It can be a rewarding choice to rent out your Bondi property to tenants, but it can require a few initial steps to ensure your property will be safe, appealing and competitive within the rental Sydney property market. This general checklist will help you tick off the essentials, and of course our Bondi Junction property management team will be able to provide personalised recommendations to help maximise your rental return.
Check smoke alarms and security
In NSW your property must have a minimum of one working smoke alarm on each level of your property before it is rented out. Before tenants move in, it’s important to have these checked by a professional and obtain a compliance certificate. Now’s also the time to check that fly screens, windows and window coverings are all in good working order, and that you have two sets of keys to your property.
Obtain certification for water efficiency and gas safety
If your property is individually metered and you can prove it’s water efficient, then you’ll be able to pass on water consumption costs to your tenant – so now’s the time to attend to this and get energy efficiency certification if you plan to do so. It’s also a good time to have any gas water systems serviced and certified as safe, and to check that your power board circuit has a working safety switch.
Look into insurance
While a quality tenant will significantly reduce the risk of any property damage, accidents can still happen. Before you rent your Bondi property out you may wish to take out landlord insurance. Depending on your policy this typically provides cover for accidental damage caused by tenants, theft by tenants, and loss of income due to unpaid rent. It’s also important to take clear and detailed photos of the home interior and exterior.
Attend to the exterior
It’s easy to overlook the outside areas of your investment property when getting the house ready for rent, but the following can make a huge difference to the appeal for potential tenants:
- Mowing the grass and trimming the edges neatly
- Weeding garden beds and replacing any tired or dead plants
- Checking and cleaning gutters, including installing guttering guards if preferred, and
- Trimming trees and sweeping up leaves before any home viewings.
Consider property styling to attract the best tenants
With so much uncertainty in the air around COVID-19, you’ll no doubt want to have your property stand out in the Sydney property market. In premium locations such as Bondi, Bondi Junction and Sydney’s eastern suburbs, professional property styling can help you obtain the best rental yield with high quality tenants in place. A professional property stylist can bring in furniture and style the property to optimise appeal to the right tenant market.
Work with a capable and proactive property manager
One of the most critical steps in preparing your property for renting is to find the right professional property management service. Although you can manage the property yourself, a team such as Wills Property can present your listing professionally, thoroughly screen potential tenants and manage every aspect of maintenance and inspections – so you can simply relax. In addition, we can provide expert market-appropriate advice on setting your rental rate so you can obtain the best possible return whatever the current conditions happen to be.
Wills Property is an established Bondi Junction agency helping to sell, manage and lease property in Sydney’s desirable eastern suburbs. Stay up-to-date on the latest Sydney property news for this area by joining us on Facebook or Instagram.