As a property investor, you are obliged to ensure that your property is fit to live in and suitable for rent. In doing so, you can maximise your investment as a reliable source of income. Here, we talk about steps that new or seasoned landowners can take to prepare their property for rent.

First thing is first, choose a property manager you can rely on and trust. No, you don’t necessarily need one, but these professionals can take care of the majority (if not all) of concerns that could arise.

They should be able to keep vacancy rates at a minimum through advertisements in various marketing channels.They have the ability to host open homes then find and screen suitable tenants. They could deal with day-to-day demands by tenants, plus look after emergencies and complaints. Importantly, property managers ensure rent is collected on time, inspections are held, bonds are taken care of, and landlord-tenant laws are paid attention to. The list goes on.

The right property manager is priceless, but they are there to work together with you so continue to read the rest of the article so you can ask them the right questions moving forward.

Deciding on how much rent to charge is a balancing act between maximising return and remaining competitive in the market. Look for similar properties in the same area on real estate websites but remember to check how long the listing has been up for. Long-standing listings in the current tight rental market can signal an uncompetitively high asking rent, though this could be due to a number of different factors. Of course, you can ask the property manager to do the heavy lifting to help you determine a competitive price.

Previously mentioned above but deserving further discussion is finding and screening suitable tenants. This step is absolutely crucial. Getting this wrong can put your rental income and property at risk. It is far from a perfect science, as there will inevitably be troublesome households, but there are a few boxes to tick such as determining if they have a solid credit history and reliable income.

It may be common sense, but as a landlord, you are obliged to ensure the basic responsibilities are all covered. These include ensuring electrical, gas and heating installations are safe and up to standard. Fire alarms are set up where needed, plus you handle any health concerns such as mould or rising damp. Note that each state and territory has its own regulations so check your state government website.

Renovations are a great way to elevate your investment property’s appeal and boost its rental return potential. These property improvements don’t need to break the bank for it to be worth your while. In fact, strategic renovations need to be made to improve the property and be cost effective, remembering you won’t be living in the property yourself.

There are a lot of factors to consider before renting out your investment property. This article doesn’t provide a comprehensive list, but hopefully gives a good foundation of what to think about to get your property investment rolling.

Any advice provided is general in nature and should be considered in line with your financial situation, needs and objectives.