How to Rent My Property: A FREE Guide for Landlords
Renting out your rental properties on your own can be a financially savvy choice. By skipping traditional real estate agents, you could save up to 8% annually in fees. If you’re considering short-stay management companies, the savings can be even more significant — up to 25% of your rental income.
Let's make an example:
For a property rented at $750 per week, that’s an annual savings of:
- $3,120 yearly savings in rental income compared to going with a traditional real estate
- $9,750 yearly savings in rental income with a short-stay management company.
And it doesn’t stop there. Additional costs, like lease renewal fees (often 1–2% of your annual rental income), can make the savings even greater when you rent your property yourself.
Too often, homeowners find themselves barely breaking even, with rental income just enough to cover the mortgage. But by taking control and renting your property yourself, you can keep more of what you earn — without sacrificing your time or peace of mind. Your weekly rent savings can add up to significant annual financial benefits.
If you're a landlord searching for the best way to rent your property, you're not alone. The rental market is competitive, and finding the right tenants while ensuring a steady income can be a challenge.
This guide provides practical tips to help you navigate the process and make informed decisions.
Step 1: Renting Your Property Online
When you decide to rent out your property, you typically have several options to consider:
Paid Advertising Options:
Platforms like Realestate.com.au and Domain allow you to list your property and reach a wide audience of potential tenants. These platforms are user-friendly and make it easy to attract prospective tenants while showcasing your property professionally. However, they come with costs:
Realestate.com.au: Listings typically cost between $300 and $400 per month, depending on the location and prominence of the ad.
Domain.com.au: Pricing varies but usually starts at $200 per month for a basic listing. Premium options can go higher.
While these platforms offer high visibility, landlords must manage tenant inquiries, inspections, and lease agreements themselves.
Free Advertising Options:
Platforms like Gumtree and Facebook Marketplace allow you to list your property for free and connect with potential tenants. While these options can save money, they come with their own set of pros and cons:
Gumtree: Great for reaching budget-conscious tenants, but it may take longer as less people are using it to find properties.
Facebook Marketplace: has a large audience and allows easy communication through Messenger. However, it can attract many inquiries from unverified applicants.
Third-Party Platforms:
Services like RentBetter and RentStreet combine the benefits of professional advertising with additional private landlord support:
RentBetter offers two options:
$199 one-off fee to advertise your property on platforms like realestate.com.au and Domain.
$95 one-off fee plus $29 per month for packages that guide you through condition reports, bond collection, and lease signing/renewal.
RentStreet: Offers similar services with transparent pricing and tools to simplify tenant management.
Alternative Rental Options:
Government Housing:
Leasing to the government offers guaranteed income, but typically comes with lower returns and longer commitment (3-12 years).
Short term rental Services:
Short-term rentals like Stayz and Airbnb are popular for maximizing income, especially in tourist areas. Management companies for these platforms typically charge 20-25% management fee of your rental income, plus vacancy costs. These services offer higher returns but require more turnover and maintenance.
Step 2: Everything Else
After you have decided on which platform to advertise, you're ready to kick start the process.
Prepare Your Property:
Keep the condition of the property clean, maintained, and compliant with safety regulations (see our blog: A Guide to Minimum Standards).
Consider small upgrades, such as fresh paint or modern fixtures, to increase its appeal.
Contents and Landlord Insurance:
Don’t forget to secure landlords insurance to safeguard your investment against unexpected issues.
Contents insurance is not compulsory but will add an extra layer of protection to your property.
Set a Competitive Rent:
Research similar properties in your area to determine a fair rental price (see our blog: How Much Should I Rent My Home For).
Offering slightly lower rent than competitors can attract high-quality tenants quickly.
Advertise Effectively:
Take professional photos to showcase your property's best features (see our blog: A Guide to Take Beautiful Photos of your Home).
Leverage multiple platforms, from paid options like realestate.com.au to free ones like Gumtree.
Use ChatGPT to help you write a short but eye-catching description of your home or use our guide here.
Screen Tenants Thoroughly:
Conduct background checks using tools such as the National Tenancy Database, verify employment, and check references to ensure reliability.
Look for tenants who demonstrate financial stability and a history of respecting rental agreements.
Create a Clear Tenancy Agreement:
Include details about rent, bond, maintenance responsibilities, and house rules. Ensure the lease agreement complies with local tenancy laws.
Bond Lodgement:
Always lodge the bond with the Residential Tenancies Bond Authority to comply with legal requirements (see our blog: How to Lodge Bond As A First Time Landlord).
Streamline Maintenance:
Establish a system for tenants to report maintenance issues easily.Respond promptly to requests to maintain a positive landlord-tenant relationship.
Common Challenges and How to Overcome Them
Vacant Periods: To minimise vacancies, market your property proactively and negotiate move in dates.
Late Payments: Implement clear payment terms and consider automated payment systems.
High Turnover: Build good relationships with tenants to encourage longer leases and stability.
The Importance of Staying Informed
The rental market evolves constantly, so staying informed about trends and legal requirements is crucial. Join local landlord groups, subscribe to industry newsletters, or consult with professionals to keep up to date.
In Conclusion
Renting out your home or investment property shouldn't be overwhelming or expensive. By taking control of the process, you can maximize your income, avoid unnecessary fees, and ensure your property is in good hands. With the right tools, strategies, and support, you’ll not only cover the mortgage but also build a stable, profitable rental experience.
Property Owner: We hope you have found our guide helpful! Do reach out if you have any further questions :)
