Tips for Landlords

 

How to Attract the Ideal Tenant

Finding the right tenant is crucial to the success of your investment property. The ideal tenant is one who pays their rent on time and takes care of your property as you would. It’s important to remember that the property features that appeal to a tenant are not necessarily the same as features you would look for yourself. Therefore, you must consider the type of tenant that is suitable for your property and market it accordingly.

Factors that may affect the type of prospective tenant who applies for your property may be the time of year, presentation of the property, advertised price and the systems in place to qualify each enquiry.

When is the best time to find a tenant?

The time of year that your property is vacant or due for a lease renewal can have a considerable impact on the demand for your property and the return on your investment.

In Brisbane, there are two peak seasons for the rental markets: January to February and during university intakes period from June to August. During these peaks seasons, you will get a larger selection of suitable applications and more potential for the optimal rent to be achieved.

A common misconception about tenancy agreements is they should be either 6 or 12 months. This is not a legal requirement in Queensland and if you are an investor who has a tenancy agreement due to expire in any other time of the year, we recommend aligning your tenancy to end in any of the peak seasons.

How to present your property to attract your ideal tenant?

Tenants these days are spoilt for choice and the attractiveness of your property may be the deciding factor in who you attract, how long they stay, how much rent you are likely to achieve and the experience you as the landlord have throughout the lifecycle of your investment.

Aside from the obvious importance of presentation, functionality and cleanliness, you may want to consider adding the following features to your investment property:

  • Landline
  • Power points
  • TV aerial or cable set up
  • Flyscreens & security screens
  • Air-conditioning &/or ceiling fans
  • Fenced yard
  • Dishwasher
  • Permission for pets

 

How to determine the price for your rental property?

It’s the question every investor wants to know. At The Firm Property Group, our team of property managers not just have the experience but also access to industry-specific softwares that allow us to produce comparative rental analysis prior to advertising your property for rent. domain.com.au & realestate.com.au can give you an idea advertised prices, but we will provide you with the actual price properties have rented for.

 

How to select the best tenant?

At The Firm Property Group, we ensure that all prospective tenants undergo a thorough tenant  screening process of their rental history through tenancy database checks and reference checks. When presenting an application to you, we will always inform you of the results from our database search along with any details surrounding a database listing.

At The Firm Property Group, our property managers ensure thorough checks on:

  • tenants’ full rental history
  • tenancy database checks
  • tenant reference checks
  • rent payment history
  • inspection condition reports during previous rental propertie

Who is responsible for repairs and maintenance?

As an investor you need to factor in that things will fixing or replacing, and you will need to budget accordingly. Repairs that are proven to be the fault of the tenant are of course at the tenant’s expense. However, there are two types of repairs as described in legislation that are entirely a landlord’s responsibility: urgent repairs and routine repairs.

Urgent repairs require immediate action by both the managing agent and the landlord, they include:

  • a burst water service or a serious water service leak
  • a blocked or broken lavatory service.
  • a serious roof leak
  • a gas leak or dangerous electrical fault
  • flooding or serious flood damage
  • serious storm, fire or impact damage
  • a failure or breakdown of the gas, electricity or water supply to the property
  • a failure or breakdown of an essential service or hot water, cooking or heating appliance
  • a fault or damage that makes the property unsafe
  • a fault or damage likely to injure a person, damage property or unduly inconvenience a resident of the property.
  • a serious fault in a staircase, lift or other common area or premises that unduly inconveniences a resident in accessing or using the property.

Failing to attend to urgent repairs in the appropriate time as deemed by legislation can result in significant compensation being awarded to the tenant in court that may well exceed the cost of the repairs. It is always wise to budget for things going wrong and act fast if they do. Otherwise it may cost you much more than the repair would have cost alone.

All other repairs apart from those above are considered by legislation to be routine repairs. These may include anything from loose fixtures or fittings to faulty air-conditioners or garage remotes. These kind of repairs should not be ignored as there have been numerous cases of compensation awarded to tenants in court for amenities that were included in their lease that were proven to be faulty during a tenancy.

Testimonials from our Landlords