Here’s how to get your investment property renter ready

Article by Sinead Clarke Communications Manager 25 October 2024

Investing in a property in Australia can be a lucrative venture, but it’s important to remember that it’s also a financial commitment. According to recent data, the median rental price in Australia has increased by 8.5% over the past year. In fact, many Australian suburbs have seen rental price increases exceeding 15% compared to the previous year. This significant rise highlights the importance of ensuring your investment property is in top condition. By maintaining a tip-top property, you can attract quality tenants and maximise your rental income in today’s competitive market.

Getting your investment property ready for a new tenant involves a number of steps, including cleaning, maintenance, repairs and staging. By following the tips below, you can ensure your property is in the best possible condition to appeal to potential renters.

1. Make a comprehensive list of priorities

Making a list of priorities is a crucial step in preparing your investment property for a new tenant. By identifying and organising the most important tasks logically, you can ensure that your efforts are focused and efficient. Start by considering factors such as the property’s condition, the timeline for finding a new tenant and your budget. Prioritise tasks based on their urgency and impact on the property’s overall appeal. This will help you allocate your time and resources effectively and ensure a smooth transition for the new tenant.

2. Organise any maintenance and repairs

Once you have made a list of priorities, you can start to organise any maintenance and repairs. It’s important to get these done before the new tenant moves in.

Consider the following:

• Preventative maintenance: Perform routine maintenance tasks, such as changing air filters, checking appliances and servicing heating and cooling systems.

• Schedule repairs: Contact qualified tradespeople to schedule repairs for plumbing leaks, electrical faults or structural problems.

• Address safety issues: Ensure that all safety equipment, such as smoke detectors and carbon monoxide detectors, is working correctly.

3. Ensure the paintwork is up to scratch

Fresh paint can make a big difference in a property’s appearance. If the paintwork is starting to look faded or worn, it is a good idea to repaint it.

Consider the following:

• Professional painting: If you have larger projects or are unsure of your painting skills, consider hiring a professional painter.

• Choose neutral colours: Opt for neutral colours like white, beige or light grey to appeal to a wider range of tenants.

• Touch-ups: Address any scuffs, marks or peeling paint.

4. Find quick wins to add value

There are a number of quick wins that you can do to add value to your property. These could include painting the front door, adding new light fixtures or updating the landscaping.

Consider the following:

• Enhance curb appeal: Make an excellent first impression by improving the property’s exterior.

• Modernise features: Update outdated fixtures and finishes to give the property a more modern feel.

• Create a welcoming atmosphere: Add personal touches like artwork or plants, to make the property feel more inviting.

5. Add landscaping touches to make It homey

Landscaping can significantly improve a property’s curb appeal. Small changes, such as adding potted plants or flowers, can make a big difference.

Consider the following:

• Maintain the lawn and garden: Keep the lawn well-manicured and the garden free of weeds.

• Add colour: Plant colourful flowers or shrubs to brighten up the space.

• Create outdoor living areas: Consider adding a patio or deck for outdoor entertaining if space allows.

6. Consider adding appliances and mod-cons

If your property is older, consider adding some new appliances or mod-cons. These could include a dishwasher, a clothes dryer or a new air conditioner.

Consider the following:

• Assess tenant needs: Consider the preferences of your target tenants when choosing appliances.

• Energy efficiency: Opt for energy-efficient appliances to reduce utility costs.

• Budget: Set a budget for appliance upgrades and prioritise based on your needs and the property’s value.

7. Ensure you have landlord insurance

Landlord insurance can protect you from financial loss if your property is damaged.

Consider the following:

• Coverage options: Explore different coverage options so you have adequate protection for your specific needs.

• Claims process: Understand the claims process and how to file a claim in case of an incident.

• Regular reviews: Review your insurance coverage periodically to ensure it remains adequate as your property and circumstances change.

8. Conduct a Final Inspection

Before the new tenant moves in, it’s a good idea to conduct a final inspection. This will help you ensure the property is in good condition and has no outstanding issues.

Consider the following:

• Walk-through: Conduct a thorough walk-through of the property, noting any damage or maintenance issues.

• Documentation: Take photos and document the condition of the property.

• Tenant agreement: Ensure that the tenant signs a move-in inspection report to acknowledge the condition of the property.

9. Work with your Property Manager to arrange photos and set the rent

Your Property Manager can help you arrange professional photos of your property. They can also help you to set the rent.

Consider the following:

• Professional photography: High-quality photos can make a big difference in attracting tenants.

• Rental market analysis: Research rental prices in your area to set a competitive rent.

• Tenant screening: Work with your Property Manager to screen potential tenants and ensure they meet your criteria.

• Respond to tenant requests and concerns in a timely manner.

By diligently following these tips, you can significantly enhance your investment property’s appeal to potential tenants. A well-maintained, inviting property not only attracts high-quality renters but also minimises the need for costly repairs and maintenance issues down the line. 

By investing time and effort into preparing your property for the rental market, you’re positioning yourself for long-term success as a landlord, enjoying consistent rental income and peace of mind. For more information on how to spruce up your investment property, take a look at our blog: 5 ways to add value to your investment property. Remember, a happy tenant is reliable, and a well-presented property is the key to attracting and retaining quality renters.