Like all markets, the rental property market has it’s ups and downs. The ups come about when there are more tenants than properties for rent. The downs happen because there is an abundance of properties available for rent.
With over 35 years’ experience, we’ve seen it all. There are no surprises but there are some invaluable tips we’ve picked up along the way. Here are 3 to help you lease your investment property faster.
Tip 1: Market your property like it’s toothpaste!
In the current market, tenants can afford to be discerning. They will go from one property to another looking for the biggest bang for their buck and the property that best fits their needs. That means you need to be savvy with how you market your property – by understanding what type of tenant will be attracted to its qualities and promoting it accordingly. It also means the advertising and presentation needs to fit what they’re looking for.
Tip 2: Inspect your investment property regularly!
Over time, wear and tear happens to every property. It’s likely you’ve experienced it in your own home and it’s the same with your rental property. If you haven’t visited your investment for 12 months or more, ask to inspect it now. You may be surprised by what you find and importantly, you’ll see how potential tenants will view it. Then visit a similar property in your area and ask yourself, how do they compare. That’s what your potential tenants are doing.
Tip 3: Listen to your managing agent and get another opinion if it doesn’t sound right
If you trust your property manager, listen to their advice. Why? Because your property manager should be an expert in leasing properties. If he or she recommends you do some upgrades, maintenance or repairs before going to market, then you probably should. Alternatively, if you don’t trust your property manager, get another opinion and see if you receive the same advice.
Keep your eye of the prize
No-one wants an empty investment property – not you or your managing agent. So you need to ensure your property is appealing to high quality, potential tenants. That means having a well presented and maintained property that’s cleverly marketed.
At Stills Properties, we’re experts in finding the right tenant for our landlords’ investment properties. If you are currently DIYing the management of your investment property or, you’re not sure your current property manager is looking after you, get in touch by emailing firstname.lastname@example.org or call Brigitte on 1300 091 638.