Five BIG Mistakes that Keep Your Property Vacant For Longer
Five BIG Mistakes that Keep Your Property Vacant For Longer
Let’s face it…you want to be able to rent out your property for the best rent, to the best tenant, in the shortest amount of time.
Bad mistakes and unintentional wrong decisions can keep your property empty for longer costing you valuable rental income.
Did you know that for every week your property is empty it will cost you approx 2% of your annual rental income?
If it’s vacant for 5 weeks that’s 10%....more than our management fee to manage your property for a whole year!
So when it comes to renting out your property fast, here’s what NOT to do!
#1- Bad Property Photos
There’s nothing like awful properties that make your property look bad! Pictures of toilets, inside robes and useless pictures of passages etc detract from your marketing. If you're using your iPhone make sure the whole room is captured, the rooms and property are tidy, and keep yourself from being seen in a mirror while you take the photo. Photo enhancing services are also available to make the sky blue, the grass greener, and overall make your pictures look so much better.
Tenants will judge the property on your photos…make sure they enhance your property and not detract!
#2- Overpricing Your Property
When tenants simply have to type in a few keywords into a property marketing portal to search for their next rental property, they are presented with a snapshot of what’s available on the market in an instant!
They quickly know if your property is priced right or not. If they think it’s too high compared to what else is available then quality tenants will ignore it, leaving you attracting the very tenants that you'd like to avoid who will say they will pay the rent, but won’t!
#3- Restrictive Lease Conditions
Locking bedrooms and garages not for tenant use, having a strict no pets policy (bearing in mind new laws coming October1, 2022), and other restrictive conditions can all contribute to your property being vacant for longer. This of course depends on the demand for properties at that time, but it's an important factor to take careful note of.
#4- Poor Property Presentation
When showing the property, you want it to look its best. We all want a quality tenant and they want a clean quality property to live in. Does it need a new coat of paint, new carpet, or just a ‘top-up clean’ to ensure it’s presented at its best?
We’re happy to take a look and give you some tips to improve your property so you attract a quality tenant quickly.
#5- Delaying Your Property Marketing
Having your property photos and quality marketing write up ready is essential when your tenant gives notice.
Liaising with your tenant to be able to show the property to prospective tenants whilst they are still in occupation(as long as it will be presentable), and getting your property marketed as soon as you can, all give you the best chance that you will have a tenant ready to move in as soon as the property is available after your current tenant moves out, minimising any non-income vacancy period.
Contact Bronwyn at McAdam and Turnbull Realty on 46392222 email [email protected] if you would like to discuss professional management of your rental property. I am on the side of investors – offering support and advice to Toowoomba investors.