As you embark on the exciting journey of renting out your property, one crucial aspect to consider is tenant placement. Finding the right tenant can make a world of difference in ensuring a smooth and enjoyable rental experience for both parties involved.
Steps to follow OUTSIDE Kavaho
- Prepare your property for rent.
- Determine a fair rental price by comparing to similar properties in your area which have been rented out recently. This is called a ‘comparative market analysis’.
- Advertise property for rent, preferably on at least one of two most popular listing platforms, either
- Real Estate, Property & Homes – realestate.com.au, or
- Domain.com.au | Real Estate & Properties For Sale & Rent
- Conduct property viewings and interview/meet tenants to make sure they are a good fit.
- Receive and screen applications from potential tenants.
- Reference checks.
- Tenant selection.
- Offer tenancy to the successful applicant(s) and request payment of a holding deposit into your bank account.
- Tenant(s)
- accepts offer.
- pays the holding deposit: if the Landlord enters the holding deposit amount in the lease agreement, then the amount is automatically deducted from the first rent payment.
- pays bond to secure the tenancy, preferably directly through Rental Bonds Online otherwise to the Landlord who must then submit the bond to Rental Bonds Online. Rental Bonds Online will email a receipt to both tenant(s) and landlord.
- Cancel rental advertisement.
- Removable items: take a photo and make a note of all items provided to tenants, including:
- keys e.g., keys to doors, windows, letterbox
- removable controls e.g. for gate, garage shutter door and air conditioning units
- Give each tenant on the lease agreement a set of property keys.
Steps to follow INSIDE Kavaho
After step #10, above, the Landlord has the information needed to create the new lease agreement in Kavaho.
- Create and sign the digital lease agreement.
- Kavaho automatically sends the lease agreement to the tenant(s), and
- provides tenant(s) with NSW New Tenant Checklist form so they are aware of their rights and responsibilities
- Tenant(s) accepts offer and signs the digital lease agreement. Kavaho automatically:
- notifies all parties named in the lease agreement
- creates the rent payment schedule and starts monitoring for payments
- makes the lease agreement available to all named parties
- prompts the Landlord to undertake an Entry Condition Inspection.
- Complete Schedule 2: Condition Report. The old way involves creating multiple paper copies. In Kavaho, the one digital report is signed by and shared with everyone named on the lease agreement.
- As soon as possible after the tenant signs the agreement, the tenant(s) must inspect the residential premises and complete the tenant section of the Condition Report.
- Once satisfied that the Entry Condition Report is true and complete, both tenant(s) and landlord sign it electronically. The signed report is shared automatically within Property Inspections.
- To complete the process, the landlord must add a document ‘Key Record and Transfer’ by simply uploading the file into the Property’s Documents. This is not an existing form. You simple need to take a photo of all the keys for your property that are being given to the tenant as a visual record, and upload this into Kavaho so it is filed on record of what you gave the tenant.
Congratulations! You’ve successfully navigated through the essential steps for tenant placement as a self-managing landlord in New South Wales. By preparing your property, setting a fair rental price, marketing effectively, screening applicants, conducting interviews, and selecting the right tenant, you’re well on your way to a successful tenancy.
Remember, tenant placement is a crucial aspect of property management, and taking the time to find the right tenant will pay off in the long run. Stay organised, communicate clearly, and trust your instincts. Here’s to finding the perfect tenant for your investment property!