Renting 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.