What are some concerns a first time landlord may have when deciding to rent out their home?

"We want to make sure that we have a few options to choose from in order to find the right tenant for your home as opposed to just simply accepting the one application that you have on the property".

Date:

02-Oct-2017

Category:

Property Management

Author:

Michael Choi

What are some concerns a first time landlord may have when deciding to rent out their home?

"We want to make sure that we have a few options to choose from in order to find the right tenant for your home as opposed to just simply accepting the one application that you have on the property".

Haylee, the Department Head and Property Manager at Area Specialist, tackles the questions a first time landlord may have.

"With regards to renting your home out especially for a first-timer, the concern would be that it will be sitting vacant for too long. Perhaps running at a loss, losing money on a daily rate. Whether it be by not accruing rent on a daily basis and therefore having to pay the mortgage repayments yourself on top of your financial responsibilities as well.

Making sure that they've got the right tenant for your home, say for instance you have a two-bedroom home, you probably don't necessarily want to be renting it out for a family of six, so it's finding the right tenant for your property.

In saying that, the solution to that concern would also be three key aspects that I've always used with regards to advertising a property for rent, that is price, presentation and marketing.

First things first, the marketing is extremely important, especially in this day and age. Technology is very important. There are a lot of statistics going around these days but primarily we want to make sure that the property that is for rent is highlighted to its best capacity, whether it be through professional photography and also other mediums that we can use with regards to highlighting that property, amongst obviously many
others in the market place at that time.

The presentation of the home is extremely important as well, whether it's tenanted, whether the owner is occupying the property, whether it's vacant, we need to make sure that it is highlighted once again at its best
capacity being that, if it is currently tenanted and it's not necessarily shown in its best manner, then probably best to be prepared to have it sitting or have it re-advertised as soon as the tenants vacate. You could market it maybe a week before they're due to vacate but start presenting the home and accruing interest and then show it as soon as they're vacated.

If the property is vacant by all means get people through, show them twice a week. We do open home
inspections and you know, hopefully the price is the final aspect being that if you're going to go above market, you are going to struggle to lease it out within a timely manner. if you stick to the market price or slightly under the market price, you then hopefully have a lot of choice with regards to finding an appropriate tenant.

We want to make sure that we have a few options to choose from in order to find the right tenant for your home
as opposed to just simply accepting the one application that you have on the
property".