Leasing Your Property
Step 1 - The Market Appraisal
Once you have
decided to lease, the next step is to seek a market appraisal from your local PRD
Ballarat real estate agent. This information will help determine a likely price
In addition, conduct your own research by checking property results in your local paper, searching the internet and attending open homes of other properties for lease to determine the strength of the market.
Your agent’s experience in your local area will give you sound advice as to where your property sits in the market.
Step 2 - The Role of the Real Estate Agent
property follows a particular course of action, with each step meeting legal or
The role of your PRD agent is essentially to lease your property to the best possible tenant, at the highest price in the shortest possible time frame, with minimum inconvenience to you.
PRD agents work with your interest in mind, providing services such as:
- Local and Informed - Advice on the likely leasing price of your property
- Expertise - Market research
- Accuracy - Comparables in the marketplace
- Knowledge - What has been leased and is for sale
- Exposure - Marketing your property to the most likely tenants
- Strict letting procedures - Careful screening to ensure the best possible tenant
- Make it Easy - Facilitating the legal leasing documentation
- Less Stress - Continual management of your valuable asset
- Be Informed - Keeping in contact with you throughout the leasing and management process
Step 3 - Choosing Your Real Estate Agent
The real estate agent of your choice will make a significant difference to the likely outcome of the leasing process. Always choose an agent in your local area, as they have solid knowledge of local prices and will have potential tenants on hand who are looking to lease in the area.
Be wary of agents providing top dollar estimates for your property, as they could be trying to buy your business with unrealistic price expectations. A qualified agent can give you accurate advice on the real estate market, and PRD Ballarat agents will discuss the benefits of our “service guarantee” and explain “ what sets us apart” from other agents.
Step 4 - Types of Agency Agreements
Once you have chosen your agent, it is time to decide what is the best method to lease your home. Essentially, there are two methods of leasing a property:
Exclusive Agency/Exclusive Listing:
One real estate agent or office leases your property.
Properties leased under exclusive agreements usually lease for the best price in a shorter time.
The exclusive agency method is recommended over the open listing method because the lease of the property is in the hands of only one party.
The advantage for you is:
- Saving the confusion of having to liaise with more than one agent.
- Saving time and money involved in advertising and marketing costs when a number of agents are trying to lease the property.
- The agents full focus and commitment is guaranteed.
property with several real estate agents.
Properties leased under open/general listing often take longer to lease and don’t always produce the best result.
Your PRD agent will discuss all the options with you, and explain the benefits of our service guarantee.
Step 5 - What is your property worth?
Setting the price is one of the most important decisions you have to make when leasing your property. Features such as location, size, age and unique attributes will help determine the figure, as will checking leasing prices on similar properties in your area.
Setting the right price for your home is the single biggest factor that will determine the success or failure of leasing your home.
The consequences of making the wrong decisions are painful. If you price your home too low you will literally give away hundreds of dollars that could have been in your pocket. Price it too high and your home will sit unleased for months, developing the reputation of a problem property requiring a price reduction and further time delays.
Our in-house Research Department gives PRD agents access to property information such as average property prices, demographics, sales activity and rental returns. Such information will help you set the asking price of your property.
- The market determines the value.
- The amount of money you need to get out of the lease of your property does not affect its value.
- What you think it should be worth has no effect on the value.
Step 6 - Marketing your property
When leasing your property, you have options of how you would like to market your property.
You have the choice of leasing with a marketing and advertising budget or without.
It is possible to lease your property quietly, without advertising or promotion, if we have the right tenant in the right price range in our database. Most properties attract the majority of interest in the first 21 days of promotion. Failure to expose your property in this time frame may hinder the leasing process and the chances of attracting the best quality tenant at the highest possible rent.
Leasing your property with a well planned marketing program ensures your property receives maximum exposure, and ultimately attract the best quality tenant at the highest price.
There are several marketing options available:
• Signboards •
Press Advertising • Online Advertising
• Window Displays • Open For Inspections • Quality Photography
Your PRD agent will give your property a thorough, memorable exposure over the allocated period, reaching as many people as possible.
We will develop a marketing plan best suited to your property and your needs.
As part of the marketing of your property you will be regularly informed of the progress being made. Your agent is committed to ensure an expedient lease.
At all times this feedback will be honest and balanced. Regular progress reports help you work with your agent to make the right decision for your property for Inspection
Step 7 - Selecting the right tenant
We ensure that all people inspecting your property are personally escorted by our specialist Leasing Consultants. This allows for interaction with our leasing consultant to highlight the features of your property and assess each potential tenant. All interested tenants will be thoroughly checked using our intensive screening process using:
- Direct contact with each prospective tenant.
- Through Identity checks (including photocopy of the potential tenant’s licence).
- Employment verification (capability of meeting rental payments).
- National database search (this verifies no poor rental history).
- Comprehensive reference checking including tenancy, business and personal reference checks.
Tenant selection is carried out in direct consultation with you. (We will provide you with the opportunity to peruse the tenancy application or meet any prospective tenants should you wish to do so).
Once a tenancy application has been approved, we will then take care of all the relevant documentation including preparation of the Lease Agreement, lodgement of the Bond with the appropriate authority and the completion of a Condition Report (including photos),direct debit, water and any special requirements (Where possible).You will be provided with a copy of all relevant documentation.
Step 8 - Continual ManagementYour PRD agent will discuss with you our “service guarantee” which documents our ongoing management procedures.