No Landlord wants to have an investment property sitting empty.
An ideal investment property is one that achieves capital growth over time and its cash flow can be used to sustain your portfolio. Of course rental income helps pay the mortgage repayments as well as other expenses such as council rates and maintenance.
However, the key is to sustain that all-important rental income and maximising your returns while limiting the danger of extended vacancies when you’ll need to fund those costs out of your own back pocket.
There are ways to minimise extended vacancies. It’s all about attracting and keeping the best possible tenants for your rental property. After that the next most important thing is finding the next tenant quickly when the previous one moves out.
The ways you can rent your investment property quicker are:
1. Property First Impression and Keeping up
There is no second chance to make a good first impression. You never get a second chance at a first impression. Many tenants will register to inspect a property. However, will cancel once they drive-by if the kerb appeal is poor.
You can achieve a good first impression to potential tenants by practising good upkeep by:
- Keeping gutters clear of leaves and debris
- Repainting the interior and/or exterior if required
- Keep tidy or landscaped gardens
- Mowed lawns and clean edges
- Re-mulching garden beds
- Secured gates and fences
- Clean windows inside and out
- Have power connected so that the property has good lighting for viewing
Once property is looking it’s best, you ought to get quality internal and external photos taken, preferably professionally done to be used for advertising. By advertising the rental property in its best possible condition it will attract the best possible tenants to choose from.
You can receive up to twice as many enquiries if advertised as being pet-friendly compared to those with a strict no pets policy. More applications mean your Property Manager can be more selective in choosing the absolute best of tenants for your property.
Increased demand ordinarily brings about shorter vacancy periods, guaranteeing a consistent income from rent payments.
3. Open homes and private inspections
Having a proactive property manager who maximises all opportunities to show prospective tenants your property will result in quicker renting and less time that the property will be on the market.
4. Start advertising before the property becomes vacant
People eventually move out of a rental property that’s just the way it is, they move on. By getting organised and advertising before a property becomes vacant means that the property is only vacant for a matter of hours or days, rather than weeks.
It’s best to get open homes and private inspections out of the way early and lock in a new tenant. The property can often be in disarray the closer to the move out date of the previous tenant – which can offer a poorer first impression.
Also most tenants need to give at least 2 weeks’ notice at their current property, we would recommend to get your property manager to start advertising a month before the property becomes vacant.
5. Tenant applications professionally and quickly screened
Part of the role of a professional property manager is to act as the middle person between yourself and your tenants.
Property Managers are generally great judges of character and are quick to read the signs of an applicant who is either concealing a poor payment history or issues with the condition and presentation of their previous properties.
Part of that process will include checks against national databases, affordability and employment checks and personal references.
It’s imperative that if you can choose an agency that will process tenant applications the same day they are submitted. Often quality tenants apply for multiple properties so time is of the essence.
6. Have a pre-vacate procedure in place for a timely tenant exit
After a tenant provides notice to vacate it is important the property manager provides guidance and advice to the tenant on how to present the property for the Exit Condition Report.
After your property manager has completed the Exit Report, they will arrange any cleaning or maintenance needed and book a smoke alarm inspection. If all goes well, your new tenant should be able to move in the following day when all that’s completed.
By law, tenants are entitled to a reasonable time to go back and rectify any cleaning or gardening oversights. However, if tenant is dragging their feet on or the next tenants move in date is fast approaching. You’re entitled to tell your property manager to get a contractor in to attend to the work required and get the payment deducted from the bond.
7. Staying on top of repairs and maintenance needs
One way to attract and then keep tenants is to make sure you attend to any repairs as soon as they’re reported. Maintaining your property will make it a more attractive home to current and prospective tenants.
It will safeguard its long-term capital value. While it can also be attended to as the need arises, rather than one larger expense.
8. Keep the appliances current
A modern kitchen with stainless steel appliances, adequate storage and bench space will capture the attention of the most likely decision maker – sorry guys we know you cook too. However, it often is the female partner who will veto a property choice if she finds the kitchen disappointing.
Having air conditioning and a dishwasher are all becoming expected and high priorities for prospective tenants. If there is a garage, tenants expect to have remote control access. Ample light and proper ventilation, and quality window blinds/curtains can have a large impact on the appeal of the property. Which will keep your tenants, and I turn your bank account, happy.
9. Know your market price point
Changes in local demand and supply can sometimes cause a shift across different rental markets. Stay up to date with what’s happening in your local property market in order to meet rental price expectations.
While you don’t want to undersell your rental property, you also want to avoid alienating potential tenants by asking too high a price either and having your property sit vacant for an extended period of time.
If you are currently a self-managing landlord or are currently experiencing a longer than average vacancy rates with your current agency. You might be needing a new property manager, contact us today if that’s you!
Remember experienced property managers can save you the landlord time, money and headaches.
If you are looking for experienced property managers with your best interests at heart. You won’t find a team that is more respected, reliable and trusted in residential property management.
Get in touch with one of our experienced property managers by calling 07 5577 1888.
Paul Hill Realty office is located on Hope Island and we manage residential properties anywhere on the Northern end of the Gold Coast. Paul Hill Realty Hope Island is your best choice in property management.