How do I rent out my property?
Great question. Smart too. Renting out your property can be a great way to earn extra income. And here’s the great news: you don’t need to be an intentional property investor to benefit.
You may have
- Moved out of your home having relocated for work
- Married and now have a property ‘to spare’
- Inherited a property
There are many reasons why people ask about renting out their properties but ultimately, they all deserve the same thing – a steady income and great rental yield.
First, a word of advice
If you’re renting out your home, or a property that has memories, the transition can be difficult. If you have an emotional connection, the lines become blurry. You may need to tweak things to make your property more appealing to guests or tenants. As property managers, we see many clients who struggle to make the changes needed (no matter how small), to make their properties competitive and attractive. Remember, if you’re renting out your property whether here in Perth or anywhere, the competition’s hot. Be objective, take advice so you enjoy optimal returns.
Renting out your property for long-term or short-stay and managing it yourself is possible, even for a rookie. If you have the time, patience, are willing to learn and hit some stumbling blocks, you can certainly do it yourself. Your measure of success will be how frequently your property is occupied and the rental income you yield compared to the time and effort spent. As a novice, it can be a slow build, so go easy on yourself.
Some important considerations
- There are tax implications that may apply depending on your personal circumstances so speak to your accountant before you get started.
- You’ll need landlord insurance, so check out specific policies with your preferred insurer. Beyond price, read the fine print. Then read it again. Policies vary considerably.
- Each state and territory have different laws relating to safety and your obligations as a landlord, so familiarise yourself and pay attention to detail.
- Councils and Body Corporates have their own rules and regulations too, especially for Airbnb and short-stay rentals, which can add further complexity to the process. Check them out to avoid tears later.
Hire a property manager
The easier, low-stress way to rent out your property is to hire a property manager. This ‘done-for-you’ option means you can leave your property in safe hands, relax, and enjoy the income. Find one who’s familiar with the real estate and property management market (including Airbnb and short stay) in your specific area as they have insider-knowledge of the competitive landscape and know the current laws and regulations in your state.
If Airbnb or short stay property management is your preferred option, guest turnover is considerable, tasks can be mundane but the returns high. Be sure to discuss all options open to you.
Not just any property manager. The right one.
Like everyone, property managers come in all shapes and sizes, so look around to find the best fit for you.
Bear in mind that while the services offered may be similar, the level and speed of service can vary greatly. Consider price too. It’s not a reliable indicator of what you can expect, so balance objectivity with gut instinct to get the feel of the property manager you’re dealing with, not just the list of services they provide.
This post may help: How to Choose an Airbnb Property Manager That’s Right for You
Ask for a detailed list of services, how they charge and what that might cost you.
Still keen to rent out your property?
Then see it as an income-building investment strategy, protect your interests and do it properly. There’s much to be lost both financially and emotionally by relying on a quick search on Google, Bing or Yahoo. Do your homework, consult experts and gather as much information as you can. The rewards can be big.
Pick up the phone. It’s free.
If you’d like to rent out your property in the Perth or Perth Metro area, give us a call to discuss your options. We’ve accumulated over 17 years’ experience in the Perth and WA property market. We’re happy to share it with you.
Further reading: Is Airbnb a Good Investment
Our Guests are happier. Happy Guests = Great Returns. Simple.
Beyond my expectation! Definitely set the bar very high for my future Airbnb’s. Phoebe has made this house so comfortable that we couldn’t bare to checkout. Will be back some day!