A Guide to Placing Your Property on the Brisbane Rental Market
Turning your Brisbane property into a rental can be a lucrative venture in the current market, but it's essential to be well-prepared and informed. A rental property is not just a real estate asset; it's a business that requires thoughtful planning and execution. From choosing the right property management agent to deciding between a furnished and unfurnished rental, here's a concise guide on what you need to do to prepare your property for the rental market.
Choosing the Right Property Management Team
Finding an agent that you trust and are comfortable with is vital. They'll be responsible for advertising, leasing, managing maintenance requests, and ensuring they are adhering to the ever-changing Queensland legislation that affects you and your property.
Questions to Ask Your Property Manager
- What services do you offer, and what are your fees?
- How do you screen prospective tenants?
- What is your experience with the Brisbane rental market?
- Can you provide testimonials or references from other landlords?
- Will you arrange all the required compliances?
- How many days are your properties on the rental market?
- How do you manage the relationship with your tenants and late rental payments?
Be an Informed Investor
The rental market, like any other investment, carries risks and rewards. Stay informed about market trends, vacancy rates, and average rent prices in your area. Your agent can provide you with the latest data, but it's beneficial to do your research as well. Having good communication with your property manager is a must. How do you want to be contacted, by phone, text, or email?
Furnished or Unfurnished?
Choosing between offering your property furnished or unfurnished is a significant decision. Furnished rentals may attract higher rents (depending on the furniture) and are often more appealing to short-term renters. On the other hand, unfurnished properties can be easier to maintain and offer a blank canvas for long-term tenants to make their own. Any household items left in the property are the responsibility of the owner to maintain and or replace if they cease to function.
Quality Photography, Videos, and Floor Plans
A picture is worth a thousand words, especially in a competitive market. Professional photography can highlight your property's best features and make it stand out in listings. Videos and 360-degree photography offer a more dynamic look and ease of searching for tenants who don’t live in the area, while floor plans give prospective tenants a sense of the layout. All these assets can speed up the rental process and attract quality long-term tenants.
Final Checklist Before Listing
- Ensure all repairs and maintenance issues are addressed.
- Clean the property thoroughly including the gardens and all outdoor areas.
- Decide on the rent amount.
- Check for legal requirements such as safety regulations and necessary insurance.
Placing your property on the Brisbane rental market doesn't have to be daunting if you are well-prepared and informed. Choose an agent who understands your needs, keep yourself updated with market trends, decide on the property's furnishing status, and invest in a professional online presence. With these steps, you'll be well on your way to becoming a successful landlord in Brisbane.