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Like any product new to the market, to find a tenant for your rental property you need to determine what you are offering, who is your ideal customer and how you want to package your offering?
When residential vacancy rates are low (around 1% – 2%), your product is most likely in high demand, but higher vacancy rates (over 3%) signify low rental demand, which means you may need to work harder to attract the right customer.
The short term rental accommodation market is booming, and the real estate industry is feeling the impacts. Recently, the industry has seen an increase in tenants illegally subletting a house or room to offset their rent, and in some cases pocketing rental returns, double what the properties’ owners earn.
Airbnb is one of the largest STR players in market, and now they have their sights set on long term residential rental services.
But can online accommodation-sharing site, Airbnb really disrupt the long term residential rental market?
As a landlord, you want the best tenants for your properties. But invariably, even the best tenants have demands. And responding to requests, queries and maintenance issues can be time-consuming and stressful. This is where a good property manager can assist.
Property managers are a third party that act as an intermediary between the landlord and the tenants. They listen to the complaints and concerns of tenants, and resolve issues to ensure both parties are happy.
Leasing your property, whether it’s an office space or apartment, is about determining market rate, finding the right tenant, minimising vacancies, and maximising the return on your investment.
Achieving this on your own as a landlord investor – and keeping up with the many other related tasks of property management – can be time consuming and difficult.
Finding a dedicated and experienced property manager to assist you, is often the best option to ensure you get the most from your property.