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

homes for sale by owner Australia realestate

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

homes for sale by owner Australia realestate

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

finding renters for rental properties tenants in Australia realestate

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

finding renters for rental properties tenants in Australia realestate

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

finding renters for rental properties tenants in Australia realestate

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

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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

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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

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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.

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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

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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

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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

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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

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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!

Be sure to like us on Facebook to get updates of our latest blog posts: http://www.facebook.com/zerocommissionre/

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

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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!

Need help managing your For Rent by Owner home? Here are blog posts you’re sure to love:

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How to Select Tenants to Rent My Property

rent my property how to find tenants home for rent Australia

If “rent my property in Australia” is your goal, it’s critical you know how to find renters that won’t damage your precious home or apartment. Just like the animals in George Orwell’s classic Animal Farm, not all renters are created equal.

If you screen potential renters of your for rent by owner real estate property diligently, the renters can make your life easy like Sunday morning. Ignore the steps and tips we’ve outlined below in choosing the right tenants, then get ready for a nightmare.

It’s imperative you take the time to pick the perfect tenants for your property. Just because you’re thinking I want to rent my property doesn’t mean the right candidates will simply land on your lap. Neither does it mean you trust anyone and everyone who applies as a renter.

Certain tenants will make your life as a landlord a breeze while others will make your life a living nightmare. We’re pretty sure you want to protect your real estate investment from tenants who’ll trash it like drunken teens at a rock concert.

Here are 6 tips to help you screen and eventually select the perfect renters for your beloved apartment or home.

Tip #1 Select a Renter with Stellar Credit Rating

rent my property how to find tenants home for rent Australia

As a landlord renting a home privately, it’s a wise decision to stick with renters who have a good credit rating. Go for those who show they’re responsible in their financial life. Chances are high they too will be responsible in managing your home for rent.

Someone who pays their bills on time will most probably pay you on time. As a landlord with the goal of I want to rent my property to the right person, you want someone who’s clean. Cleanliness isn’t restricted to housekeeping—it also involves holding a clean credit history.

Similar to a home loan application, you can ask for a copy of each rental applicant’s credit history. In many parts of Australia, the general rule is that landlords can access the second half of an applicant’s credit report. This section is considered a Public Record Information. Check with your local laws and see which part of the renter’s credit report you can legally ask for.

The public section of a renter’s credit report will also include incidents of court judgements relating to bankruptcy and debt.

Tip #2 Verify the applicant’s income and job

rent my property how to find tenants home for rent Australia

The rule of thumb is to choose a renter whose monthly salary is about three times the monthly rental fee.

You have every right to also request for copies of pay stubs. Have the applicants prove they hold a stable job. Contact the applicant’s employer to ensure the potential renter is truly employed. Ask their place of work how long the renter has been working for the company. It would also help to ask about the applicant’s attendance record at work and monthly salary.

Tip #3 Aiming to ‘rent my property’? Then manage it professionally

rent my property how to find tenants home for rent Australia

A landlord who is mindful of their apartment or home for rent will attract more interested rental applications. If you keep your real estate property in good condition, the chances are high you will attract quality tenants.

We’re not saying you need a multi-million dollar home equipped with a rotating bed and an Olympic-sized pool to land exceptional tenants. What we’re suggesting is you clean up your home for rent. The basic features must work, such as the plumbing and light fixtures. Ensure these work without glitches.

Tip #4 Observe interested renters with a keen eye

rent my property how to find tenants home for rent Australia

When potential renters come over to inspect your for rent by owner home or apartment, inspect the applicants yourself. Remember who’s who and make notes if possible. Just because you’re thinking I want to rent my property fast doesn’t mean you should be hasty in selecting the perfect tenant.

Keep track of the names of the couple with the disciplined and darling kids. Remember the name of the charming guy who reeked of alcohol at an 11 AM appointment. Do remember the lady who was neatly dressed, the one who possessed a perfect credit history.

As for the pair who allowed their dogs to jump on furniture and not once scolded their furry friends when the pet peed on your living room rug? Well, we don’t need to tell you these renters won’t make your life as a landlord heaven on earth.

Tip #5 Learn to read between the lines

When sifting through renters’ applications and making the final choice, see what’s not clearly evident. If the pristine looking gentleman who impressed you with his manners has rented five different homes in the last year, something doesn’t add up.

Ask the applicants if their previous rental bonds were returned to them. No? Why not?

Dig deeper when you’re selecting the winning candidate. It pays to double check the IDs and employment information provided.

Tip #6 Look for someone who’s consistent

rent my property how to find tenants home for rent Australia

What makes a person consistent, as far as screening for a renter is considered? Choose someone who doesn’t change jobs and addresses often. Someone who’s been working for the same company for a minimum of one year—more is better—is more ideal than a tenant who’s had three different jobs in the last two years.

The very sweet lady who’s moved around five times in the last two years—look beyond the charm. Perhaps she had a valid reason for moving around so much. Perhaps not. Verify, verify and verify. Your goal of rent my property and finding the right tenant is made easier if you double check all information provided by shortlisted applicants.

Your mission to rent my property is not a difficult one. With diligence and a keen eye, you can land a tenant who’ll not only provide you with additional income, but will also treat your apartment or home for rent privately with the respect it deserves!

Looking for people to apply as tenants? For a limited time, we’re offering a price of $50 and we will list your apartment or home for rent in Australia UNTIL RENTED on the top real estate sites in the country: Realestate.com.au and Domain.com.au

Visit our site and find a tenant for your apartment or home for rent privately today! Click here now.

Thinking I want to rent my property or want to manage your property for rent privately? Here are other blog posts you’re sure to like: