Leasing your home can be a great way to generate that extra income while maintaining the ownership of the property. Here are 6 things to consider before you do:

  • 1. Get a CMA

    Before letting your property, you will need to get a marketing valuation, or CMA (comparative market analysis), from a local property expert to guide you on what your property is likely to rent for.

  • 2. Hire a Property Management Team

    Consider giving your house to a Property Management team, especially if you own multiple properties or do so remotely. You can grant the property supervisor the power of attorney to deal with payment collections and renewal of your property on your behalf so you can have a total peace of mind.

  • 3. Choose your broker

    Next, you will want to choose a broker to list the property with. Not all brokers or brokerages are the same and you should look for a brokerage you can trust with a good reputation and a strong marketing package to help your property stand out from the crowd in this competitive market. Professional photography, online presence and an active brokerage network are important to give your property the best exposure and attract tenants. You should also look for a broker with a wide reach as a good brokerage will bring tenants from far and wide to your door.

  • 4. Be exclusive

    List your property exclusively with one agent. Exclusive listings give the broker the confidence and security to invest more time and money into marketing your property which will help you get the best result.

  • 5. Sign Contract

    In order for your broker to list the property, all registered owners will need to sign a contract, a document giving them permission to market your property. In order for your broker to complete their due diligence, they will also ask you for a copy of the title deeds and your ID.

  • 6. Make the property camera-ready

    You never get a second chance to make a first impression. Your broker should advise you on steps to be taken to make your property look its best for the photoshoot and for viewings. A fresh lick of paint is very effective ways to make a property more appealing to tenants and don’t forget the garden and front of the property to maximize the curb appeal.

  • 7. Consider short-term rental

    If your property is furnished consider leasing your property as a short-term rental for higher returns. Short-term rentals tend to yield higher returns compared to the annual rental and offer more flexibility to landlords.

  • 8. Stay up to date

    Once your property is listed you should be able to see it on the various property portals and your broker's website and viewings should begin straight away with tenants that the broker has on their books. Your broker should keep you updated after every viewing and should speak to you about the marketing strategy weekly.

You are now ready to move in, unpack and enjoy your new home!

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