Vacancy is one of the largest concerns that a landlord will have when searching for a tenant. How do you minimise it?
The length of time a rental property is on the market is based on three main points.
Marketing is essential to have correct as you want the property to stand out against the many other properties that you are in competition with. Take professional photos, video, do a floorplan, anything that can make you stand out from the crowd!
Presentation is often not thought about for an investment, which is a shame as the better the presentation of the property the more it is going to attract potential tenants to apply. Concentrate on cleanliness and attractiveness with light and space when making your property presentable.
Lastly, the advertised price of the property will reflect how long the property will be on the market. How it is priced to comparable properties will play a big part in the vacancy timing.
If your property is vacant it may require a different strategy to that of a property with a tenant already in place in order to minimise vacancy periods.
Understanding the current ‘days on market’ is the job of your property manager to inform you of along with similar properties current online in competition to yours. This will give you logical information and allow you to make a calculating decision on the price to advertise.
Important Point to Remember: Be proactive! The price and demand for properties similar to yours along with the pro-activeness of your property manager will determine how long it takes to secure a suitable tenancy application for your property. Also, take into consideration the feedback from tenants who attended open for inspections for your property, this will give you insight to again assist with pricing correctly. Remember, if its something you can’t change to the property it will translate into a price adjustment.