Real tips for preparing your investment property to be rented out

You've invested in a property and now it's time to transform it into a real asset by finding the perfect tenant. Before you sign a lease on the dotted line, there are a few important steps to take to secure your investment and ensure the highest possible return on your investment. Jawitz Properties takes a deep dive into everything you need to do to prepare your property, handle the paperwork and attract the perfect tenant.

First things first: take care of maintenance

You're going to look for a tenant who will faithfully pay their rent on time and look after your investment as if it was their own home. Tenants like this are looking for properties that are in pristine condition. Before you approach a real estate professional to start the process of finding you a tenant, make your property attractive to the kind of tenants you want. This means repairing any building damage or water damage and applying a fresh coat of paint so that your home looks as good as new.

Depending on your property, this can also involve doing budget-friendly upgrades to kitchens and bathrooms. If your property has a garden, ensure that it's as tidy as possible and take whatever steps you can to make your garden low-maintenance.

Here is a list of some of the maintenance-related matters that you should take care of before prospective tenants come to view your investment property:

• Check whether any lightbulbs need to be replaced.
• Repair any cracked window panes and ensure that all windows open and close easily.
• If your home is carpeted, have the carpets cleaned. Replace any cracked tiles and ensure that there is no damage to other types of hard flooring.
• If your home has air conditioning, ensure that the units have been serviced and are working well. Similarly, ensure that any ceiling fans are in good working order.
• Ensure that no roof repairs are needed and that your gutters are clean.

Price your property correctly

Pricing a rental property correctly is a subtle science that involves far more than looking at the price of other rentals in the area. While an accurate comparative market analysis is a big factor, an accurate rental price will also depend on other factors, such as current vacancy rates in the neighbourhood, local economic factors and the unique features that set your home apart from other properties in the area.

Prospective tenants are price-savvy and if your property is not priced correctly, it will not find a tenant quickly. This in turn will lead would-be tenants to wonder why your property has been available for so long. The best way to ensure that your property is being priced correctly is to work with an experienced property practitioner who specialises in property rentals in your area.

There are also various other benefits that you'll get from enlisting the help of a rental agent.

They will do full background screenings on would-be tenants and give you a scorecard and recommendation on each prospective tenant. By using a rental agent, you are also safeguarded against being swayed by the emotional pleas of a would-be tenant. Over and above this, the Rental Housing Act and Consumer Protection Act both have implications for landlords. A qualified rental agent will be able to advise you and ensure that you adhere to all relevant legislation.

Protect your property with the necessary insurance policies

While it will be your tenant's responsibility to insure the contents of their home, it is your responsibility as the owner to have homeowners' insurance, which is also known as building insurance. This policy will cover the structure of your home in case of accidental damage or loss caused by unexpected occurrences like fire or floods. A typical comprehensive homeowner's insurance policy covers all the structures on your property, including the home itself, the garage, carports, paving, boundary walls and other permanent fixtures. If you have a home loan, homeowners' insurance is likely to be compulsory for you.

Jawitz Properties has decades of experience in helping landlords find the right investment properties, prepare them for tenants and find great tenants. For assistance with any aspect of growing your property portfolio, get in touch today.