Owning property in Sydney can be a great boost to your finances if you manage to rent it out properly and to the right people. However, considering that your structure or space isn’t the only one available in this city, you may have problems getting it rented immediately, or you might end up with a very bad deal or an irresponsible renter.
When you have had past experiences regarding those aforementioned proprietor issues, then do consider these pointers to upgrade your client filters and minimize your rental problems.
Do Your Research
Though you may be tempted to get a particular renter because a friend suggested them, you should not bypass the typical security check that any landlord would give any potential tenant. In Australia, it’s typical for any property owner to ask for rental history and employment background along other pertinent and personal information from the possible resident.
Ask numbers to call such as character references, and make sure that they are more than just the new boarder’s friends and family. Ask for business contacts or their past and present bosses. It would also help to have a payment scheme that introduces penalties if dues are not paid on time to encourage punctual payments.
Maintain Your Property – When a former renter leaves your property, in most cases there would be minor repairs that need to be done, along with extensive cleaning. Once a tenant leaves, upkeep, maintenance and cleaning need to be done immediately to avoid any extensive damage to the area.
Regular maintenance of the space while waiting for a possible boarder is required too, especially if there are several failed attempts to finding a good lessee. Regular visits should be scheduled as well to avoid squatting or unchecked disrepair. In addition, before any visit by an interested tenant, you should have the place checked and cleaned to augment your property’s presentation.
Hire Real Estate Professionals – Having expert consultants at the ready to provide information, marketing and promotion for your property will not just save you time but is well worth their services since they have a larger reach for possible clients. This would reduce the amount of time between renters, which would mean more profit for you and your real estates. Sydney professionals can also do other aspects of the rental such as security and financial checks on applicants.
You can also hire some of them to schedule maintenance and proper upkeep of the property while still in the application stage. Check for reputable real estate professionals in Sydney by going online and asking your contacts. You may also want to check their profile, history and packages before making a final choice.
Don’t be afraid to rent out that extra property. After all, it is still a profitable investment on its own. The other option would be for you to sell it if you feel it’s too much trouble for you. If you do decide to sell, you can still consider the real estate consultants that you’ve chosen for your rental services. Just make sure that you ask advice from them before you make any final decisions on your property’s rental or sale. That’s what these experts are there for in the first place so maximize their services.