Ways to Reduce Your Rental Vacancy Period
We have created a checklist of ways to minimise your properties vacancy periods.
- Make timely repairs and do regular maintenance. …
- When updating appliances, go with above 3 star energy ratings
- Advertise well in advance if possible
- Find a property manager with good communication skills, who is keeping up with the local rental demand information
Repairs and Maintenance
First impressions are crucial. If your property is looking its best, it will attract interest from prospective tenants and give you the best opportunity to secure a quality tenant with minimal vacancy.
Could your property do with an upgrade or new inclusion? Often a coat of paint, new carpet, installation of ceiling fans, air-conditioning or built in robes will have a significant effect on the appearance and features of the property. These improvements will give your property the best chance of securing a quality tenant and reduce the length of time on the market.
It is best to have any known issues dealt with before a new tenant is to move into the property.
Appliances
Many consider the cost of an appliance but fail to gauge the cost of usage. Some appliances are used on a daily basis for years and therefor can cost significant amounts if the energy rating is poor. More than ever, tenants are now asking what the energy rating is on appliances when deciding if a rental property is the right fit for them.
Advertising
Your property should be highly visible on major real estate websites. At Mandy Peck Property Management, we hold a premium subscription with realestate.com, meaning your property will remain on the first page when a perspective tenant is looking for a property in your area, your property will be one of the first properties they will see. The property will remain on the first page for up to 28 days if necessary.
Did you know that realestate.com holds the largest share of the market place in terms of views?
We will also advertise your property on our website and Facebook page.
It is our intention to post all upcoming properties as a ‘coming soon’ post on our Facebook page to advertise the property before it hits the major portals, like realestate.com.
Maximum exposure, results in faster leasing and minimal vacancies.
Property Manager
In order to place the correct tenant in your property, your agent should always conduct various checks and searches. At Mandy Peck Property Management, we conduct thorough application checks, including affordability checks, previous rental history, employment confirmation and identification checks. Only suitable applicants will be presented to the owner for approval.
The full process should only take a couple of days from when the application is submitted.