C & G's Guide - Getting your Property Ready for Renters

Are you preparing an investment property for the rental market?

Getting your home ready for renters involves a bit more than just a quick clean and a lick of paint. You’ll need to ensure the property is both appealing and functional, as well as legally compliant and financially well-protected.

Here are our top tips on where to focus your time, money and energy.

Check the regulations

The first thing to do is ensure your property meets the minimum rental standards required in Victoria. These changed in 2021, so whether this is your first investment property or your first one in a while, it's worth brushing up on the changes.

Regulations will often guide major repairs, so print out a checklist and examine everything from smoke and carbon monoxide detectors to window security and your property's energy efficiency.

Make the necessary repairs

There’s no better time to give your property a bit of TLC than when it’s empty! And no repair is too small. Fixing issues before anyone moves in can save you time, money, and a lot of back-and-forth with renters down the line.

A well-maintained property is likely to attract great potential renters; not only does it show them that you're a responsible rental provider, but it also helps in maintaining the value of your investment over time.

Consider ways to add value

Remember that anything you leave in a property is your responsibility to maintain and repair; consider whether there are appliances or upgrades that might appeal to renters. Expertly-fitted built-in appliances like a dishwasher will add a lot of value to those looking for a convenient turnkey rental.

Your property doesn’t have to have an all-singing-all-dancing new kitchen, but small improvements like a coat of paint and some new cabinet furnishings can take a home from looking like any other rental on the market to a premium listing.

Invest in professional cleaning and gardening services

Never underestimate the appeal of a spotless home. A well-cleaned property is more likely to be returned in excellent condition, so investing in professional cleaning and landscaping services before showing your property can make a significant impact.

On the inside, be sure to pay particular attention to the kitchen, bathroom, cupboards, windows and blinds. Does your property have carpet? Consider whether a steam clean will be enough or whether it’ll be necessary to replace it.

On the outside, a neat, low-maintenance outdoor space is appealing to most renters. Make sure any gutters, stairs, patios and driveways are cleaned and free of weeds and debris.

Don’t underestimate the power of styling!

Styling your property for listing with tasteful, neutral furnishings can help potential renters visualise themselves living in the space. It’s about creating a welcoming, homely atmosphere that appeals to a broad audience, so don’t be tempted to over-personalise.

Styling a property doesn't necessarily mean a major investment; a few well-considered pieces can completely transform a space. Alternatively, contact your property manager to discuss virtual styling as a cost effective alternative.

Remember to take out insurance

Landlord Insurance is an essential step in safeguarding your investment. Depending on the level of cover, it may protect you from financial losses associated with repairs, property damage, liability claims, and loss of rental income. Most importantly, it provides you with peace of mind!

So, before you hand over the keys to a renter, ensure you have the right insurance in place. If you previously lived in a property you’re now renting out, you’ll need to update your coverage.

Engage a professional property manager

Enlisting the help of a professional property manager in these early stages can relieve much of the stress involved with readying your property. A good property manager can advise you on your legal rights and responsibilities, marketing, presentation and renter selection. They will also have access to a network of reliable and cost-effective tradespeople.

The Chisholm & Gamon property management team has served the local bayside area for more than 40 years. We are always available to discuss your investment management requirements, so if you’re looking for someone to guide you through the process of getting a property ready to rent, get in touch with any of our offices. We’d be more than happy to help!