Andrew Morello: What to look for in a property

To get your free copy of the full Morello Matrix eBook visit www.ybr.com.au/morellomatrix

Consider the type of person who will want to rent your property i.e families want schools, why young professionals want restaurants and public transport.

Consider these attributes

• Close proximity to shops
• Distance to schools, universities, colleges
• Close to churches, playing fields and parks
• Proximity to public transport
• If on the edges of the city, close to a freeway
• Near to cultural hubs such as cinemas and theatres
• Near to a waterway, such as a beach, harbour or river
• In a place with character, such as colonial or federation style
• In a building with community features such as tennis courts, pool or barbecue area
• Close to a major employment centre

All of these may seem basic, but you must consider them. There are other things to look for in the actual rental property:

• Modern, clean kitchen
• Clean, functional bathroom
• New floor coverings
• Good paint job
• Garden
• Extras such as paid television connection, storage shed, barbecue area
• Good laundry (if renting to families)

Type of tenant

Try to get a tenant to sign up for longer than a year

• Ask yourself: is the highest payer better than a tenant who is most likely to really look after your property?

Outsourcing service: if you don’t have a lot of time or willingness to invest in learning about legal matters, maintenance and collections, then strongly consider outsourcing this to specialised businesses that do: property management businesses.