The key to getting the most out of your rental property is to be business-like and professional. That means careful planning right from the start.
Here’s a list of things to do before you start renting out your property. Click on a link to find out more, or download this pre-letting checklist for landlords.
- Establish the market rent, to work out what rent you should charge.
- Decide the wording for your advertisement to make sure you attract the tenants you want.
- Make sure any maintenance or repairs are done.
- Have a separate bank account ready for the rent. Be aware you need to have a buffer in case the rent doesn’t go in when expected.
- Get a pre-tenancy application form.
- Get a tenancy agreement form.
- Get a bond lodgement form.
- Arrange tradespeople for repairs.
- Enrol in a credit check company.
- You may wish to view Tenancy Tribunal orders online before signing a tenancy agreement.
- Consider joining a local property investor association for more information.