FAQCentre

Buying

Renting

What if I am unable to make a rent payment?

As a renter, you are responsible for paying your rent on time. If you know you are going to be unable to make a rent payment, you should contact your property manager/rental provider as soon as possible prior to the payment date. This will allow sufficient time to discuss the late payment and allow for you to work out a reasonable solution together. However, in this scenario, a rental provider does not have to be flexible on payment dates and may still insist on receiving payment on time. If this is the case, the rental provider may choose to take formal action. 

Where can I find information about the rules and legislation around renting?

You can visit Consumer Affairs Victoria or talk to a friendly Melcorp Real Estate agent who can guide you through the key legislation items. 

Am I allowed to make minor modifications to the property?

Some specific modifications to your rental property are allowed. However, upon the ending of your lease agreement, you will need to return the property to its original state. For a list of these visit Consumer Affairs Victoria.

How do I arrange repairs for the property?

Melcorp Real Estate tenants can contact their property manager to arrange repairs. If repairs are of an urgent nature and fall outside of business hours, they will need to contact ABLE on (03) 8616 8365

What happens if my rental provider decides to sell the property?

Your rental provider will need to provide you 60 days notice to vacate if you are within a periodic lease agreement (week to week or month to month) if they wish to sell the property. If you are within your fixed term lease agreement, the property will need to sell with you as an existing tenant and honour your agreement. You will be provided with 24 hours notice prior to all property inspections. At the end of your lease agreement, it will be up to the new rental provider whether you can stay or will need to vacate the property. 

What happens if I need to break my lease?

If you wish to end your lease when your tenancy is a periodic tenancy (runs week to week or month to month) then you will need to provide 28 days notice of intention to vacate from when you wish to leave the property. 

An exit condition report will then be done within 10 days from when the tenancy has ended, and both the rental provider and renter can attend. 

What happens when my lease expires?

If you (the renter) wants to stay in the property after the lease agreement ends, you will need to ask your Real Estate Agent to discuss this with your rental provider. Generally, if the rental provider is pleased with you as a renter and the state in which you have kept their property, you and the rental provider will enter another lease agreement (usually with a lesser term). 

If you wish to move out after the lease agreement term, you will need to return the premises to the rental provider in the condition it was at the beginning of your lease. This often means getting the property professionally cleaned and returning any modifications to the home you have made be reversed back to their original state. All damage must also be repaired at this stage. If these tasks are completed, the renter will likely receive their bond back from the rental provider. A Melcorp Real Estate agent can walk renters through this process and can help ensure they will get their bond returned. 

What documents do I need when applying for a property?

When applying for a rental property, you should be prepared to provide the following information:

  • Your identification. This needs to be photo identification and can be in the form of a Driver’s License or Passport. You will also need to potentially provide a Medicare card, birth certificate or car registration as additional sources. 
  • Personal and/or professional references. You will need to provide the names and contact information of referees  who will be able to provide you a good reference should you be considered as a tenant.
  • Copies of rent receipts (if you have rented previously). 
  • Copies of previous utility accounts. 
  • Bank statements and payslips to show your proof of income. 

What is the settlement?

Property settlement is the legal process that is facilitated by your legal representatives and that of the vendor. It is the process in which ownership of the property is transferred from the vendor to you as the new owner. The seller will set a settlement date in the contract of sale, generally this period is from 30 to 60 days. 

On settlement day, your solicitor or conveyancer will meet with your lender and the seller’s representatives to exchange documents. They will then organise for the remaining of the purchase price to be paid to the seller. 

What should I look for in a home?

When looking to buy a property to live in, you need to decide on a few discerning factors to help narrow your search. Firstly, you should do area and neighbourhood research to ensure you are looking within an area that meets your location, lifestyle and local facility needs. From here, decide upon what features of a home are most important to you. For example, this might be having a garage, backyard, separate toilet and bathroom or a number of other alternatives. It’s a good idea to then rank these features in order of importance and work out if any features are non-negotiable for you. This will then help you narrow down your search and cut options out by a process of elimination. 

Overall, what you want in a home is entirely up to you and your individual needs. 

What happens on auction day?

If you attend an auction of a home you are wanting to bid on, you simply can just attend as you would if you were just viewing (no registration required). 

The auctioneer will go through all rules before any bidding begins. Here, you should listen carefully as some rules can differ depending on what type of property you are buying. 

If you end up being the bidder with the highest bid, you will be required to sign the contract and pay your 10% deposit. Remember that there is no cooling off period if you buy your property at auction. 

What research should I do before buying a home?

It is important to have a good understanding of the housing market and what you are looking for, prior to making a bid or offer on a property. 

Speaking to a Melcorp Real Estate agent will allow you to gain insight on the neighbourhood you are looking to buy within in terms of expected buy price, rentability, strata and council fees. As a buyer, the more information you can be equipped with, the more prepared you will be in making an offer on your potential home. Knowledge is power! 

What are the extra costs involved when buying a property?

When buying a property, some of the associated costs can seem a surprise. If you speak to our friendly team prior to buying or making a bid, these won’t seem such a shock! Associated property buying costs include the following: 

  • Deposit (usually 20% of the home’s overall cost), however you should assess possible concessions and grants if you are a first home owner. 
  • Stamp duty (if you are a first home owner stamp duty costs are entirely waived or reduced). 
  • Lender’s mortgage insurance (if you have a less than 20% deposit). 
  • Building insurance
  • Building inspection 
  • Legal costs such as lawyer or conveyancers
  • Council rates, strata fees. 
  • Any moving costs

What is the process of buying a home?

Here is a process which you can move through when looking to buy a home:

  • First, you’ll need to figure out what type of home might suit your needs.
  • Visit a lender to find out your borrowing capacity and plans. 
  • Work to the budget outlined by the lender and save your deposit.
  • Once your deposit is saved, apply for pre-approval.
  • Let a Melcorp Real Estate agent help you to find property that matches needs and requirements. 
  • Get a lawyer or conveyancer to review the contract.
  • Get building and pest inspections. 
  • Make an offer or bid at an auction of a desired property. 
  • Sign contract and pay your deposit.
  • Await your settlement period. 
  • On settlement day, arrange for the balance of the buying price to be paid and move in!

What questions should I ask an agent when buying a home?

When buying a home, asking the agent as much as possible is important. Working with a trusted agent, like Melcorp Real Estate is also a key factor in being able to build a rapport and gain insights into the property and what the vendor might be looking for. 

Some specific questions you might consider asking an agent when wanting to buy might be:

  • What are comparable property sales in the area?
  • Why is the vendor looking to sell?
  • How long has the property been on the market? 
  • How much are council rates and strata fees? 
  • Exactly what is included in the sale? (important if you are buying an apartment/unit or villa. 
  • How long have the current owners lived in the property?
  • What is the estimated rent value of the property? This is important if you are looking to use the property as an investment. 

Selling

Property
Management

Can I sell my property while it is currently leased?

The short answer is yes, you can sell your property even if it has existing tenants. A property owner has the right to sell your property and end a periodic lease agreement with your tenant (month to month or week to week). If you are within a fixed term lease agreement, you will need to sell your property as tenanted. However, while this might attract investor-buyers, you might alienate a significant portion of buyers who wish to occupy their home.

How long will it take to sell my house?

The time it takes to sell your property will depend on a number of factors, and a Melcorp Real Estate Agent will guide you through these by discussing the below: 

  • The average number of days homes spend on the market in your area. This can be highly telling and provide an accurate insight into how your home will fare. 
  • Are you in a sellers or buyers market? Our agents will give you access to valuable reporting and access to market information. Determining whether you are selling in a buyers or sellers market will consider factors like the number of similar homes also for sale in your area, the size of the potential buying pool, interest rates and unemployment rates. Each of these market factors can affect how quickly your property will sell and at what price.
  • Choosing an auction or listing the property for sale. An auction is often considered the best method of sale during a sellers market. This is because an auction can very quickly drive up the price of your property. A Melcorp Real Estate agent will be able to discuss this choice with you thoroughly, and offer advice on the best method of sale for your individual property. 

Why do I need to be out of the house for inspections?

Being out of the house for inspections is standard practice in real estate. This is because it allows buyers to feel truly comfortable when viewing the property and therefore creating a space where they might be able the visualise the home as their own. Buyers can dream about what it might be like to live there, raise a family there, entertain or renovate. This process allows buyers to become emotionally invested in the property – an aspect not to be underestimated in the property sale process.

How do I prepare my home to sell?

There are a number of options at different price points to prepare your home for sale. These can include the following:

Professional photography: Professional photography is a must when selling. Let’s face it – a property’s photos can leave an impression on a buyer about whether a home is worth a certain amount. Photos that are clearly not professional and done in poor lighting will not imply an image that you desire as a vendor. 

Virtual furniture: If your home is empty, it can really assist interest to pair professional photography with virtual furniture. Virtual furniture is simply that – furniture that is edited into a photo following it being taken. Virtual furniture can make a home seem stylish and modern and can allow potential buyers to really visualise themselves within your home.

Property styling: To sell the ultimate package when advertising your home, there no better option than getting professional property styling. Melcorp Real Estate have partnerships with high-end interior designers that can lease out and style furniture in your home during the sale of your property. Getting your home professionally styled with a  furniture package has been proved to add to the perceived value of your home, and thereby get you a greater sale price. 

What is the agent’s role at an Open for Inspection?

Following enacting a strategy to invite as many potential buyers to inspect your home as possible, an agent’s role at an Open for Inspection is to interact and provide information to these buyers to encourage an offer or bid at auction from them. 

A Melcorp Real Estate agent will ensure to have your property inspected at times that are suitable and likely to be highly attended by potential buyers. They will also list and obtain inspectors’ contact information as this may be important if an offer arises, or following an auction where there was no successful bidder. Furthermore, our agents will ensure to answer buyers’ questions with as much detail as possible, with the objective of ensuring your home is presented in the best light. Following an inspection, a Melcorp agent will follow up with all attendees to assess their interest and provide a report to you based on their findings.

What is the role of a real estate agent when selling a property?

The role of an agent when selling your property is simple – to act as your representative and in your best interests throughout the entire sale of your home process. 

Using a real estate agent with solid experience about your property’s area and likely buyers is key to obtaining a desirable sale as soon as possible. Melcorp Real Estate are experts when it comes to matching appropriate buyers to the right property and serve to obtain the best price for your home. 

A Melcorp Real Estate agent will proceed to inform you of current market trends and give you professional and realistic advice about a sale price you can expect for your home. They will then arrange high-level marketing, which will cover print and digital mediums, list your home on all relevant online platforms and offer advice on staging and styling your home for inspections. Following this, you will then be advised whether to advertise your property for sale (with a price) or to put it up for auction or expressions of interest. The advantages and disadvantages of each of these options will be discussed with you.

Can I end a lease agreement before its official end?

There are a number of exceptional reasons a rental provider can legally terminate a lease prior to the fixed term end date. These include:

  • A renter causing reckless damage to a property.
  • The renter puts neighbours, the rental provider or agent in danger.
  • The property is deemed unfit for human habitation.
  • The renter owes at least 14 days rent.
  • The renter has failed to comply with a VCAT order.
  • The renter has been given two breach of duty notices and the same breach occurs.
  • The home is being used for illegal purposes.
  • The renter has brought in sub-letters (other renters) without consent from the rental provider.
  • The renter has not paid the bond as agreed

Melcorp Real Estate can help you navigate the VCAT process when lodging formal disputes. 

Can I increase the rent during the lease period?

A rental provider cannot increase rent during a fixed term lease agreement, unless the rental agreement states otherwise. Outside of a fixed term lease agreement, a rental provider must provide 60 days notice to a renter of the rent increase. Melcorp Real Estate can discuss your rental expectations and what is achievable for your property at length. We are the experts when it comes to guiding rental providers through the lease of their property.

How do I make my property more appealing to renters?

There are a number of options at different price points to prepare your home for rent. These can include the following:

Professional photography: Professional photography can be really helpful when appealing to renters. A property’s photos can leave an impression on a renter about whether a property is worth a certain amount. Photos that are clearly not professional and done in poor lighting will imply a poor image of your property and what it’s worth. 

Virtual furniture: Like many property investors, your home may be empty. A great and affordable tool to making your property seem more appealing is pairing professional photography with virtual furniture. Virtual furniture is simply that – furniture that is edited into a photo following it being taken. Virtual furniture can make a home seem stylish and modern and can allow potential renters to really visualise themselves within your home.

Property styling: To sell the ultimate package when advertising your investment, there is nothing better than getting professional property styling. Melcorp Real Estate have partnerships with high-end interior designers that can lease you and style furniture in your property. By doing this, you allow potential renters to more easily visualise themselves at home within the property, thereby renting it out as quickly as possible!To discuss how best to advertise and show your property, get an appraisal on your property today. 

How long is a typical lease?

A fixed term lease agreement can range from 6 -18 months. You will be able to decide what length lease agreement suits you and your property best with the advice of a Melcorp Real Estate agent. The term will then be agreed to and signed upon prior to the term beginning by both the renter and you, the rental provider. 

How much rent can I expect to receive for my property?

A Melcorp Real Estate agent will be able to walk you through the rental process and give you an accurate guide about how much rent you can receive for your property. Find out more about our services for rental providers here.

In short, how much rent you might receive for your property will depend on a number of factors. These can include:

  • The type of property (house, apartment, unit, townhouse etc.)
  • The price of other rentals in the same area. 
  • Your property’s location desirability. i.e. is it close to transport, shopping, lifestyle amenities etc.
  • Is it a rental provider or renter’s market? i.e. how large is the pool of renters vs. the number of rental properties available in the area?

Finance

First Home
Buyer

Industry

What if I am unable to make a rent payment?

As a renter, you are responsible for paying your rent on time. If you know you are going to be unable to make a rent payment, you should contact your property manager/rental provider as soon as possible prior to the payment date. This will allow sufficient time to discuss the late payment and allow for you to work out a reasonable solution together. However, in this scenario, a rental provider does not have to be flexible on payment dates and may still insist on receiving payment on time. If this is the case, the rental provider may choose to take formal action. 

Where can I find information about the rules and legislation around renting?

You can visit Consumer Affairs Victoria or talk to a friendly Melcorp Real Estate agent who can guide you through the key legislation items. 

Am I allowed to make minor modifications to the property?

Some specific modifications to your rental property are allowed. However, upon the ending of your lease agreement, you will need to return the property to its original state. For a list of these visit Consumer Affairs Victoria.

How do I arrange repairs for the property?

Melcorp Real Estate tenants can contact their property manager to arrange repairs. If repairs are of an urgent nature and fall outside of business hours, they will need to contact ABLE on (03) 8616 8365

What happens if my rental provider decides to sell the property?

Your rental provider will need to provide you 60 days notice to vacate if you are within a periodic lease agreement (week to week or month to month) if they wish to sell the property. If you are within your fixed term lease agreement, the property will need to sell with you as an existing tenant and honour your agreement. You will be provided with 24 hours notice prior to all property inspections. At the end of your lease agreement, it will be up to the new rental provider whether you can stay or will need to vacate the property. 

What happens if I need to break my lease?

If you wish to end your lease when your tenancy is a periodic tenancy (runs week to week or month to month) then you will need to provide 28 days notice of intention to vacate from when you wish to leave the property. 

An exit condition report will then be done within 10 days from when the tenancy has ended, and both the rental provider and renter can attend. 

What happens when my lease expires?

If you (the renter) wants to stay in the property after the lease agreement ends, you will need to ask your Real Estate Agent to discuss this with your rental provider. Generally, if the rental provider is pleased with you as a renter and the state in which you have kept their property, you and the rental provider will enter another lease agreement (usually with a lesser term). 

If you wish to move out after the lease agreement term, you will need to return the premises to the rental provider in the condition it was at the beginning of your lease. This often means getting the property professionally cleaned and returning any modifications to the home you have made be reversed back to their original state. All damage must also be repaired at this stage. If these tasks are completed, the renter will likely receive their bond back from the rental provider. A Melcorp Real Estate agent can walk renters through this process and can help ensure they will get their bond returned. 

What documents do I need when applying for a property?

When applying for a rental property, you should be prepared to provide the following information:

  • Your identification. This needs to be photo identification and can be in the form of a Driver’s License or Passport. You will also need to potentially provide a Medicare card, birth certificate or car registration as additional sources. 
  • Personal and/or professional references. You will need to provide the names and contact information of referees  who will be able to provide you a good reference should you be considered as a tenant.
  • Copies of rent receipts (if you have rented previously). 
  • Copies of previous utility accounts. 
  • Bank statements and payslips to show your proof of income. 

What is the settlement?

Property settlement is the legal process that is facilitated by your legal representatives and that of the vendor. It is the process in which ownership of the property is transferred from the vendor to you as the new owner. The seller will set a settlement date in the contract of sale, generally this period is from 30 to 60 days. 

On settlement day, your solicitor or conveyancer will meet with your lender and the seller’s representatives to exchange documents. They will then organise for the remaining of the purchase price to be paid to the seller. 

What should I look for in a home?

When looking to buy a property to live in, you need to decide on a few discerning factors to help narrow your search. Firstly, you should do area and neighbourhood research to ensure you are looking within an area that meets your location, lifestyle and local facility needs. From here, decide upon what features of a home are most important to you. For example, this might be having a garage, backyard, separate toilet and bathroom or a number of other alternatives. It’s a good idea to then rank these features in order of importance and work out if any features are non-negotiable for you. This will then help you narrow down your search and cut options out by a process of elimination. 

Overall, what you want in a home is entirely up to you and your individual needs. 

What happens on auction day?

If you attend an auction of a home you are wanting to bid on, you simply can just attend as you would if you were just viewing (no registration required). 

The auctioneer will go through all rules before any bidding begins. Here, you should listen carefully as some rules can differ depending on what type of property you are buying. 

If you end up being the bidder with the highest bid, you will be required to sign the contract and pay your 10% deposit. Remember that there is no cooling off period if you buy your property at auction. 

What research should I do before buying a home?

It is important to have a good understanding of the housing market and what you are looking for, prior to making a bid or offer on a property. 

Speaking to a Melcorp Real Estate agent will allow you to gain insight on the neighbourhood you are looking to buy within in terms of expected buy price, rentability, strata and council fees. As a buyer, the more information you can be equipped with, the more prepared you will be in making an offer on your potential home. Knowledge is power! 

What are the extra costs involved when buying a property?

When buying a property, some of the associated costs can seem a surprise. If you speak to our friendly team prior to buying or making a bid, these won’t seem such a shock! Associated property buying costs include the following: 

  • Deposit (usually 20% of the home’s overall cost), however you should assess possible concessions and grants if you are a first home owner. 
  • Stamp duty (if you are a first home owner stamp duty costs are entirely waived or reduced). 
  • Lender’s mortgage insurance (if you have a less than 20% deposit). 
  • Building insurance
  • Building inspection 
  • Legal costs such as lawyer or conveyancers
  • Council rates, strata fees. 
  • Any moving costs

What is the process of buying a home?

Here is a process which you can move through when looking to buy a home:

  • First, you’ll need to figure out what type of home might suit your needs.
  • Visit a lender to find out your borrowing capacity and plans. 
  • Work to the budget outlined by the lender and save your deposit.
  • Once your deposit is saved, apply for pre-approval.
  • Let a Melcorp Real Estate agent help you to find property that matches needs and requirements. 
  • Get a lawyer or conveyancer to review the contract.
  • Get building and pest inspections. 
  • Make an offer or bid at an auction of a desired property. 
  • Sign contract and pay your deposit.
  • Await your settlement period. 
  • On settlement day, arrange for the balance of the buying price to be paid and move in!

What questions should I ask an agent when buying a home?

When buying a home, asking the agent as much as possible is important. Working with a trusted agent, like Melcorp Real Estate is also a key factor in being able to build a rapport and gain insights into the property and what the vendor might be looking for. 

Some specific questions you might consider asking an agent when wanting to buy might be:

  • What are comparable property sales in the area?
  • Why is the vendor looking to sell?
  • How long has the property been on the market? 
  • How much are council rates and strata fees? 
  • Exactly what is included in the sale? (important if you are buying an apartment/unit or villa. 
  • How long have the current owners lived in the property?
  • What is the estimated rent value of the property? This is important if you are looking to use the property as an investment. 

Can I sell my property while it is currently leased?

The short answer is yes, you can sell your property even if it has existing tenants. A property owner has the right to sell your property and end a periodic lease agreement with your tenant (month to month or week to week). If you are within a fixed term lease agreement, you will need to sell your property as tenanted. However, while this might attract investor-buyers, you might alienate a significant portion of buyers who wish to occupy their home.

How long will it take to sell my house?

The time it takes to sell your property will depend on a number of factors, and a Melcorp Real Estate Agent will guide you through these by discussing the below: 

  • The average number of days homes spend on the market in your area. This can be highly telling and provide an accurate insight into how your home will fare. 
  • Are you in a sellers or buyers market? Our agents will give you access to valuable reporting and access to market information. Determining whether you are selling in a buyers or sellers market will consider factors like the number of similar homes also for sale in your area, the size of the potential buying pool, interest rates and unemployment rates. Each of these market factors can affect how quickly your property will sell and at what price.
  • Choosing an auction or listing the property for sale. An auction is often considered the best method of sale during a sellers market. This is because an auction can very quickly drive up the price of your property. A Melcorp Real Estate agent will be able to discuss this choice with you thoroughly, and offer advice on the best method of sale for your individual property. 

Why do I need to be out of the house for inspections?

Being out of the house for inspections is standard practice in real estate. This is because it allows buyers to feel truly comfortable when viewing the property and therefore creating a space where they might be able the visualise the home as their own. Buyers can dream about what it might be like to live there, raise a family there, entertain or renovate. This process allows buyers to become emotionally invested in the property – an aspect not to be underestimated in the property sale process.

How do I prepare my home to sell?

There are a number of options at different price points to prepare your home for sale. These can include the following:

Professional photography: Professional photography is a must when selling. Let’s face it – a property’s photos can leave an impression on a buyer about whether a home is worth a certain amount. Photos that are clearly not professional and done in poor lighting will not imply an image that you desire as a vendor. 

Virtual furniture: If your home is empty, it can really assist interest to pair professional photography with virtual furniture. Virtual furniture is simply that – furniture that is edited into a photo following it being taken. Virtual furniture can make a home seem stylish and modern and can allow potential buyers to really visualise themselves within your home.

Property styling: To sell the ultimate package when advertising your home, there no better option than getting professional property styling. Melcorp Real Estate have partnerships with high-end interior designers that can lease out and style furniture in your home during the sale of your property. Getting your home professionally styled with a  furniture package has been proved to add to the perceived value of your home, and thereby get you a greater sale price. 

What is the agent’s role at an Open for Inspection?

Following enacting a strategy to invite as many potential buyers to inspect your home as possible, an agent’s role at an Open for Inspection is to interact and provide information to these buyers to encourage an offer or bid at auction from them. 

A Melcorp Real Estate agent will ensure to have your property inspected at times that are suitable and likely to be highly attended by potential buyers. They will also list and obtain inspectors’ contact information as this may be important if an offer arises, or following an auction where there was no successful bidder. Furthermore, our agents will ensure to answer buyers’ questions with as much detail as possible, with the objective of ensuring your home is presented in the best light. Following an inspection, a Melcorp agent will follow up with all attendees to assess their interest and provide a report to you based on their findings.

What is the role of a real estate agent when selling a property?

The role of an agent when selling your property is simple – to act as your representative and in your best interests throughout the entire sale of your home process. 

Using a real estate agent with solid experience about your property’s area and likely buyers is key to obtaining a desirable sale as soon as possible. Melcorp Real Estate are experts when it comes to matching appropriate buyers to the right property and serve to obtain the best price for your home. 

A Melcorp Real Estate agent will proceed to inform you of current market trends and give you professional and realistic advice about a sale price you can expect for your home. They will then arrange high-level marketing, which will cover print and digital mediums, list your home on all relevant online platforms and offer advice on staging and styling your home for inspections. Following this, you will then be advised whether to advertise your property for sale (with a price) or to put it up for auction or expressions of interest. The advantages and disadvantages of each of these options will be discussed with you.

Can I end a lease agreement before its official end?

There are a number of exceptional reasons a rental provider can legally terminate a lease prior to the fixed term end date. These include:

  • A renter causing reckless damage to a property.
  • The renter puts neighbours, the rental provider or agent in danger.
  • The property is deemed unfit for human habitation.
  • The renter owes at least 14 days rent.
  • The renter has failed to comply with a VCAT order.
  • The renter has been given two breach of duty notices and the same breach occurs.
  • The home is being used for illegal purposes.
  • The renter has brought in sub-letters (other renters) without consent from the rental provider.
  • The renter has not paid the bond as agreed

Melcorp Real Estate can help you navigate the VCAT process when lodging formal disputes. 

Can I increase the rent during the lease period?

A rental provider cannot increase rent during a fixed term lease agreement, unless the rental agreement states otherwise. Outside of a fixed term lease agreement, a rental provider must provide 60 days notice to a renter of the rent increase. Melcorp Real Estate can discuss your rental expectations and what is achievable for your property at length. We are the experts when it comes to guiding rental providers through the lease of their property.

How do I make my property more appealing to renters?

There are a number of options at different price points to prepare your home for rent. These can include the following:

Professional photography: Professional photography can be really helpful when appealing to renters. A property’s photos can leave an impression on a renter about whether a property is worth a certain amount. Photos that are clearly not professional and done in poor lighting will imply a poor image of your property and what it’s worth. 

Virtual furniture: Like many property investors, your home may be empty. A great and affordable tool to making your property seem more appealing is pairing professional photography with virtual furniture. Virtual furniture is simply that – furniture that is edited into a photo following it being taken. Virtual furniture can make a home seem stylish and modern and can allow potential renters to really visualise themselves within your home.

Property styling: To sell the ultimate package when advertising your investment, there is nothing better than getting professional property styling. Melcorp Real Estate have partnerships with high-end interior designers that can lease you and style furniture in your property. By doing this, you allow potential renters to more easily visualise themselves at home within the property, thereby renting it out as quickly as possible!To discuss how best to advertise and show your property, get an appraisal on your property today. 

How long is a typical lease?

A fixed term lease agreement can range from 6 -18 months. You will be able to decide what length lease agreement suits you and your property best with the advice of a Melcorp Real Estate agent. The term will then be agreed to and signed upon prior to the term beginning by both the renter and you, the rental provider. 

How much rent can I expect to receive for my property?

A Melcorp Real Estate agent will be able to walk you through the rental process and give you an accurate guide about how much rent you can receive for your property. Find out more about our services for rental providers here.

In short, how much rent you might receive for your property will depend on a number of factors. These can include:

  • The type of property (house, apartment, unit, townhouse etc.)
  • The price of other rentals in the same area. 
  • Your property’s location desirability. i.e. is it close to transport, shopping, lifestyle amenities etc.
  • Is it a rental provider or renter’s market? i.e. how large is the pool of renters vs. the number of rental properties available in the area?