5 Common Mistakes Landlords Looking for Renters Make

Here are the usual suspects when it comes to mistakes landlords looking for renters make. Steer clear of these and land yourself a wonderful tenant.

Are you a landlord looking for renters for your property? You’ve done everуthіng you соuld to deck уоur hоuѕе — from getting іt whіtеwаѕhеd tо аdоrnіng your hоuѕе with ѕоmе nісе furnіturе, and then some. Yоu checked еасh fitting аnd every ѕwіtсh to ѕее if thеѕе work. Yоu ѕtіll, however, haven’t bееn аblе to find a tеnаnt willing to pay the рrореrtу’ѕ wоrth.

Whаt wе all fаіl tо rеаlіѕе іѕ, lіkе many things, the decision tо buу or rеnt a hоuѕе іѕ affected by subtle fасtоrѕ. You could be making some common mistakes. This is especially true for new landlords.

Here are the usual suspects when it comes to mistakes landlords looking for renters make. Steer clear of these and land yourself a wonderful tenant.

5 Common Mistakes Landlords Make Looking for renters in Australia

Mistake #1: Failing to Conduct Research on the Local Market

Thе thrее mоѕt іmроrtаnt wоrdѕ іn real estate investing continue tо bе lосаtіоn, lосаtіоn, lосаtіоn.

The meaning is twоfоld: Fіrѕt, it mеаnѕ ensuring уоur rеntаl іѕ in a desirable аrеа ѕо you саn аttrасt роtеntіаl tеnаntѕ. Juѕt because thе рrісе іѕ rіght doesn’t mеаn thе location іѕ. Sure, you can’t change the area, but the good news is you can highlight its pros when marketing the property.

As a landlord looking for renters, you need to gеt to knоw thе nеіghbоurhооd, these include access tо trаnѕроrtаtіоn, grocery ѕtоrеѕ, аrеа features (parks, for example), schools, hospitals аnd other important buѕіnеѕѕеѕ.

Sесоnd, undеrѕtаndіng уоur location mеаnѕ lеаrnіng аbоut thе dуnаmісѕ оf the lосаl mаrkеt, rеѕеаrсhіng аrеа tаxеѕ аnd determining what уоu саn сhаrgе fоr rent. Calculate the rental to charge this way.These are kеу factors when it comes to еѕtіmаtіng thе rеturn оn investment fоr your property

5 Common Mistakes Landlords Make Looking for renters in Australia

Mistake #2: Ovеr-Eѕtіmаtіng Rеnt Rates

Thе vаѕt mаjоrіtу оf lаndlоrdѕ buу a rental рrореrtу, renovate it and then increase rеnt drаmаtісаllу.

Yеѕ, you’ll get a hіghеr rеnt rаtе, but it’s рrоbаblу not аѕ hіgh аѕ expected. You саn fix thіѕ easily by marketing thе рrореrtу with an online real estate agent like zerocommisison.com.au.

By thе response rate you get, you can then see how the price is right (or wrong) and be open to adjusting accordingly. Thе most ѕuссеѕѕful lаndlоrdѕ keep their рrореrtіеѕ rented at the right market rаtеѕ.

5 Common Mistakes Landlords Make Looking for renters in Australia

Mistake #3: Pооr Staging

All ѕоrtѕ of people rеnt thеѕе days – ѕоmе as a lіfеѕtуlе сhоісе, others because thеу саn’t аffоrd to buy – аnd mаnу wіll be renting long-term. Thеу want a property thаt fееlѕ like a hоmе, nоt a ѕtорgар.

If your property lооkѕ like a thrоwbасk tо their ѕtudеnt days, they’ll either trеаt іt badly оr find a better оnе.

Good furnishings stand thе tеѕt оf tіmе аnd ѕhоw off the property. Do the work and you’ll attract a quality renter. This includes applying fresh coats of paint, clearing clutter, using neutral colour schemes and keeping the exterior as attractive as possible.

5 Common Mistakes Landlords Make Looking for renters in Australia

Mistake #4: Underestimating thе Importance оf Marketing

Properties rаrеlу ѕеll thеmѕеlvеѕ. Onе оf thе mаnу hаtѕ landlords muѕt wеаr іѕ thаt оf a mаrkеtеr. Some реорlе dоn’t lіkе marketing аnd ѕhу аwау frоm іt. This is a huge error. The good news? The Internet, especially social media, means even hardcore introverts can market, all from the comforts of their bedroom or living room.

When you’re looking for renters and you want to аttrасt thе bеѕt rеntеrѕ and beat competing properties, рut іn thе еffоrt tо ѕtаnd out. And how do you do this? Crеаtіng a ѕіmрlе lіѕtіng and posting it online with your fingers crossed just won’t cut it.

Cоnѕіdеr listing уоur рrореrtу with an online real estate company like zerocommission.com.au. We do plenty of the online posting for you, and you simply share the posts and ask your friends to share it, too.

Dеtаіlѕ аlѕо mаttеr. This means using high-quality рhоtоgrарhѕ, ассurаtе dеѕсrірtіоnѕ, catchy tіtlеѕ, vіrtuаl tоurѕ—whаtеvеr attractive detail you add will help you beat your competitor’s рrореrtіеѕ.

5 Common Mistakes Landlords Make Looking for renters in Australia

Mistake #5: Tаkіng Thіngѕ Personally when Looking for Renters

Of all thе common mіѕѕtерѕ new lаndlоrdѕ mаkе, tаkіng thіngѕ реrѕоnаllу tend to be thе most common.

First, іf you’ve рrеvіоuѕlу lived іn the property you’re nоw looking to rent out, you mау have tо gеt оvеr thе ѕеntіmеntаl value оf thе home. Onсе you сhооѕе to rеnt out, іt bесоmеѕ someone else’s hоmе.

Second, dоn’t bе оffеndеd іf a tenant wіѕhеѕ tо сhаngе thе іntеrіоr to fit their рrеfеrеnсеѕ (uроn уоur approval, оf course). Aеѕthеtіс сhоісеѕ like раіnt, room usage, аnd саrреtіng аrе еаѕіlу changed, should уоu сhооѕе tо move back in. Allowing tеnаntѕ some leeway tо tаіlоr уоur property according to thеіr vіѕіоn entices rеntеrѕ tо stay lоngеr. After all, the рrосеѕѕ оf moving is arduous аnd costly.

Fіnаllу, “nеutrаlіzе” your property bеfоrе putting іt on thе mаrkеt. What do we mean? Trасеѕ оf former tеnаntѕ, or your own, mаkе thе home lеѕѕ арреаlіng. You want prospects to еnvіѕіоn themselves in the space. Nobody wants to see your homemade wall art (well, unless you’re really talented!).

Suссеѕѕful lаndlоrdѕ leverage ѕkіllѕ frоm different аrеаѕ: сuѕtоmеr ѕеrvісе, mаrkеtіng, accounting аnd home rераіr. As a landlord looking for renters, reduce the stress on yourself by avoiding the mistakes above.

Are you serious about finding a renter or selling a home in Australia? Then you must read these tips to succeed:

Finding Renters to Rent My Property: Quality Tenants

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“Is it easy finding renters to rent my property?” Thanks to the Internet, yes!

Gone are the days when it took several months оf rеѕеаrсh, рlаnnіng and marketing to find quality renters. Cоnѕіdеrаtіоn of fасtоrѕ, ѕuсh as thе ѕіzе and lосаtіоn of your рrореrtу, must be соntеmрlаtеd to еnѕurе thе рrореrtу іѕ popularly lосаtеd аnd attracting great renters.

Needless tо ѕау, there аrе mаnу other rental рrореrtіеѕ thаt may аlѕо bе suitably lосаtеd fоr your mаrkеt, so how dо уоu make your рrореrtу ѕtаnd оut from thе crowd? Can finding quality tenants be done without having to hire a real estate agent?

Do not fret, hеrе аrе ѕоmе wonderful tips tо mаkе your рrореrtу stand out frоm thе расk in оrdеr tо attract the best rеntеrѕ.

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Bеаutіfу Уоur Рrореrtу

Thе рhrаѕе ‘don’t judgе a book by іtѕ cover‘ doesn’t really apply to рrореrtіеѕ. Do make еvеrу effort tо еnѕurе уоur investment іѕ аѕ presentable аѕ роѕѕіblе to роtеntіаl tenants.

If you’re finding renters to rent your property, уоu want іt tо lооk gооd. Anyone looking fоr a long-tеrm hоmе isn’t going to be impressed іf thе front portion of your home lооkѕ dreary, іn need of much rераіr. Invеѕt іn a frеѕh coat of paint bеfоrе рhоtоgrарhіng аnd ѕhоwіng уоur рrореrtу.

Pеrfоrm аnу rераіrѕ before уоu ѕhоw thе рrореrtу. Some landlords mаkе empty promises аbоut rераіrѕ, еvеn though іt’ѕ illegal. Prospective renters may hеѕіtаtе to bеlіеvе уоur сlаіmѕ and be turned off once they see features that need work.

If you can afford it, uрdаtе аррlіаnсеѕ, too. If you really spruce uр уоur рrореrtу, you mау еvеn bе able to rаіѕе thе rеnt a bit.

At thе vеrу lеаѕt, deep сlеаn inside and out bеfоrе ѕhоwіng уоur рrореrtу.

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Take Great Photos

On first іmрrеѕѕіоns, уоur kеу image іѕ a powerful ѕеllіng point when you’re thinking, “How do I go about finding renters to rent my property?”. Thе first thing people ѕее соnvіnсеs them tо look further. Photos оf your property dоn’t need tо be done bу a рrоfеѕѕіоnаl, but they dо nееd to lооk grеаt.

Smartphone саmеrаѕ hаvе соmе into thеіr own over the lаѕt fеw уеаrѕ аnd аrе more than ѕuffісіеnt fоr taking impressive images. A basic understanding оf lіghtіng іѕ еѕѕеntіаl, аѕ wеll аѕ аnglеѕ аnd саmеrа positioning. Check out our blog posts on the topic:

Anоthеr trісk is to get wide аnglе lеnѕеѕ fоr mоbіlе phone саmеrаѕ. Thеу’re rеlаtіvеlу іnеxреnѕіvе, еаѕу tо аttасh and provide a fаntаѕtіс wіdе image оf уоur ѕрасе, аll from your mоbіlе phone!

Show Yоurѕеlf Wеll

Mаnу lаndlоrdѕ use the fіrѕt mееt аnd greet to gаugе thе caliber of their роtеntіаl rеntеrѕ. Quаlіtу tеnаntѕ аrе also ѕіzіng you uр as the lаndlоrd. So dress well аnd bе оn your bеѕt bеhаvіоur.

Bооѕt Vаluе Wіth Аdd-Оnѕ

Tо аttrасt ԛuаlіtу tеnаntѕ, уоu саn uѕе аdd-оnѕ tо brоаdеn your appeal tо a mоrе desirable, hіghеr-іnсоmе mаrkеt. Thеѕе add-ons might іnсludе еxtrа ѕtоrаgе space оr lіghtіng, buіlt-іn wаrdrоbеѕ, ѕtаіnlеѕѕ ѕtееl appliances, air-conditioning, hеаtіng and dіѕhwаѕhеrѕ.

Whіlе thеѕе add-ons аrе іnvеѕtmеnts, they’ll bооѕt thе value оf the rental property аnd hеlр уоu іnсrеаѕе уоur rеntаl уіеld іn thе lоng-tеrm.

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Set The Price Right

When finding renters for my property, how should I set the price?”

It’s іmроrtаnt tо ѕеt thе rеntаl price іn lіnе wіth the mаrkеt. Setting іt tоо hіgh will repel mоѕt реорlе frоm considering it. Thоѕе who аrе dеѕреrаtе fоr ассоmmоdаtіоn, however, mау thіnk іt’s thеіr only сhаnсе.

If уоu сhаrgе too little, уоu may attract реорlе wіth аn unfаvоurаblе rеntаl hіѕtоrу. Furthermore, setting thе rent too low may lead tо good tеnаntѕ аѕѕumіng thеrе’s something wrоng with thе рlасе. Fоr those wоrkіng full-tіmе, it can bе dіffісult to ѕԛuееzе іn ѕеvеrаl іnѕресtіоnѕ еасh Sаturdау. If they think thеrе’s ѕоmеthіng wrong wіth the place judging from your online posts, they wоn’t bоthеr turnіng uр at all.

Finding renters to rent my property, Is there an easy way?

Rеntеrѕ аrе online today. It’ѕ thе best place to attract a lot оf interest іn уоur properties. You won’t need a costly agent to find a tenant for keeps.

Finding a renter for your property іѕ a рrосеѕѕ. For a limited time, we’re currently offering our clients a fixed and nominal rate in order to find a tenant in Australia. Learn more by clicking here and join the ranks of our many happy landlords.

Looking for Renters? 5 Leasing Tips for Newbie Landlords

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If you have spare real estate, it makes sense to start looking for renters in Australia. Leasing privately will earn you passive income from your investments.

Like any money-making venture, there are tricks to the trade. Nothing gripes a good landlord more than a pesky tenant. Fortunately, the pros far outweigh the cons. Leasing an apartment or house is lucrative business. It also helps pay off the mortgage. Get in the game with a good start by tapping into all the sound advice you can get.

If you’re a new landlord looking for renters and you’re wet behind the ears, this list is for you. With these tips, you can avoid visiting the property and discovering five people have nested in the space.

Here are 5 tips to keep in mind for a smooth life as a new landlord:

Tip # 1: Set a long-term timeline

looking for renters in Australia realestate

It’s great if your property is raking in revenue at the get-go. Sometimes, it does take time to break even and earn profits on leased space. Set your sights on your personal end game–be it paying off your mortgage as soon as you can, or saving money for a specific goal. This requires sheer commitment, which you’re tempted to break every time the monthly check comes in.

Before you spend the rent money on a beach getaway or a new car, consider how this impacts your long-term goal. Think of leasing privately as a marathon—you should never sprint on a marathon.

Tip # 2: It’s a numbers game when leasing privately

Expenses can pile up. After you’re done with the task of looking for renters, you need to treat your tenant-landlord contract as a business deal. Aside from the upkeep and maintenance of the property, set money aside for administrative costs and taxes.

Stay on top of the situation by figuring out how to spend revenue when you receive it. Prioritize urgent over non-essential costs. As a new private landlord, don’t fall into the trap of fixing everything at the same time. Spend enough to maintain the upkeep, save the rest.

Tip # 3: Organize commitments, have a landlord checklist

looking for renters in Australia realestate

Being organized will prevent you from wanting to pull your hair out with your bare hands. Have you covered everything to ensure the property is code-compliant? What requirements should you meet before a tenant moves in or out?

Rules on upkeep vary between locations. Write down scheduled maintenance work like pest inspections and other events specific to the property you’re managing.

It will pay off to write it down. You’ll feel better every time you tick one item off the list! A well-drafted list will save you a world of hurt in the years to come.

Tip # 4: Befriend paperwork

Everyone hates filling out and filing forms, but there’s good reason why deals are sealed in ink. How would you feel if your tenant pays the month’s rent with a bag of 50-cent coins? You’ll avoid this insult if you stipulate in the terms your preferred payment methods.

Forms protect you from abuse and sleights-of-hand tricks. Tenants will have an excuse to skip rent if they want to, but you can counter and remind them late payments come with penalties. Follow up with forms signed by all concerned parties. Dispute resolved.

Tip # 5: Be picky with tenants

looking for renters in Australia realestate

This is rookie lesson you don’t have to pay hard to learn. When looking for renters, avoid choosing family. Remember you’re leasing for profit; this mistake will mess with your business, and can ruin relationships. It’s easier to overlook terms of lease when the tenant is a relative, asking you cut some slack.

Ideal tenants are acquaintances (not friends) and colleagues. You know the tenant well enough, but you can keep the relationship formal. Conduct a thorough background check on strangers. Don’t grab the first offer that comes along. If the deal sounds too good to be true, it may end up as a problem.

Newbies and veterans face the same challenges in leasing, at least when it comes to due diligence. You’re better off not making decisions you’ll regret, though. It’s better to learn from the experienced, instead of learning from experience!

Looking for Renters? We can help!

For only $50, zerocommission.com.au will list your rental property on the best real estate websites in Australia. And how long will your listing stay up? Until you find a tenant! Visit our site if you’re looking for renters and earn that passive income today.

We’re certain you’ll love these other blog posts for private landlords:

Homes for Sale by Owner: 5 Budget-Friendly Tips for Apartment Staging

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Is foot traffic to your apartment down to a trickle? This is expected if your home for sale by owner has been up for lease or sale for some time. Why not renew interest through remodelling and restaging?

If competition is tight in your area, a do-over will boost your property’s appeal. In case you’re worried about the costs of renovations and upkeep, be assured only affordable and practical tips are on this list!

All you need is a fresh perspective on design. See your apartment from a stranger’s perspective. If you were a total stranger walking in for the first time, would you consider the apartment’s usual fare? Or would it stand out as the best space you’ve seen to date?

What we offer are 5 tricks professionals use in staging apartments, perfect tips for those with homes for sale by owner. It turns out the simplest alterations can radically change the ambiance. How much change? Enough to pique buyers’ interest!

Tip # 1: Take stock of your apartment’s flaws

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Strangers note the smallest flaw at first sight. They will spot stains you’ve overlooked for many years! Familiarity doesn’t help you at this point, and it’s worse over time. Take inventory of the essential, even superficial repairs by evaluating your apartment like an appraiser, no ifs and buts.

If you’re so familiar with your property, you can’t see things from a prospect’s point of view. Have someone else routinely check on the apartment for about a month or so. Spend time away and then revisit with a walkthrough.

The flaws most people ignore in their homes for sale by owner will then appear unsightly. By following this tip, you’ll notice things you initially didn’t.

Tip # 2: Highlight the best of the basics

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Don’t you think visitors deserve the courtesy of a new shower curtain? The smallest detail makes or breaks deals.

It’s not worth the risk of the few dollars saved. Brighten up rooms with new vases of real flowers. People appreciate the subtle gesture. Your apartment doesn’t have to fully furnished to be notable, but it shouldn’t be bare and boring either.

Here’s insider tip from professionals: invest in a “show bed” as centrepiece for your staging. Think of the most comfortable bed you’ve ever slept on, and furnish one in your apartment for visitors to check out. New beddings and sheets with high thread counts work wonders in homes for sale by owner!

Tip # 3: Leave a mark, make a statement

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Your apartment definitely stands out from the rest if it has at least one unique element. It could be a loft, or a book case that converts into a bed. Visit an IKEA store for ideas! You may not leave with an assembly kit in tow, but IKEA has more than enough furniture tricks to inspire your staging. On the offhand, sometimes a coat of paint does the trick.

Don’t go all out and turn your apartment into an art gallery, though. The space should be quirky enough to stand out, but still generic enough so anyone visiting will consider moving in. You want prospects to envision themselves and their personal style occupying the place.

Apartments sell thousands more than the baseline price, all because owners invested in features that set the properties apart from the pack. It’s worth the risk!

Tip # 4: Expand space with mirrors

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It’s the trick hotels use on lobbies and halls, and who’s to say it won’t work on homes for sale by owner? Mirrors give the impression of space if placed in strategic spots. These also bounce and bring extra light into the room, maximizing daylight and artificial light.

Place mirrors facing open spaces, instead of tight quarters. You’ll be amazed how a small room improves with a full-length mirror! It’s small investment that pays off, and visitors won’t mind the illusion if it perks up the mood of the space.

Tip # 5: Storage solutions

Think like a neat hoarder and find ways to stash your excess stuff. If you’re leasing a lived-in apartment, spare visitors the sight of sundries!

Your belongings are eyesores to prospects, so rent storage space for these in the meantime. Storage facilities are your best option if you’re transitioning to a new place, and you’ve yet to figure out which of your stuff to keep.

Organize the items you leave in the apartment, as show pieces. Don’t leave cabinets and cupboards empty, and leave some toys behind if you want to show your space is child-friendly.

Staging an apartment is a mix-and-match affair. There’s challenge in finding common ground that appeals to every visitor. You’ll get the hang of this in time. Staging becomes easier if you practice these tricks professionals use.

What We can Do for Homes for Sale by Owner

Have an apartment for sale or for lease in Australia? Zerocommisison.com.au can find you a buyer or a tenant with minimal costs!

For only $50 for an apartment for rent, or $299 for an apartment for sale, we’ll post your listing on the top real estate websites in the country UNTIL SOLD! No hidden fees, no extra charges. Learn more on our site and find a real estate buyer or tenant today!

Impress buyers or tenants with our other highly effective tips:

Finding Renters for Rental Properties: 5 Tips to Avoid Bad Tenants

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Finding renters for rental properties shouldn’t be difficult. But there’s an art to selecting good tenants. Have you ever met tenants willing to do whatever it takes to score your space? What if an applicant is willing to throw in kidneys and a leg for good measure? While offers too good to refuse are difficult to ignore, veteran landlords know better.

If you’re new to the game, then take heed of these tips. Tenants may come in hordes if you sign up for our services. Fend all of them off except for the one tenant who’ll make your life a dream.

Dodging bad tenants is an acquired skill. However, you’ll learn faster if you’re aware of lessons experienced landlords faced. Not only will you weed out the riffraff from your stock, you’ll also have the guts to reject bogus applications from the get-go.

Here are 5 ways to smoke out bad tenants when finding renters for rental properties. Kick the worst out on the curb (or cordially show them the way out)!

Tip # 1: Conduct background checks

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Background checks are staples in business transactions, especially if these involve long-term arrangements. It makes sense to assume that someone’s behaviour for the previous five years will be consistent with the next five years. If the applicant turns out sketchy, why would you risk the possibility of nursing a delinquent tenant?

Most landlords stop at national background checks, opting for searches within state or city. This is a big mistake, and it’s not worth the spare change you think you’ll save. You might end up with someone who won’t keep his end of the agreement.

Tip # 2: Ask for contact details of previous landlords

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When finding renters for rental properties, former landlords can provide precious insight about a tenant. You don’t want to discover this after the fact, when you’ve rented out the space.

Demand multiple references for more assurance a squeaky-clean feedback isn’t a fluke. Chances are, you’ll always dig up dirt on an applicant; at least you’ll have enough counsel before you decide to commit (or not).

Insider’s tip: disregard feedback from the applicant’s most recent landlord. Property owners can give delinquent tenants good references so they leave immediately, in search of the next space to mooch. Contact tenants’ second or third previous landlords so you have untainted comments.

Tip # 3: Verify Income, Credit Rating when Finding Renters for Rental Properties

Income verification, credit check. This is due diligence, especially for rookie landlords. Applicants might find it difficult to secure these documents. Some employers refuse to release check stubs or payslips by request. Nevertheless, applicants worth considering will back their reputation with hard copies.

Keep in mind income is not the deciding factor in considering tenants. This only indicates an ability to pay rent. On the other hand, a good credit score shows you an applicant is willing to pay the rent in order to maintain an upstanding score.

Tip # 4: Stay shrewd, feel out who’s actually moving into the space

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Be wary if an applicant claims exclusive residence (says he’ll shoulder the entire lease), but takes someone to the meeting just for a look-see. It’s likely the tag-along will share the space with your applicant, but is currently undercover to help scout the territory. Stay sharp when your spider-sense tingles when finding renters for rental properties!

If the companion stays in the car throughout the visit, this is also a red flag. This doesn’t necessarily mean the applicant will be a bad tenant, but there are more than enough precedents like these to prove otherwise.

Tip # 5: Say NO with conviction

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You’ll hear pity stories, receive offers too good to be true. You’ll be tempted to receive a tenant just to break a long-drawn vacancy. Impulsive decisions when finding renters for rental properties usually end up as mistakes. It’s more difficult to get rid of a bad tenant than it is to wait for someone worthwhile.

Do not take a tenant’s word as good as documented proof. Do not stop finding renters for rental properties until your prospect pays the deposit and the first month’s rent. Make sure the contracts have been signed before assuming you’ve landed a good tenant. Keep processing applications until someone actually moves in. Landlords know better than to secure deals with a spit-ball handshake.

When finding renters for rental properties, don’t profile a bad tenant by appearances alone. Someone so neat tidy on the outside can eventually be the source of your recurring heartaches (or ulcers).

You have the last say on who stays in your property. Do your due diligence and don’t rent to anyone who intends to freeload and couch-surf. That’s what high school friends are for.

Have a home you want leased? Zerocommisison.com.au can help! For a limited-time fee of only $50, we’ll list your property for rent on the top real estate sites in Australia. No hidden fees, no additional charges. How long will your listing appear online? Until you find a tenant!

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Like these tips? Check out our other blog posts for private landlords:

Rent My House: Terms to Include in a Lease Agreement

rent my house in Australia DIY landlord tips

You met your goal of rent my house in Australia but how would you feel if you find your apartment painted neon green on your next visit? This isn’t so bad, unless you’re the landlord. The culprit is your tenant, who was gracious enough to do repaint the walls for you. Being a DIY landlord is easy if you cover your bases and thread out loose ends.

What can you do when life gives you a lemon? You squeeze it and chalk it up to experience. Avoid mishaps by including these terms in the rental agreement. Even if you’ve filtered applicants like a lion picking out prey, it’s still possible the one you choose ends up a disappointment. This is why your terms of agreement need to be rock-solid and watertight. 

Here are six terms of agreement crucial in for rent by owner properties:

Term #1: Names of every tenant

rent my house in Australia DIY landlord tips

If multiple tenants are sharing your property, then everyone should be accountable and responsibility. Shared space has its limits, often within the bounds of hangouts and sleepovers. It’s a different story if you have what’s pretty much like the entire cast of Friends couch-surfing in your apartment without your permission. It’s important everyone is present during the walkthrough and upon signing.

You need the names of each tenant when you finally choose who’ll say yes to your rent my house ad. Every tenant indicated on the terms of the lease is responsible for the full amount of the rent, also on the state of your property. This means you can hound one tenant for the entire rent, even if others skip or move out. You can also end the tenancy for everyone with due cause. How’s that for evil genius (insert maniacal laugh)?

Term #2: Occupancy restrictions

rent my house in Australia DIY landlord tips

The terms should indicate the unit is exclusive residence to signed tenants. Children or dependents are also named and accounted for. Being particular with this policy gives you the right to say who gets to stay.

Remember, you screened and shortlisted for applicants, and only those approved should be allowed tenancy. Set the limit on allowed number occupants; this is for your own peace of mind. The clause is valuable because it prevents anyone from crashing your place, at the invitation of any tenant.

It’s also a safeguard from subletting. You don’t want anyone mooching rent money out of your property. Tenants who put up ads that say rent my house are a cause for concern. A tight agreement that spells out the occupancy restrictions an easily solve this problem.

Term #3: Duration of tenancy

This is an essential provision in managing for rent by owner properties. The document must indicate if it’s a rental or fixed-term lease arrangement. Rentals expire every month and renew automatically (unless terminated). A lease usually lasts a year, and terms are reviewed or adjusted upon expiration.

Decide how long you want the rent or lease to last. Consider tenant preferences as well, adjust the duration if you can. Everyone should have the same expectations, and one party should be allowed to end the tenancy if the other doesn’t hold their end of the deal.

Term #4: Rent

rent my house in Australia DIY landlord tips

Specify the amount of rent due, the regular due dates (first of the month, 15th of the month?), and how the tenant sends payment.

If you’re willing to accommodate a grace period, keep it down to two days. Setting payment options also spares you from the usual alibi of “I couldn’t reach you yesterday so I used the rent money to order Google Glass on eBay instead.”

Detail out your preferred payment methods (if you accept checks), any fees on late payments, and charges on dud checks. You’re in business for profit here, so close all the loopholes you can find.

Term #5: Terms on security deposit

This can be sketchy territory in for rent by owner properties if you don’t lay out the terms in detail, just to be sure. Avoid confusion and lawsuits by minding the details, including:

  • The amount of the deposit (must comply with state laws)
  • Specific provisions on how you’re allowed to use it (and how the tenant can’t use it)
  • How and when you’ll return the security deposit, at the end of the tenancy
  • An accounting of the deductions
  • Non-refundable charges (cleaning, coverage for pets)

And be clear that the security deposit isn’t meant to cover for unpaid rent.

rent my house in Australia DIY landlord tips

Term #6: Repair and maintenance

Your tenant will depend on you on the smallest upkeep if you don’t detail terms. You may even be liable for uncollected garbage! The tenant is expected to be responsible for keeping the property clean and orderly. They’re also liable for damages caused by neglect. You can also choose to prohibit installations or renovations: burglar alarms, built-in dishwashers, even wallpaper.

Tenants are responsible for informing you of damage and defects on your property. Detail how you’re going to handle alerts and requests, which are urgent enough and need immediate attention, and which ones you can put off for the weekend.

Managing a for rent by owner property comes with perks. Cover your interests in the terms to ensure a smooth lease. There are fewer kinks to straighten out, and hopefully you’ll always be on your tenants’ good side. Be the landlord your tenant wants to see, even on rent-is-due day.

Ready to look for tenants and rent your home privately in Australia? For $50 we’ll list your property UNTIL LEASED. Learn more here.

Being a DIY landlord can be a very rewarding experience. You might like our other blog posts to help you manage a rental property like a pro:

MoveIn.Space: Helping Landlords in the For Rent by Owner Industry

rent my property australia tools for landlords

Thinking of getting into the For Rent by Owner market? Renting out your house or apartment privately can provide you with sizable extra income. And thanks to the digital age we live in, managing rental properties privately is easier today than ever before.

Social media and certain websites help homeowners who want to rent a property privately find the perfect tenant. And there’s MoveIn.Space (www.Movein.Space), a site that provides a revolutionary way for landlords and tenants to avoid future conflict. With a mission to “create peace between landlords and tenants by adding visibility to a crucial, but often overlooked and unorganized process”, MoveIn.Space comes with a walkthrough feature that turns their goal in reality.

rent my property australia tools for landlords 

Question: What’s the Walkthrough feature and how will it help me in my For Rent by Owner venture?

After you get past the crucial step of finding the right tenant (if you haven’t found yours yet, you might want to check out our blog post How to Select Tenants to Rent my Property), the next step is making sure you document the property’s condition.

rent my property australia tools for landlords

MoveIn.Space’s founder Josh Rosenthal and his team have observed that the majority of disputes between landlords and tenants revolves around the condition of the property before the tenant moved in.

The hole in the wall was there before I moved in.” – Lying tenant #1

Missing stove knob? It had always been missing in action.” – Lying tenant #2

You created the bullet holes, not me.” – Psychopath tenant

Thanks to Movein.Space/walkthrough, both tenants and landlords can conduct property inspections smoothly.  The walkthrough organizes the steps to putting together a property report, this way both parties can agree on the property’s condition before the move-in date.

A property report is generated automatically based on data you provide, and this can be accessed online by both landlord and tenant.

According to Josh, “Using MoveIn.Space/walkthrough for move-in and -out creates usage report that the tenant can show to subsequent landlords.”

rent my property australia tools for landlords

 

Question: I want to be a private landlord but technology isn’t my field. Do I have to be tech-savvy (i.e. a nerd) to use Movein.Space/walkthrough?

Not at all. Anyone who knows how to do simple online tasks like upload a photo and browse news websites can use Movein.space/walkthough with ease.

The steps to creating the property report are simple:

  1. Head over to MoveIn.Space/walkthrough using your tablet or smartphone.
  2. Enter details about the house, housemates (if any), and contact information.
  3. Snap pictures of the property, as well as items included (typically appliances and furniture).
  4. Add descriptions of the items, such as model numbers and condition (new? missing objects? existing damages?)
  5. Submit the report. You and your tenant will be able to access this anytime online. You’ll both also receive a reminder when it’s time to conduct a move-out inspection.

rent my property australia tools for landlords

With Movein.Space/walkthrough, you don’t have to rely on paper documents that can get lost and are one-sided. Your report (hastily written on a notebook) might claim one thing, while your tenant will insist on another thing, using their own report scribbled on God-knows-where. With Movein.Space, you can both agree on the same property report right from the very beginning, making your For Rent by Owner venture a breeze.

And the pictures you upload in the report will be very difficult to dispute. No, there wasn’t a hole in the wall prior to the move-in date. And, no, the couch didn’t come charred like overcooked chicken when you put up your home for rent privately.

And how much will this cost? Zero! There will be a premium subscription at a later date but as of today, MoveIn.Space/walkthrough is free to use.

Ready to create a property report with your tenant? Go visit MoveIn.Space.

Like this post? Check out our other blog posts that are sure to help anyone who wants to sell or let their home privately:

5 Mistakes Private Landlords Should Avoid

lease a property privately Australia for sale by owner

Tell me and I forget. Teach me and I remember. Involve me and I learn.

  • Benjamin Franklin

As someone who wants to lease a property privately, you have nothing to worry about. ZeroCommisison.com.au is here to guide you and constantly provide relevant information to help DIY landlords like yourself. There’s no better way to learn about the for rent by owner industry than by experiencing it yourself.

But, as another saying goes, it’s always wisest to learn from the mistakes of other people. You don’t want to realize mistakes after the fact.

Many DIY landlords leave plenty of room for mistakes early on. This is understandable, but the decisions you make from the start determine how profitable your enterprise ends up.

We listed 5 mistakes private landlords, especially those new to the job, should avoid. You might gasp at some of these, with palms clasped over your gaping mouth. “I didn’t know leasing my apartment to drifters would hurt so much!”

Well, there’s a difference between a drifter and a transient, but let’s not mince words here. On with the list…

Rookie Mistake #1: Leasing to Friends and Family

lease a property privately Australia for sale by owner

We just have to let this out the gate first. It might seem to make perfect sense that the ideal tenant is someone you’ve known all your life. After all, didn’t your cousin Tony save you from financial problems once?

But this is one mistake you should never, ever, even dare to commit. Blood can boil green when money is involved.

If you intend to screen friends and family as you would a stranger tenant, please, just don’t. Never lease a property privately with strings attached, especially as a favour! You’re setting yourself up for landlord woes later on.

Go for the average Joe or Jane you meet, someone you’re not related to. And definitely not someone you work with!

Rookie Mistake #2: Falling for a Sob Story

How many excuses can you concoct to skip rent? Let us count the ways!

Seasoned landlords have the privilege of hearing the usual sob stories. Would you believe your tenant if he claims the money hasn’t arrived yet? Sure you can, and you should. But that doesn’t mean you have to accept it. Alibi or not, a deadline is a deadline, and you have to be firm from the very beginning.

There’s a reason why patsies are compared to a doormat, and you do not want to be considered lenient and understanding. It’s possible your tenant is having a hard time making ends meet, but remember you’re running a business.

Give them three days and they’ll ask for a week. Be immovable when due date comes.

Rookie Mistake #3: Failure to Screen Tenants Thoroughly

lease a property privately Australia for sale by owner

This is understandable for rookies, their spider-sense for crap tenants needs fine tuning. When you lease a property privately, expect plenty of riffraff coming your way.

Conducting full background checks with today’s technology—hello, Internet–is no longer as expensive or difficult as it once was. With a few tap of the keyboard, you can gather plenty of data online about anybody. This will help you immensely in narrowing your pick.

Don’t take applicants at their word. Always confirm what your gut instinct tells you. An applicant may look the part of the perfect citizen and tenant on paper, and even in person, but so did Hannibal Lecter. You don’t want Hannibal Lecter hosting dinners in your apartment.

Google is your friend. Hang out with him often.

Rookie Mistake #4: Failing to Treat Leasing a Property Privately as a Business

lease a property privately Australia for sale by owner

You’re running a business when you’re leasing a privately. Some signs your head is not in the game: misplaced receipts, poor organization, and co-mingling of personal and business funds.

If you spent a trifle in the business (the apartment is your own, and you barely invested in renovations), manage the regular payouts so you’ll quickly recover capital.

Sure, you can coast by and treat your for rent by owner set-up as a hobby, but not for long. Tenants can be as unpredictable as rabbits in heat. Prepare for a rainy day in case you face the need for sudden eviction or serious renovation.

Rookie Mistake #5 – Not Putting Everything in Writing

lease a property privately Australia for sale by owner

It’s like trusting someone’s word on a spit-ball handshake. If you lease a property privately, verbal agreements also don’t amount to squat. If it’s important enough for a note and signature, don’t hesitate.

Applicants might think you’re obsessing the details, but you’ll have something to show for when your tenant tries to throw a curve ball your way.

“We agreed the security deposit would cover for the shirt I flushed down the toilet!”

Did you? With terms detailed in black and white, you’ll never grip the short end of the stick.

Being a DIY landlord is easy if you set your priorities straight. When you lease a property privately, you’re staking your claim on the rentals market. This means you’re in business for the profit, so mind the rookie mistakes and learn as much as you can. Each mistake is money lost (or unearned), so make each dollar count!

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You might also be interested in these other articles to help you lease or sell a property privately:

 

5 Advantages of Leasing Unfurnished For Rent by Owner Property

for rent by owner Australia DIY landlord

Are you on the fence in deciding to lease your property furnished or unfurnished? This is a common dilemma in For Rent by Owner properties, especially new landlords letting their own apartments for great passive income.

From the tenant’s perspective, renting furnished space typically seems like an appealing option. But that’s only if cost isn’t an issue. And, as most of us know, money can be hard to come by. For certain types of tenants, unfurnished space is the flexible and affordable alternative.

It’s safe to say you’ll have fewer worries leasing unfurnished property. Your only main concern is determining where to store your belongings during the lease. If you plan to rent out long-term, selling most of your stuff makes sense. You can then rent storage space for what’s left.

Unfurnished space is the preference of many DIY landlords, especially those who’ve been in the game long enough to know better.

Here are 5 advantages of leasing unfurnished space. For Rent by Owner property is easier to manage when it’s leased empty!

Advantage #1: Less wear and tear in For Rent by Owner unfurnished homes

for rent by owner Australia DIY landlord

Unfurnished space frees landlords from the responsibility of furniture upkeep. You’ll find tenants willing to rent furnished or unfurnished properties, sure, keep in mind that an unfurnished property is perfect for tenants who want to haul their stuff in and stay long-term.

Tip: Set terms and restrictions on items tenants are allowed to bring in. Filter the stranger stock from the applications you receive.

Are you okay with a tenant who brings in heads of hunted game to mount on your walls? How about a grand piano, or a suspiciously flea-infested couch?

If everything clears your scrutiny, then you simply need to ensure your property stays intact throughout the lease.

Advantage #2: Tenants who prefer unfurnished property are usually for keeps.

for rent by owner Australia DIY landlord

Think of the trouble it took for your tenant to resettle to a new location. If you’re committed enough to take out furnishings from your own apartment, then the same can be assumed of tenants who decide to stake their claim on new soil.

Quick tip: You’ll know your home for rent will be rented for the long haul when the tenant lays out wide carpet.

For Rent by Owner properties are leased with security deposits paid for by the tenants. With a furnished apartment, though, it’s possible your new tenant will jump on your bed and do back flips on your couch, just for kicks. If you have high-quality furniture, this odd behaviour would be enough to keep you awake at night.

Advantage #3: Tenants are generally happier with their own furniture

for rent by owner Australia DIY landlord

It’s like preferring your old, worn couch over a new one. There’s something about worn furniture that makes it seem more ergonomic. Everything yields to gravity (and your bulk) sooner or later.

The ideal tenant is one who is rarely at home, often at work, or on vacation. They basically use your property as a place where they can bathe and sleep. Furnished or unfurnished, you’ll invest less on maintenance when the property for rent is barely used.

If allowing your tenants to bring cherished heirlooms seals the deal, then, by all means, accommodate their request.

Advantage #4: You don’t have to insure a tenant’s furniture.

It’s an option, but you’re well justified not to commit. On the flip side, you can set the security deposit to the bare minimum, enough to cover for your home for rent’s basic facilities.

When interviewing prospective tenants, ask leading:

  • How long did they stay in their last address?
  • Is everyone at home most of the time?
  • If pets are allowed, how many will live at the property for rent?

It’s not unheard of for some tenants to bring in a pack of five large breeds. The more specific you are about what’s allowed and what’s not (definitely not 10 Rottweilers), the less conflicts you’ll experience with your tenant.

Pointed questions also provide insight regarding what the tenant plans to bring in. When renting out unfurnished property, you’ll have the joy of knowing a rowdy cat isn’t using your grandmother’s antique table as a fancy scratching post.

for rent by owner Australia DIY landlord

Advantage #5: You save money

By renting out an unfurnished property privately, you won’t have to buy new furniture. Wouldn’t you hesitate to buy a new couch you’ll never use?

The impression most people have of For Rent by Owner properties is that these are lived-in, homely and cosy. New furniture is not a guaranteed treat for all tenants. The perfect tenant you find who has a stable job and likes to go on frequent vacations, just might turn his back on your apartment upon seeing your less-than-impressive taste in interior design. By renting out an unfurnished property, you spare yourself the risk of losing a prospect.

Also, keep in mind that furnished For Rent by Owner properties have a market of their own. There are enough takers for unfurnished space regardless of location. It’s not a matter of competition.

Think about it: even if you hold on to a security deposit, the thought of entrusting your possessions to a stranger can be unsettling. Do you use hotel beds as trampolines upon check-in? Your tenants might do the same to your couch. Every day.

At the end of the day, unfurnished For Rent by Owner properties are very easy to maintain for you the landlord. You’ll also have an easier time managing the property, especially if you’re leasing a large space. If you want to play it safe as a DIY landlord, the unfurnished property option is very reasonable.

Have a home for rent in Australia? For only $50, ZeroCommission.com.au will list your rental property UNTIL LEASED!

Learn more on our site: ZeroCommission.com.au and lease a For Rent by Owner property today!

You might also want to check out these other blog posts we wrote especially for Australians who want to sell or lease a home privately:

 

Looking for Tenant to Rent? 6 Advantages of Furnished Property

looking for a tenant to rent

Renters love options, especially in an upscale market. If you’re a property owner wondering how to profit from your living space, then leasing is a sure-fire solution. Looking for a tenant to rent comes naturally when you have space to let. And isn’t it better if you put your spare property to work? Having an extra home or apartment is a luxury. You can even use the money to cover maintenance costs.

The same is true if you’re set for a long vacation, off-state or abroad. Instead of leaving your home or apartment unoccupied, it’s better if you lease it while you’re away. This way, you’ll have money to offset your leisure costs! You could even earn enough for your next vacation. Leasing also ensures your property won’t waste away, unused.

Do you choose to lease furnished or unfurnished property, then? It turns out the market for furnished property is as profitable as ever, in spite of location.

If you’re still on the fence between choices, here are 6 advantages to discover. These should be more than enough to convince you that renters are happier when leasing homes with furniture.

Advantage #1: Instant prospects when looking for a tenant to rent

looking for a tenant to rent

Looking for tenants to rent your property is easier if your place is furnished. Your sales pitch then highlights convenience. You’ll also be offering something better than the competition who is letting empty spaces. Plus, furnished homes are cosier compared to hotels or bed & breakfasts.

For short-term accommodations, many renters prefer to move in without the hassle of hauling belongings. Besides, your apartment can offer a new experience in living space, depending on how you arrange the furniture. When set up nicely, a furnished home is perfect for those who want to start over.

Advantage #2: A change of pace

looking for a tenant to rent

Your furnished property is welcome change for those who want to shift gears in career, or in life.

If you live near a university, leasing your apartment furnished is a fantastic option for budget-strapped students. Students have enough to fuss over. Offering them a place to crash at the end of the day is a convenience they’ll pay for.

If you live near the CBD, you can offer an affordable alternative to the pricier properties in the city. The suburbs are extensions of the CBD. It pays to cash in on prospects and lease living space pre-furnished.

Advantage #3: Make more money!

You can charge as much as 50% more with furnished property. This is the best advantage you have, especially if you’re leasing the apartment you’re residing in—a common practice. A lot of homeowners open their homes to short-term tenants to help pay bills.

If your place is in great condition, you’ll even spend less in remodelling while looking for a tenant to rent. If you have to renovate, then you’re the first to benefit from the changes you make.

Advantage #4: The upkeep is covered for

As a For Rent by Owner landlord, you won’t have to worry about damages or misuse of your property. Why not? That’s what security deposits are for.

Also, the terms of lease are agreed on before you hand over the keys. You can also demand enough security deposit to cover for serious potential damage.

Tip: It’s a wise idea you take prized possessions with you. You’ll sleep better at night, knowing people aren’t playing hot potato with your fine tableware.

Advantage #5: Furnished space attracts higher quality tenants

looking for a tenant to rent

You’ll know if you’re dealing with a high-roller during the screening. It’s also expected if you’re residing in a prime neighbourhood, or on the immediate outskirts of the city. Renters take their pick of properties while browsing online listings. With the right theme and amenities, yours will be shortlisted quickly.

There’s this notion unfurnished property is the seedier option, and it’s no surprise. If you’re looking for a tenant to rent and your prospect prefers bare space with nothing but a mattress, wouldn’t you raise a red flag?

Advantage #6: You don’t need to move, sell, or store your furniture

looking for a tenant to rent

There’s the given convenience of leasing your place as is. You can move stuff out and stash the items in storage. But why bother? You can charge renters for the convenience of furnished space, and at a steep premium.

If you’re leasing short-term, there’s no need to move everything out before a renter moves in. This assumes you’ve screened applicants in-depth while looking for a tenant to rent. We’re also assuming you’ve selected those who’ll treat your apartment like their own (until you take it back).

Deciding to lease comes naturally if there’s demand for rental space in your area. There are always renters looking for properties suited to their preferences in location, amenities, and cost. With the power of the Internet and Zero Commission’s services, it’s easier now to become a For Rent by Owner landlord.

Looking for a tenant to rent is easier than you expect! For only $50, we will list your rental property UNTIL LEASED on the top real estate sites in Australia!

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