The Process of Renting Out Your Own Property
What are the steps to follow when renting out your own property?
Let’s talk about the process of renting out your property.
There are definite steps that you can follow, either consciously or subconsciously. This blog will outline the six fundamental steps in the process of renting out your property.
Whilst there are different forms and regulations for each state in Australia, the steps in the process remain the same and they are important to get right. So let's jump right in.
The 6 Steps to follow:
- Advertise your rental property
- Seclect your Tenant/s
- Create a contract (Lease Agreement) with your tenant
- Onboard your tenant
- Manage your rental property
- Complete the rental process
1) Advertise your property
When to start? Prepare 6 weeks prior to the vacancy date.
What to do? Take photos, draft and publish your ad, organise inspections.
When to end? When tenants are ready to move in.
2) Select a Tenant
When to start? As prospective tenants enquire
What to do? Inspections, Applications & Reference checks
When to end? When a tenant is identified and approved.
3) Create a Contract
When to start? Prepare documents as tenant is approved.
What to do? Guide, Lease Agreement, Bond, Condition Report.
When to end? After the lease documents are signed.
4) Onboard your Tenant
When to start? Once lease documents are signed.
What to do? Exchange keys and establish a payment schedule.
When to end? After 1-2 rental payment cycles are completed.
5) Manage your Property
When to start? At lease commencement.
What to do? Track rent, issue receipts, manage requests, insurance.
When to end? At the end of the lease.
6) Complete the Rental Process
When to start? At the end of the lease.
What to do? Final inspection, Bond return.
When to end? When the keys are returned.
Get the basics right with 'The Big 4' - A state by state guide on the basics of what you need when renting out your own property.
Remember to Set and Manage Your Goals
Set actionable goals to help you get everything done. Remember that six step process is a guide, and not prescriptive.
You'll have your own way of doing things, and that's great! But be sure to set goals to make sure you're on track for success.
Download the Self-Management eBook.
Want to understand how to rent out and self-manage your property? Start here - Your step-by-step guide to renting out your own property will include:
- How to rent out your property - Six simple steps from advertising your property through to signing a lease and managing rental payments.
- How to start your lease - State-by-state guide for setting up you lease, collecting bond, conducting a condition report & more.
- Inspection checklist - Everything you need to do to organise and manage inspections.
- What to do if a tenant doesn’t pay? - What to do next and which state-based laws apply.
- How to advertise your property - What to include in your property ad to make it stand out.
- How to select a tenant - What questions to ask and background checks to make.
- How to collect rent - Payment schedules, rental ledgers, receipts & more.
