One of the things that can really make a large impact on your return on investment is if your rental property is sitting vacant for weeks on end. At the moment the majority of our properties are vacant for no longer than 2 weeks. If your property is taking longer than this, then you really need to look at how you and your property manager are presenting it to the market. This is a combination of three factors: property presentation, marketing and pricing.
- Firstly, when your property is coming up for release it is important to have an understanding of how the current tenant is presenting the home. They will likely be packing so a few boxes around is not an issue – but it is does need to be clean and relatively well presented and gardens need to be fairly tidy. If your tenant does not/will not present the home well then you may want to hold off until the week prior to it being available to market the property, however ideally your property manager would have a discussion with the tenant to make sure it is clean and well presented.
- Once the tenant has vacated and you have agreed to finalise the bond, I recommend that the landlord attend to any outstanding maintenance items and make sure that the home is spotless and gardens mulched and tidy. The tenant has to legally leave the property in a “reasonably clean” state – this will mean it may not be immaculate as we’d ideally like it.
- Make sure the rent is set at a reasonable level. Ask your property manager for a realistic figure in the current market – the rental market can change from month to month – so you need to review this constantly. You may achieve more or less than you were previously getting depending upon market conditions.
- Make sure the agent is marketing your property properly. This means, professional quality photos and a well written advertisement that covers all the main features and benefits of the home. I would recommend a “Premier” advertisement on realestate.com.au. This will mean your property is listed at the top of the search rather than starting on page 2 or 3. Also, I’d recommend a For Lease board. Often neighbours may have people they know interested in living in the area, plus you get drive by traffic and it makes it easier for potential tenants to find the home. Ensure the home is being opened on Saturdays and ideally at least once during the week.
- Ask for and listen to feedback that your property manager gives you if the property is sitting vacant longer than you’d like.
- Also, remember that great tenants will be fussy about the presentation of the home, as they will have the choice of many properties. Average tenants are likely to be less fussy as they will struggle to find a rental. Make sure you are presenting the home to attract great tenants not average tenants.
For more information on this topic or any other real estate matter please contact myself or one of our team on 9725 7444 or my mobile
0408 585 319.