The two most common options for the management of a rental property in Liverpool are for the owners to look after everything themselves, or to hand the property to a professional agency to manage in exchange for a small percentage of the rental returns. Either way, there are some things that need attention before advertising the property to prospective tenants. Neglecting any or all of these matters will make it harder to attract the best tenants, and may cause legal problems if an eviction becomes necessary.
Essential Preparation Tasks
The first thing to consider is the cost, and this will be very much influenced by the general state of the property in Liverpool. If it is in good repair and it has been regularly maintained, all it should need is a thorough cleaning. This should include washing all internal and external walls, windows and sills, window coverings and external awnings. Floor coverings including carpets should also be cleaned, preferably by a professional. Keep receipts for these expenses and discuss any tax write-offs that may be available with a tax professional.
Light fittings and fixtures, such as stoves, baths, basins, and toilets, should also be thoroughly cleaned and any stains removed. Any items remaining in cupboards on shelves should be disposed of, and the area also cleaned. Cupboards can develop a musty smell over time, so they should be left open after cleaning to air. The same cleaning process should be applied to the downstairs area of a high-set home, with nothing left behind except a squeaky clean environment and a fresh, pleasant smell.
The paths, driveways and gardens must be tidy. Gardens will come up a treat once weeds are removed, and a layer of mulch applied. Trim back any excess branches, trim the driveway and path edges, and remove any stains on the concrete. If items such as fences and letterboxes need repairing, this should also be done. This increases the street appeal of the property and creates an excellent first impression.
During the clean-up, check wiring, light switches, power points and plumbing, and other trade-related areas. This will include fixtures such as ceiling fans, air conditioners, smoke detectors and heating systems, amongst others. If repairs are needed, call in the technical experts as there can be heavy penalties for unlicensed people performing work in trades such as electrical and plumbing.
Remember to Insure
Check with an insurance company, but normally the minimum insurance policies that should be taken out are Landlord’s, Public Liability and Home and Contents Insurances. If the home is under finance and has not previously been rented, the mortgagee, that is, the lending institution holding the mortgage should also be notified. Be aware that it is usually a condition of the home loan that the property be kept fully insured to protect the interests of the mortgagee.
Prudential Real Estate is a reliable property management agency that would be happy to manage such a well-prepared and presented rental property. Preparing the property before placing it under management allows the agency to proceed immediately with an advertising campaign to attract the right tenant. In its pristine state, it will be eagerly sought after, as many rental properties at the lower end of the market tend to lack this detail in presentation, and are often allowed to become run-down and shabby.
Once an owner hands the property over to Prudential Real Estate to manage, all agreements and documentation required by law will be correctly completed and lodged with the relevant authorities for each tenancy. Their website at www.prudential.com.au has examples of how rental properties are marketed, with a colour photograph, information about the property and the rent being asked. This preparation effort will be well worth it once a good tenant is found and the property starts earning a return.