Brisbane apartments make good investments. Renting out your apartment will create a cash flow which you can use to pay its mortgage or to subsidise your income. Apartments are also more affordable than landed houses, making it the ideal property for first-time investors. Here are some basic tips to help you be a successful landlord;
1. Know your building rental regulations
Your first step is to learn all about the rental regulations of your building. Brisbane apartments are governed by its own set of corporate rules and bylaws. The apartment owner’s corporation see to its implementation and management. Thus, all residents and owners must defer to the rules – that includes you and your tenant. Some of the rules are specific to renting out and tenancy.
2. Make the unit clean and comfortable
Prepare your unit for its occupant. Make the place clean, comfortable and welcoming. Tenants look for units that they can call their home, so remove all traces of previous occupants. Here’s a checklist in preparing your unit for rental;
a. Thoroughly clean – Clean the apartment. Wash and air the curtains, get new ones if you can. Have the carpets professionally cleaned. Scrub the bathrooms, wash the windows and clean out all cabinets and closets.
b. Fix everything – Replace dripping faucets, loose bolts and knobs, and damaged light bulbs. Check if the appliances – refrigerator, washer, dryer, stove, and A/C units are running accordingly.
c. Repaint – If the unit has been previously occupied, chances are the walls are peeling, faded or are stained in some places. Clean and newly painted walls remind us of new homes, give that feeling to your tenant. Choose neutral and light paint colours.
d. Furnish accordingly – Some tenants require fully-furnished units, while others prefer to bring in their own furnishings. Larger units attract family renters who usually want to use their own stuff, while younger renters want fully furnished and ready-to-move-in units.
e. Hook up utilities and connections – Make sure that your unit is hooked up with the basic utilities like power, gas and water. Although not as important, cable, telephone and internet connections are attractive add-ons.
3. Price appropriately
Although there are lots of people looking for apartments to rent, you also have a stiff competition. You will want to set a price that will cover all your expenses and still give you a nice margin, but not too high that it will scare away renters. Setting a competitive price will attract more renters and minimise the risk of vacancy. Check out similar Brisbane apartments for rent and see how your unit compares in size, location, and building facilities.
4. Market properly
Market and promote your unit accordingly. First, know who your probable tenants are. Is your location, building facilities, and unit size more appropriate for single renters or a family with kids? Pattern you marketing campaign accordingly. If your market is the millennials, it would be wise to concentrate your campaigns online, while daily ads will be more effective if you’re trying to reach empty-nesters.
5. Find a good tenant
Finding the right tenant is key to a successful rental. A good tenant is not only one who will pay the rent on time, but will also keep your apartment in good condition. First, ensure that your tenant can afford to pay you. A quick check of their employment is recommended. To screen decent tenants, ask for references or of their previous landlords. Give them a quick call.
6. Be a good landlord
Know your legal and personal responsibilities as a landlord. That includes ensuring the safety and comfort of your tenants. Make sure that all features, fixtures, appliances, and furnishings are safe. Accomplish the proper legal lease documents. Regularly check on your tenants to make sure that your unit is maintained, and to ask for anything they need.
Not all apartments are suitable for renting out. The best apartment building to attract renters are those that are centrally located, include relevant facilities, and are newly built. Call us now for the most comprehensive listings of new Brisbane apartments. We’ll help you find the best one suited for your property investments needs.