you.

If you have any questions about preparing your property for rent, or if you need any investment property advice for tenants, please get in touch. We are always happy to help.