You may be a homeowner or a condo unit owner who barely utilises their property or has invested in real estate to create passive income. Finding renters for these properties is crucial to getting your money’s worth.
Current data from the Real Estate Institute of Queensland (REIQ) shows the staggering statistic that vacancies are at an all-time low of only 1% to 1.5% (May 2022). This means prices will go up due to the strong demand for properties for rent in Brisbane. This is good news for property owners who are just about to enter the market, but every little bit helps. In this article, we’ll look at techniques for making sure you do everything in your power to make your property desirable to renters.
Tips to Get Your Property Rented Out in Brisbane
Invest in Great Photos
Quality photos can potentially solve half your marketing problems. When people look for places to stay, they imagine coming home to a safe and pleasant space. If your photos don’t give off that feeling, chances are you’ll be put on the back burner for a better-looking home.
List Your Property on Reputable Platforms
Getting your property listed is probably one of the smartest things you can do when it comes to finding renters. This will not only help you find your expected renters, but with millions of individuals looking for property online, you could expand your target audience and rent to overseas students in Brisbane.
Put Time Into the Property Description
Often, a confused buyer is not a buyer at all—never underestimate the power of a well-written property description. If you can answer several questions before they message you, it saves time and effort for you and your potential tenant.
Make sure to include important information such as:
- Nearby healthcare facilities
- Distance to nearest schools and markets
- Public transportation access
- If pets are allowed
- The maximum number of people allowed to stay
- If parties are allowed
- If the price is negotiable
Engage in Landowner Best Practices
Everybody likes to live under an owner that is fair and friendly. By establishing some essential processes and protocols, whether your tenant stays for the next ten years or six months, their review and feedback will help you keep your properties rented out.
Establish a Bond for Your Rental
A bond is a security deposit a tenant pays their landlord at the start of their tenancy. The bond will be returned to the tenant at the end of their lease, and it serves as protection for any damage or breakages that may occur during that time. Establish this practice with each of your tenants, and don’t forget to give them a receipt.
Be Transparent on Modes of Payment
Let your tenant know what would work best for them so they can be comfortable with the mode of payment, be it PDCs, recurring bank transfers, or cash. This helps avoid confusion on due dates and can help build your landlord-tenant relationship.
Document Property Conditions Before Move-In
Write everything down–note when tenants move in and out, and keep a maintenance log of details like the last time you changed light bulbs or fixed a toilet. By having a system in place, you can have an accurate timeline and avoid any conflict that might come up later. This protects both you and your tenant by avoiding unfairly charging one or the other for damages that might occur.
Discuss Bills
Be clear on who will be responsible for which utility bills. Most of the time, it would be easier if the tenants took care of it themselves to avoid any mix-ups, but if you’re willing to shoulder some of the costs, let them know so they can budget their monthly expenses.
Delegate to a Property Manager
You might not have time to check up on your tenants or you may live too far away to drop by. If this is the case, there are property managers who can help take care of your rental while you’re away. Not only will they be able to help with the day-to-day management of your property, they can also provide insights and advice on how to best rent out your property.
Get Insured
Insurance will help protect you against any damage or accidents that occur on your property so you don’t get stuck with astronomical costs for any repairs or replacements.
In Conclusion
Renting out your property in Brisbane can be a great way to make some extra cash, but it’s important to remember that you’re dealing with other people’s money. Following these simple tips can help ensure a smooth and stress-free tenancy for you and your tenant, and make sure it’s easier for you to find renters in the future–Soho is here to help get the right eyeballs on your listing as soon as you’re ready!
Considering renting out a granny flat in Brisbane? Take a look at our recent article for the tips and tricks you need!
