There is nothing more frustrating than having your investment property vacant for weeks.
On top of the other costs associated with maintaining an investment property, a vacant property can make you feel the pinch!
In order to avoid that, here are five things that can help you lease your property quickly.
Set a market-adjusted price
As with all commodities, the first thing that people will ask is how much the price is. It is crucial to set a price that corresponds to how the market is faring. A property is “hot” when it has just come on to the market, so you must ensure that the price is right from the get-go. This will help you avoid the property being vacant for an extended period. As with food, a property becomes stale after the first couple of weeks.
Get the tools ready
The key to securing stable long-term tenants is by creating a good relationship with them right from the start. One way of making tenants feel comfortable and taken care of can be through making sure that everything in the property is functional and perfect. This includes that annoying lock on the security door — the one that requires a certain skill and finesse at door-opening – or that leaky tap that drips minimally but nonetheless interrupts your seven-hour sleep. From the little stuff to the big repairs! This way you will set the standard high for when the tenants move out.
Presentation is key
Remember when you thought that the colour of the house is starting to look dull and faded? Front lawn looking parched and dead? Grimy windows? Overgrowing weeds in the back yard? They say first impressions are everything, so now is the time to make your property look fresh and at its best! This way, prospective tenants will fall in love at first sight.
Another way of making the stars align is preparing for your home open. If the property is located in a busy area, consider scheduling the inspection time at the quietest part of the day. Spray some air freshener so prospective tenants feel welcomed when they view the property. Open the blinds and curtains to flood the property with natural light, brightness can make rooms seem bigger. The crucial thing is to make it easier for prospective tenants to imagine living there.
Professional photos
As much as we want it, sticking up a laminated A4 “FOR LEASE” sign on the fence just won’t do. We all know the story, people have shorter attention span nowadays; a large percentage of people look for properties online; and if it does not grab them in the first 5 seconds, they will just scroll down to the next one. This is why it is extremely important that you have professional photos done for your property. You must draw people in so that they will click on the ad and book an inspection.
Utilise your network
This is where having a property manager comes in handy. With the myriad of people in an agency’s database, it makes scouting for tenants less time-consuming. Picture this scenario: your property manager has a tenant-occupied property – not far from yours – that was for sale. That property got sold and now the tenant has to move. Your property has not come to the market yet so your property manager brings that tenant over for a private viewing. As it turns out, your property ticks all of that tenant’s boxes. And voila! Your property is now leased without even being advertised in the first place. You now have a tenant and you did not even have to pay for an advertising fee!
At ProProperty Group
Our marketing plans run the gamut from an off-market strategy, where promotion is minimal and we proactively target our extensive personal database, to a fully loaded campaign of online real estate portals, print advertising, flyers, signboards, and open homes.
We pride ourselves of our marketing — whilst we continue to service our clients by maintaining our integrity and old school way of business – being a young vibrant & tech-savvy team, with our experience and capability we multi-channel strategic marketing campaigns digitally to extend our services further in a way that was unthinkable 5 years ago.
Call us on 08 9443 7088 for a no-obligation chat about your needs.
