Tips & Advice | How To Avoid a Long Vacancy
For owners of an investment property, one of the most frustrating times can be when your property is sitting vacant. Every week that goes by when you don’t have a tenant can have a negative effect of your projected yield.
There are several steps you can take to protect yourself from a long vacancy period:
Appoint a Property Manager that you can trust:
• Find a Property Manager that you trust and follow their advice as they will be aware of the current market conditions
Understand the market value:
• It is important that when the time comes to advertise your property, that you do so at the market value
• Although it may be tempting to advertise at a higher rate, if your property is overpriced you are likely to generate less interest
• Your agent should complete a current market appraisal for you, comparing similar properties of the same size and location of your property
Advertise at the right time:
• It is appropriate to advertise 3-4 weeks before the property is available
• Advertising too early might mean that your campaign has lost momentum
• Advertising too late may cause delays as most tenants need to give 21-30 days’ notice to their current property.
Monitor the campaign and adapt if necessary:
• Once the listing is live, monitor is closely and adapt if you’re not receiving any interest or applications
Pay attention to presentation:
• Presenting your property is vital
• Make sure your property is clean and that all appliances are in good working order
• A run-down property will not attract prospective tenants
Consider additional inclusions:
• You may attract more interest if some appliances are included in the lease
• Washing machine, dryer, dishwasher or fridge freezer are good examples
Hold onto great tenants where possible:
• If you have a current tenant who pays on time and maintains the property, it is advisable to try and keep them
• If they wish to end the lease, contact them to see if re-negotiating the terms could keep them at the property
