Whilst there are many important things that a property manager does for their client, high on the list is getting the property rented quickly to the right tenant. There are many factors to consider that can cause a property to remain vacant for longer than desired.
Presentation – first impressions count! Invest in professional photography to ensure your property is presented in its best light. Be sure that the gardens are well presented and property is neat and tidy. Out dated décor can deter good tenants and leave your property being over looked.
Price is too high – With so much information on hand these days, tenants can quickly educate themselves on the market and comparable rents in an area. Tenants look for value for money and in a competitive market, the market is very price sensitive. Pricing your property above market rent can lead to extended vacancy times. For every week that your property is vacant, it costs approx. 2% of your annual rental income.
Marketing – Be sure that your property is advertised on a number of prominent website such as realestate.com.au. So your property stands out you should also consider using the highest level of advertising being a premier listing giving your property maximum exposure.
Supply & demand – At times there could be an influx of properties on the market giving tenants the choice of the market. This can occur for seasonal reasons or as a result of developments flooding the market. Try to secure a long term lease or a lease that will end during a high demand time can possibly avoid vacancy times.
Location – understanding what prospective tenants are looking for in areas is key to successful investing. Factors such as being close to amenities, transport, schools or the CBD are important things to consider. Properties purchased in the right area often have shorter vacancy periods.
Taking into consideration the above factors and the advice of your property manager will improve the chances of renting your property quicker and reducing any potential vacancy times.
Contact us today and see how we can help get your property rented quickly!
Anita Genrich, Orbit Property