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Where to start when you’re renting out your property

If you’re renting out a property for the first time, there are a few boxes you need to check first. Here, we’ll discuss what you need to know before taking that first step.

Decide who will manage your property

You can either do this yourself, or you can hire a property manager to do this for you. If you do this yourself, you’ll save on agent fees, however you’ll have to compromise on the time and effort it takes to perform these tasks. You’ll need to know how to:

  • Manage and understand paperwork including rental agreements.
  • Facilitate viewings and perform rental inspections.
  • Advertise the property, find tenants and screen them.
  • Manage the maintenance and repairs of the property.
  • Set, adjust and collect the rent each week.
  • Communicate with tenants as well as perform necessary evictions.

Make sure the property is ready and appealing for tenants

The next step to getting your property on the market is making sure that it looks great and is safe for tenants. Some things you can do to make sure it’s appealing for new tenants include:

  • Renovating areas which appear dull, old, or run down.
  • Repainting.
  • Upgrading appliances.
  • Adding furniture, accessories, wall hangings, or fittings.
  • Gardening and plants.
  • Full clean including windows and carpets.

In terms of safety, it’s important to perform any maintenance and repairs as well as check smoke alarms are working, have fire extinguishers in place, and have pest control do a once-over.

Protecting your property

Landlord insurance is here to protect your property in multiple ways. Not only can it help save your hip pocket if any damage or loss occurs to the property, but it can also help in case you tenants fail to pay rent, or if your property remains vacant for some time.

For more information about Landlord Insurance to protect one of your biggest assets, visit Landlord Insurance.

Important Information
Standard underwriting criteria and policy terms and conditions apply. Insurance issued by Insurance Australia Limited ABN 11 000 016 722, AFSL 227681 trading as CGU Insurance (CGU). In arranging this insurance, Victoria Teachers Limited ABN 44 087 651 769 AFSL 240960 trading as Bank First (Bank First), acts under its own AFSL and under an agreement with CGU, not as your agent. Bank First receives commission when selling CGU insurance products. Please refer to Bank First’s Financial Services Guide (FSG) for details of these commissions. Any advice is general only. This information does not take into consideration your objectives, financial situation or needs. Therefore, you should firstly consider the appropriateness of this information and refer to the relevant Product Disclosure Statement (PDS) before acquiring a product, available by calling 1300 654 166, visiting a branch or by visiting Bank First’s website.