Preparing your investment property for a new tenancy: a practical checklist

A smooth tenancy usually starts well before a tenant moves in. Taking the time to prepare the property, document its condition and confirm your obligations can save time, money and stress later on. This checklist covers the practical steps worth working through before a new lease begins.

1. Check your current obligations

Rental laws are set at state and territory level, and they are reviewed from time to time. Before advertising, confirm the current requirements that apply to your property, including any minimum standards, safety checks and disclosure obligations. In Victoria, Consumer Affairs Victoria is the place to start, and your property manager should be able to walk you through what applies to you.

2. Attend to maintenance and repairs

Walk through the property as if you were the tenant. Look for anything that is broken, worn or likely to cause a problem during the lease.

• Test taps, drains, hot water, heating and cooling

• Check smoke alarms, locks, window latches and light fittings

• Look for signs of leaks, damp or mould

• Tidy gardens, gutters and outdoor areas

Fixing small issues now is usually quicker and cheaper than handling them as urgent repairs in the middle of a tenancy.

3. Document the condition thoroughly

A detailed condition report, supported by clear and dated photos, protects both you and your tenant. It gives everyone the same starting point and makes the end-of-lease inspection far more straightforward. Photograph each room, including floors, walls, fixtures and appliances.

4. Set a realistic rent

Pricing a rental too high can lead to a longer vacancy, which often costs more than a slightly lower weekly rent. Review comparable properties currently advertised in your area, consider the condition and features of your home, and ask for a written rental appraisal.

5. Prepare clear lease documents

Make sure the lease, condition report and any required disclosures are complete before the tenant signs. Clear documentation reduces misunderstandings about responsibilities, inspections and maintenance requests.

6. Decide how the property will be managed

Some landlords self-manage, while others prefer a property manager to handle advertising, tenant selection, inspections, rent collection and maintenance. Whichever route you choose, have a plan for how repairs will be reported and approved, and how quickly you will respond.

If you would like help preparing your property for its next tenancy, our property management team can talk you through the process.