CityLife Real Estate
RE/MAX Real Estate Cairns
Tips On How To Find a Rental Property
Ray & David Murphy
: (07) 40 444 888
The rental market is very tight at the moment and people are finding it very hard to secure a rental property. Here are our top tips on how to position yourself so you are considered over someone else for your next rental property in these high demand times.
Filling out your rental application is key when you are applying for a rental property.
Ensure all the information is there, so you can make sure your application is considered.
If your application is not complete, your application will be moved on and the next application will be processed.
When you have 20 or more applications in front of you, having the application form completed is of paramount importance.
Don’t forget about the pet friendly properties. Make sure you have all the required information as well – photos, references and everything you need for your pets, because they are considered as well in the application process.
You also need to be flexible in your location, rather than just saying northside or southside, and factoring in extra driving time if necessary.
You may want to be in a particular school catchment, but with the current market, you do need to be flexible in your search for your new home.
The first thing we will do with a rental application is a TICA check. Which is the tenancies information centre. We look at your affordability. It must be no more than a third of your income. If you meet that criteria, then we’ll go to your rental history.
It’s important that you pay your rent on time.
We will work with the owner to select the applications that we feel are the right fit for the property and the landlord.
If there’s been a minor glitch in rental payments, we’ll go back and ask further questions.
If the landlord and ourselves feel comfortable with what we see and hear, then we’ll take the next steps. It’s important we fit the right tenant to the right property.
If you’re looking to invest in a rental property then the Cairns market is very attractive at the moment in terms of your yield in comparison to your capital outlay compared to metropolitan areas.
With record low interest rates at the moment, we don’t have any properties that aren’t positively geared.
The happy medium is around five percent and we are comfortably getting that for a lot of our properties. Four percent net is still a fantastic return.
Rentvesting is also a popular investment choice. Rentvesting is renting out your primary place of residence and renting another property where you want to live.
The other property may be downsizing because your children have left home, or it may have attributes that your property doesn’t have.
Rentvesting is also really popular with empty nesters. You can get very good rent if you have a larger home, and if you don’t need all that space, you can downsize to a unit, or you may want to move into town.
The other great benefit is that your home is turned into a tax deduction-type property.Rentvesting is definitely an option that people should be considering.
Your primary place of residence – you can get a good yield north of five percent net return in comparison to the rent you will be paying if you are looking to downsize. If you’re looking to generate wealth, it’s a great opportunity.
It’s key that you employ a property management team that has experience.
The RE/MAX team comes with a wealth of knowledge. Our whole team are investors themselves so they get it. One of the biggest things that sets us apart is our property managers’ workload. We don’t overload them with properties to ensure they have the time they need to properly service our clients.
We ensure we have good relationships with owners as well as tenants to ensure a smooth process. We are a family-run business. We all have our own specific roles and we all have our own diversities and strengths within those roles, which is what sets us apart from the rest.