Real Estate Renting Information

real estate renting informationRenting Tips

INTERVIEWING A REAL ESTATE AGENT:

  • What is their procedure for late payments?
  • How long have they been in Real Estate?
  • What qualifications/experience do they have?
  • Ask for an information kit, re: company history (fees, charges and comparables etc.)
  • Ask for brochures on landlord insurance and landlords rights and duties.
  • Ask for level of service, ie: 6 monthly inspections and screening tenants.
  • Method of payment of rent, reliability in depositing monies.
  • Do they have a comprehensive questionnaire?
  • What hours does your property manager work? What about weekends?
  • Reporting to the landlord.
  • How does agent check tenants?
  • How does agent look after property? – Inspections, how often and to what extent?

PREPARING THE HOME FOR RENT:

  • Present home to standards high enough to attract caring tenants.
  • Have all heating, cooking, plumbing, appliances and electrical are in good working order.
  • Check insurance covers tenancy.
  • Mow lawns, maintain/weed gardens, clean home – expect tenant to leave in this state when they leave no excuses to leave dirty.
  • Make sure all fautls are rectified prior to tenant moving in.
  • Carpets professionally cleaned. Thoroughly clean oven, shower and windows.
  • Make sure all keys available and locks work.
  • Ensure agent knows what works/or doesn’t work.
  • Ensure property is safe, ie: railing secure.

UPDATES AND RECEIVING RENT:

  • How is the rent paid?
  • Is there a quarterly/monthly newsletter/statements?
  • Never allow rent to be more than one week in arrears.
  • Condition reports, photos on entry.
  • Provide deposit book for banking.
  • Provide account details for direct deposit/or quick payment option.

COMMON MISTAKES:

  • Not keeping rent in advance.
  • Not having property in rentable condition prior to tenancy.
  • Don’t let the tenant choose the property, make sure the landlord chooses the tenant.
  • Don’t choose your agent on fees and charges.
  • Allowing complaints to be unresolved past sundown on the day of the complaint.
  • Allowing seemingly minor maintenance items to remain unresolved.
  • Letting tenants pick the agent.
  • Leasing out a family home with strong personal attachments.
  • Not acknowledging that rental properties are a commercial venture, that means profit but also sometimes can mean loss.
Real Estate Renting Information Property Management Contact.

Broadford Kilmore Wallan

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