Are you one of Brisbane’s Accidental Investors?!
There’s lots of movement happening from interstate and intrastate, job opportunities, new relationships and other personal situations, and many folks find that they’re becoming one of Brisbane’s accidental investors as their home becomes a viable rental consideration.
Is this you?!
If it is, you now have to think of your current abode as a business with an income stream. This can be a very exciting time as a new chapter develops, and there’s a lot to put on your to do list! It can also be difficult emotionally as you need to detach and sever ties with the loving touches you may have made in your home and ‘sterilize’ the look!
You want to ensure that you can get top market rent for your asset; to appeal to the majority of the rental market, you should present a fresh, clean and well-maintained property.
If you have personal touches such as feature walls, now is the time for a paint job – think bright white, and also use bright white light bulbs throughout, this can help rooms look larger and more inviting. Window coverings should be lighter in colour too and if you are thinking of replacing them, avoid vertical blinds as these can break easily and can be costly to replace. Roller blinds are economical and do the job well.
Carpets should be steam-cleaned as renters are expected also then to steam clean at the end of each lease. However, if it is time for new carpets, (bearing in mind that carpet is made to last about 5 to 15 years, depending on the quality of the carpet), consider laying vinyl plank flooring instead which is more modern, economic, and easier to maintain.
Odd jobs such as loose door handles, dripping taps, leaning fences, all small items should be fixed; it’s very off-putting for renters to move into their new home and have a heap of maintenance requests, which can result in them negotiating for lower rent.
Unless you are going to include a gardening service in the rent, think about leaving only low maintenance and native foliage that may require pruning only once or twice a year, renters are expected to look take general care of outdoors, but if you are a green thumb, don’t expect your future tenants to be so also!
It’s also recommended that you invest in a full ‘bond’ clean after you have moved out of the property, these guys get into every nook and cranny, high and low, as well as windows, sliding door tracks and the dreaded toilets and bathrooms.
There are changes to Queensland smoke alarm legislation, all rental properties must be outfitted with interconnected photoelectric smoke alarms in all bedrooms as well as each common areas by January 2022. At Bees Nees we work closely with Smoke Alarms Australia who offer installation with first year annual subscription in the cost.
Professional images are recommended, and it is true a picture is worth a thousand words! Having a professional who works in the real estate market will ensure each shot is taken at the right angle and in the right light to enhance each room and feature. It is also recommended that a floor plan is featured in the listing.
At Bees Nees we also include a complimentary Virtual 360 Tour so future tenants can do a ‘walk through’ even before they book an appointment for a viewing, very handy for people who are time poor or are looking from long distance.
There are several Insurance companies that offer landlord insurance, it’s a good idea to get a few quotes, but this is imperative to obtain to protect your asset.
Talk to a financial planner to discuss your financials, they may suggest an interest only loan arrangement, or refinance at lower rate, it’s also good to take the time to find an accountant who can help you save money at tax time as well, now you have an investment property.
Once your to-do list is complete, next step is to hand over the keys to a complete stranger! This may seem daunting but working with a reputable property manager will give you peace of mind and can save you time and money. Choose an agent this has been in the market for some time and knows the area and can act quickly to changing conditions. At Bees Nees we are investors ourselves and therefore we know the importance of looking after your property like it is our own, whilst maximising your profitability and ensuring good quality tenants are in place.
If you would like to hear more about our property management services, please email Ann-Marie at firstname.lastname@example.org to set up an appointment or call me at 0404 391 324. Always happy to help!