GUIDE THE M cG RATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY This guide will help you learn how to maximise your rental property’s appeal, create a high impact rental listing, work out the right rent to charge and more.
HELLO THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY2 Are you looking to rent out your property but are unsure of exactly what’s involved? This guide has been created to help you understand each step of the process and to explain some of the key terms you as a landlord need to be aware of. We hope you find it useful. GENERAL ADVICE WARNING The information in this brochure is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.
CONTENT THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY3 CHAPTER01 CHAPTER02 CHAPTER03 CHAPTER04 CHAPTER05 CHAPTER06 How To Prepare YourForPropertyRent Working Out How Much Rent To Charge 4-6 Creating A High ImpactListingRental Receiving ScreeningApplicationsTenant&Tenants ConditionRentalAgreements,TenancyBondsAndReports InsuranceLandlord – Do I Need It? 7-8 9-10 11-13 14-16 17-18 CHAPTER07 CHAPTER08 CHAPTER09 Should I Use A Property Manager, Or Can I Rent My Property Privately? What Are The Qualities Of A GreatManager?Property What To Think About When Renting Out Your House Or Unit 19-20 21-24 25-27
THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY4 | CONTENT HOW TO PREPARE YOUR PROPERTY FOR RENT CHAPTER 1
Structure and exterior of the house is maintained. Gas, electricity, heating and other installations are in working order. Any landlord owned appliances are installed correctly and comply with maintenance and safety Youregulations.address any health issues with the property such as mould and rising damp. You comply with anything else outlined in the tenancy
Keepagreement.inmind,each State and Territory has their own legal requirements for landlords so make sure you investigate what these are.
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The next step in preparing your property for rent is maximising your property’s renter appeal.
As the landlord / property owner, you are obliged to ensure the property you are renting out is safe, secure and reasonably clean and fit to live in. Therefore, before you rent your house, or even a room in your house, you need to ensure the following:
YOUR
Spending some time and money, without over capitalising, to ensure you attract high quality tenants is a good idea. Why? Because good tenants will most likely look after your property and pay your rent on time and for you as an investor or landlord that is gold! Here is a look at what you as a landlord legally need to comply with as well as the ways you can add market appeal. OUT PROPERTY
LEGAL OBLIGATIONS OF A LANDLORD WHEN RENTING
TO MAXIMISE YOUR RENTER APPEAL WHEN RENTING OUT A HOUSE OR LookAPARTMENTatyour
Simple updates to the kitchen such as a new splashback or new benchtop, replacement of leaky or rusty taps, new cupboard door Refreshinghandles. the bathroom – does it need new grout, or perhaps new tiles, consider adding new fixtures or a vanity, perhaps a large mirror if the space is tight.
property through renters’ eyes, is there an opportunity to refresh the property or add some extra features to make it more appealing? Some modifications may include:Freshly painted walls which can help rejuvenate the overall Addingappearance.popular features such as a dishwasher, washing machine or air Addingconditioner.goodquality blinds, curtains or shutters. Install built in storage. Ensuring the property has good internet connection. Create an outdoor living spaceadding a BBQ and outdoor seating is often popular with tenants. Tidying up the garden. Fix the flooring - clean the carpets or replace them if very tired, and consider sanding and resealing floorboards if they need a bit of Structurelove.and exterior of the house is maintained. Gas, electricity, heating and other installations are in working order.
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Can you add a car space as this can be popular in built up areas and may enable you to charge a higher Importantlyrent.make sure you talk to your local Property Manager1 before making any changes to your property. Having insight into what your local tenants are looking for and are prepared to pay more for, can help you make smart decisions about what changes to make without over capitalising.1https://www.mcgrath.com.au/find/a-property-manager
THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY7 | CONTENT WORKING OUT HOW MUCH RENT TO CHARGE CHAPTER 2
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As an investor or someone looking to rent out their property, a key priority for you is to maximise your returns, and one of the key ways to do this is to ensure you are charging the right rent. But how do you know what to Firstcharge?step is to do your own research by looking for similar rental properties in your local area on sites such as mcgrath.com.au1, rent.com. au2, realestate.com.au3 or domain.com.au4. This will help give you a good starting point as to what similar properties are renting for. However, every property is different; they have a different aspect, different internal features, condition and interiors etc. To find out what your particular property is worth and how much rent you could charge, you will need to get a rental appraisal with your local Property Manager.5 They undoubtedly oversee several similar properties in and around your suburb and are therefore a local specialist with a wealth of insights for you.
WHAT DO YOU RECEIVE WHEN YOU HAVE A McGRATH RENTAL
YourAPPRAISAL?McGrath
Property Manager will review your house or apartment and assess its key features and rental appeal. They will review your property’s:LocationRecentdata of comparable rental Numberpropertiesof bedrooms and ConveniencePropertybathroomssizeand amenities Following this they will provide you with a rental price guide and a recommended marketing campaign to help you attract the best quality Whiletenants.they are at your property make sure to ask them what local tenants are looking for. What would they be prepared to pay more for? And how do they think you can add value and appeal to your investment?
To find out more about getting a rental appraisal and what the report contains click here.7 www.mcgrath.com.au/rental-appraisalwww.mcgrath.com.au/rental-appraisalpropertymanagerwww.mcgrath.com.au/find/awww.domain.com.auwww.realestate.com.auwww.mcgrath.com.auwww.rent.com.au
To connect with your local McGrath Property Manager click here.6
THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY9 | CONTENT CREATING A HIGH IMPACT RENTAL LISTING CHAPTER 3
1 RENTFORPROPERTYYOURPREPARETOHOW THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY10 | CONTENT 3 LISTINGRENTALIMPACTHIGHACREATING Property Managers are skilled at creating high impact marketing and advertising campaigns for rental listings. By maximising your property’s exposure you’ll reach more potential renters and most likely receive more rental applications. This means you have more choice when choosing the right tenant for your property. A strong advertising campaign should include:PROFESSIONALPHOTOGRAPHS TAKEN OF YOUR HOME Most listings will be seen online first so ensuring you use high quality photos will help attract renters as they are scrolling through the websites. A COMPELLING DESCRIPTION OF THE PROPERTY Outline the key benefits of the property, its features, proximity to public transport, on site or local amenities and highlight any popular location APropertyOfANanddomain.com.auSuchADVERTISEMENTSfeatures.ONRENTALWEBSITESasrealestate.com.au,orrent.com.auonsocialmedia.EMAILDATABASEPROMOTIONyourrentallistingtoyourManager’sdatabase.SIGNBOARDTOPROVIDEMAXIMUMEXPOSURE
THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY11 | CONTENT TENANTS&APPLICATIONSTENANTRECEIVINGSCREENING CHAPTER 4
A good Property Manager will review the following when assessing the potential of applicants:
Most tenancy applications require three references from personal referees, past employers and previous landlords. Your McGrath Property Manager will contact the referees to validate the references and try to extract some character information to assist with their Theprofiling.most important of these checks is with past landlord or Property Managers as it gives them the opportunity to find out what type of tenant they were, whether they paid rent on time and looked after the property.
Troublesome tenants can cause big issues for property investors – they can put your rental income, your neighbourhood and your property at risk. Having a skilled Property Manager conducting background checks and screening applicants can help enormously during this process.
A credit report will help identify any concerns with the applicant's current financial situation, including, do they have a large amount of outstanding debt. Have they recently applied for more credit? Have they had a credit card blocked? This type of information can be helpful in understanding the applicant’s financial situation and whether they will be likely to pay your rent on time. With a complete picture of an applicant’s financial situation, you’re in a better position to make an informed decision.
Renters who are keen to rent your house or apartment will complete a rental property application and submit it for review. It is now up to your Property Manager to assess their suitability and advise you of the best tenants for your property. Getting this step right is critical.
1. CREDIT HISTORY
3. REFERENCE CHECKING
Ensuring the applicant is who they say they are is important. Our Property Managers will ensure applicants have at least 100 points of ID and proof of income. This is verified by bank statements, pay slips, drivers licence etc.
2. PROOF OF ID AND INCOME
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5. ABIDE BY DISCRIMINATIONANTI- LAWS
Toward the end of the screening process, your Property Manager may do a check on the national tenancy database as a final way to validate the quality of the applicant. This will show if the applicant has been blacklisted, it will provide a summary of their rental history and details around any bankruptcy claims. This check isn’t free which is why it’s only done toward the end of the process on the preferred tenant.
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Of course, you as the landlord have the final say as to who rents out your property, but this thorough screening process gives you peace of mind as to the quality of your shortlist.
Due to federal laws, it’s illegal to discriminate against your tenants according to their gender, religion, nationality, marital status, age or potential disability. It does happen that prospective applicants come to the conclusion they were rejected by landlords due to discrimination, in which case they have the right to make a legal complaint. With a good tenant screening procedure such as the one conducted by McGrath, you can be sure there is no discrimination and that you have the proof that the decision to reject an applicant was due to facts and evidence. This therefore protects you from any potential discrimination issues.
Once a tenant has been selected and offered the property, they will be asked to sign the tenancy agreement.
THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY14 | CONTENT RENTALAGREEMENTS,TENANCYBONDS AND CONDITION REPORTS CHAPTER 5
TENANCY AGREEMENTS
There are tight restrictions around the management of rental bonds so when the bond is received by your Property Manager or yourself, it should be sent to your local Bond Authority and held for the duration of the tenancy. A receipt for the bond will be sent to directly to the tenant along with their rental bond number. At the end of tenancy, if the tenant does not owe the landlord any money and there is no damage to the property, the bond paid at the beginning of the tenancy should be refunded in full. If the landlord or Property Manager believes the tenant owes money, they can make a claim against the bond.
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A rental bond is money paid by the tenant to the landlord / Property Manager at the start of the lease and is held for the duration of the tenancy agreement. The rental bond, which is usually 4 weeks rent (but check with your state or territory’s rental body), is a form of security for the landlord against damage to the property or non-payment of rent and is an incentive for the tenants to comply with the tenancy agreement.
The amount of rent and how and when it should be paid. Standards terms – such as what the tenant, Property Manager and owner can, and cannot do. Special terms such as no pets, no smoking etc. These must be agreed in advance.
RENTAL BONDS
A residential tenancy agreement, also known as a lease, is a written agreement between you and your tenant. It is a legal contract that outlines the rental terms and conditions for both the landlord and the Eachtenant.State and Territory has slightly different requirements for rental agreements so make sure you check in with your local rental authority to understand what is required from you.
The name and address of the tenant and the Property Manager or Theowner.start and end date of the lease if it is a fixed agreement of 6-12 months, or a statement that the lease will be periodic (where the tenant lives in the property for an indefinite period).
Taking photos of the property is a good idea here so you have a formal record of the condition of the property in case there are disputes down the track.
At the final inspection either yourself or your Property Manager will use this report to assess the condition of the property and whether any damage, over and above normal wear and tear, has occurred. Any items that need to be repaired or replaced by the tenant are identified during the final inspection and arrangements are made with regards to payment or whether it will come out of the bond.
CONDITION REPORTS A condition report, as the name suggests, is a report documenting the general state of repair and condition of each room in the rental property when the tenants move in.
You need to give two copies of the report to the tenant for them to sign before, or at the time of moving in. They need to sign both and return one to you or your Property Manager to be kept on file.
Before the tenancy starts you or your Property Manager will need to document the condition of the property and describe all damage, no matter how small in careful detail.
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THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY17 | CONTENT –INSURANCELANDLORDDOINEED IT? CHAPTER 6
INSURANCE
Landlords against losses from rental defaults if tenants don’t pay their rent or break the tenancy agreement early.
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Plus, some policies also cover possessions the landlord has left inside the property. For example, if you have left furniture and appliances in the property these can potentially be covered if they are stolen or damaged by particular Keepevents.in mind if your investment property is in a strata block it may already be covered for building insurance, so check with your body corporate about what is covered under their policy and what areas you are responsible for. Before you take out an insurance policy it’s a good idea to talk to a few insurance providers to find the one that suits you and your property best.
Landlord insurance is optional, but as it protects you against possible financial loss related to owning an investment property and as insurance policy premiums are tax deductible, they are very popular with investors. LANDLORD COVER?
WHAT DOES
Landlord insurance typically covers: The building and permanent fixtures and fittings if they’re destroyed or damaged by particular events. Damage caused by fires, explosion, storm, water, natural disasters and more. Some policies may also cover vandalism or malicious damage caused by your Liabilitytenants.
Landlord insurance is designed to protect landlords from the risks that come with renting their property out.
cover if your tenants or their guests injure themselves on the property and it’s the landlord’s fault.
THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY19 | CONTENT SHOULD I USE A PROPERTY MANAGER, OR CAN I RENT MY PRIVATELY?PROPERTY CHAPTER 7
A Property Manager is responsible for:Dealing with the numerous dayto-day tenant demands. Advertising your property for Hostingrent. open homes. Finding and screening tenants Managing the on-going reporting Managingprocess. the lease sign-up Managingprocess. budgets and financial Managingrecords. regular inspections to ensure your property is being looked after it. Managing the rent, including setting, adjusting and collecting. Handling emergencies, complaints, evictions and other issues. Knowing specific local landlordtenant laws and looking after the tenant.
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While you do not need a Property Manager to manage your property, many investors aren’t aware of the pivotal role they can play in the success of their investment. Even the easiest of tenants invariably have demands and attending to these requests, queries, and maintenance can be frustrating and time consuming. Plus, knowing what rent you should charge or what local renters are willing to pay more for is harder if you’re not living and breathing the local rental market like Property Managers are.
An experienced Property Manager can help save landlords a significant amount of time and money and make owning a rental property more Torewarding.helpyou understand the value a Property Manager brings to your investment let’s look at their key roles.
WHAT DOES A PROPERTY MANAGER DO?
WHAT ARE THE QUALITIES OF A GREAT MANAGER?PROPERTY CHAPTER 8 THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY21 | CONTENT
2. BE HIGHLY EFFICIENT AND TheORGANISEDnatureof the role is extremely detailed and requires a high level of organisation. A top performing Property Manager will seamlessly be able to coordinate several projects at the same time and will always pay close attention to details that protect both landlords and tenants. They will also have systems and processes in place to ensure the management runs seamlessly even when they are away.
1 RENTFORPROPERTYYOURPREPARETOHOW THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY22 | CONTENT 2 CHARGETORENTMUCHHOWOUTWORKING 8 MANAGER?PROPERTYGREATAOFQUALITIESTHEAREWHAT Property Managers are highly skilled individuals who play an integral role in the success of an investment. But how do you find one? Here are 8 key qualities we have seen in high performing Property Managers that we hope helps you find the right one for you and your property: 1. HAVE cashretentionaeffectivelycommunicatesyourwholandlord.directlyleveladdressedquicklycommunication,TheCOMMUNICATIONEXCELLENTSKILLSqualityandspeedofalongwithhowtenants’issuesareimpactsthetenant’sofsatisfactionandthisaffectsyouastheFindingamanagerisresponsive,addressestenantsconcernsandwiththemandefficientlyisvaluablequalityfortenantandthereforeyourflow.
A good Property Manager will also keep their landlord updated about anything to do with the rental property, such as rental payments, maintenance issues or if the tenant has given notice to vacate. Having strong internal systems in place to facilitate this communication is valuable.
WhenTEAMevaluating a Property Manager consider their experience or the experience of their wider team with regards to: Keep in mind experience extends beyond the individual. We have seen time and time again; Property Managers join the industry and excel immediately without having had years of experience. Why? Because they are part of an experienced property management team and are able to leverage and access the knowledge and experience that surrounds them.
3. BE TRAINED AND EDUCATED WITH A FOCUS ON CONTINUAL Property Managers know that to stay at the top of their game they need to continue to learn about the industry, the market and broader investment trends, along with staying across the ever-changing Landlord / Tenant Legislation.
What is for rent in the area. How much demand there is from Howtenants.toreach them effectively through an advertising campaign or via their database. What qualities of a property renters are prepared to pay more for.Handling properties similar to Dealingyours. with problem tenants and the day-to-day issues they Howresolved.they have found tenants in a tough rental market.
4. HAVE IN-DEPTH KNOWLEDGE ABOUT THE LOCAL RENTAL HavingMARKETinsights into the local market ensures you are charging the right rent for your property and are positioning it to appeal to the greatest number of suitable tenants.
5. BE EXPERIENCED OR PART OF A HIGHLY EXPERIENCED PROPERTY MANAGEMENT
When choosing a Property Manager look for one who knows:
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HighEDUCATIONperforming
6. HAVE AN INVESTOR MINDSET WITH A FOCUS ON HELPING THEIR LANDLORDS MAXIMISE THEIR INVESTMENT SUCCESS Whilst your Property Manager does not need to be a property investment expert, having an investor mindset is important. They should have a basic understanding of the difference between negative and positive gearing, and the impact of maximising the landlord’s rental yield. They should be conscious of ensuring the property is as tax effective as possible and be able to share ideas as to where and how you could potentially add value to the property.
8. HAVE A STRONG ABILITY TO NEGOTIATE AND BE STERN WHEN REQUIRED One of the key benefits of using a Property Manager is the landlord is removed from having to deal with the tenant’s day to day issues. So, finding one who can assertively chase rental arrears, address property care issues or even remove a tenant is a quality you want in your Property Manager.
7. HAVE STRONG REFERENCES FROM BOTH LANDLORDS AND BeingRENTERSendorsed by both landlords and renters is a good indicator of the quality of the Property Manager. All good Property Managers should have no issue in being able to provide written testimonials from both landlords and investors. Check their Google reviews and ask them about their customer experience systems.
Of course, your accountant and financial advisor are your ‘go to’ people for investment advice, but having a Property Manager who understands the concepts of a successful investment is valuable.
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WHAT TO THINK ABOUT RENTINGWHENOUT YOUR HOUSE OR UNIT CHAPTER 9 THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY25 | CONTENT
Not all landlords are focused on driving rental return and maximising their investment. There’s a whole subsegment of landlords who are renting out their home, or a room in their home due to work or family scenarios. These landlords are often more interested in finding tenants that take care of their property, rather than being purely focused on maximising their rental return. But before you open the doors to renters, there are a few things you need to
ENSUREconsider:YOURPROPERTY
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Having an idea as to the costs you will be expected to pay as a landlord is a good idea. Consider maintenance costs, capital gains tax, insurance and property management fees. It’s a good idea to talk to your accountant or financial advisor about planning and budging for these costs.
Over and above your legal requirements, consider whether you to make any changes to your property to make it appealing to renters. Does the kitchen or bathroom need a refresh? Do the carpets need to be cleaned or the floorboards re-sanded, does the outside space need a bit of love? Walk through your property with renters’ eyes and make a list of items that need to be fixed and either fix them or organise a tradesperson UNDERSTANDto.THE COSTS TO SET YOUR HOUSE UP FOR RENT
IS RENT
AsREADYwementioned at the beginning of this guide, as the landlord / property owner, you are legally obliged to ensure the property you are renting out is safe, secure and reasonably clean and fit to live in. Refer to Chapter 1 for more information here.
As a landlord you are legally obliged to follow your relevant State or Territories Residential Tenancy Act.
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UNDERSTAND THE BENEFITS OF USING A PROPERTY MANAGER
While some homeowners are tempted to manage their own property, or rent their property privately, having a local, dedicated Property Manager to look after your home is often a smarter decision as: They have a better idea of rental pricing and can help ensure you are maximising your rental return. They understand the rental market, what tenants are looking for and its overall demand. They will thoroughly screen all Theyrenters.will manage any issues, including maintenance issues and mobilise their maintenance teams to ensure any issues are addressed in a timely manner. They will help ensure your rent is paid on time, ensuring your cash flow is maintained. They will stay up to date with changing local legislation. They will conduct regular inspections to ensure your property is being looked after. They will negotiate any rent changes on your behalf. If you are moving interstate or out of the area, having a local, on the ground Property Manager, can help ensure the rental is managed in a timely and efficient manner.
This outlines the laws around tenancy agreements, inspections, condition reports, rental bonds, rent collection, terminations and more. Hiring a skilled Property Manager can be a huge help here as they are fully trained on landlord requirements and stay across any changes to the act.
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DISCLAIMER THE McGRATH REAL ESTATE GUIDE TO RENTING OUT YOUR PROPERTY29 All information has been obtained from sources believed to be reliable. McGrath Limited and its subsidiaries, together with their directors, officers, employees, and agents have used their best endeavours to ensure the information passed on in this document is accurate, however they have not checked this information and have no belief either way as to the accuracy of the information contained in this document. Any recommendations, views, guidance, and forward-looking statements are opinions only, not guarantees of future performance or advice, and should not be relied upon. You should make your own enquiries in relation to the information contained in this document. Before making any real estate decisions contact your financial advisor, broker, and accountant. This document is to be used as a guide only. © McGrath Estate Agents 2022 All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law. For permission requests, write to the publisher, addressed “Attention: Marketing Department” at the address below. McGrath Estate Agents 55 Pyrmont Road Pyrmont NSW 2009
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