Achieving Low Vacancy in a Slow Moving Market
We all know that it can be quite challenging achieving a small vacancy period in a slow moving market and with increased property options available to tenants it can tend to create a negative effect. I have observed that the recent market trends have led to a “tenant driven market” which gives tenants the belief that they have the power to decide what they will pay for a property.
The two main points that will help your property stand out amongst the rest are Price and Presentation!
Price – Provided that your property has been given an accurate rental appraisal for the current market, then you should be able to achieve a short vacancy period. Properties are continuing to rent provided they meet the current market comparison. Trying to over achieve a rental price will only cost you more money long term. The prime time to view and therefore rent your property is within the first 2 weeks of listing your property to rent. If the price is driven too high than you will lose the money that you are trying to achieve and therefore reverse the outcome that you were hoping to achieve.
Presentation – Presentation is imperative in a slow moving market! Prospective tenants have many choices and therefore look for obvious reasons to eliminate their options. The visual aspect from the ‘street view’ can be just as important as the internal presentation of a home and we want to eliminate every facet that could be used as a negative factor with regards to choosing a rental property. The little things can often be a major factor with a prospective tenant either choosing or passing the opportunity to view your property! A property that is tired in its appearance will also deter tenants in a high-vacancy market. I have included some simple suggestions that may help you achieve a more “rentable” property:
- Have a mowing contractor arranged to mow/trim your property regularly whilst vacant
- Arrange for your Property Manager or Neighbour to clean and empty the letterbox
- Has your property had an external clean recently?
- Gardens – Are they simple and tidy?
- Interior – Ensure the property is clean and fresh
- Air-Conditioning – is almost always a common feature in properties today
- Fully Fenced – Properties that are not fenced are quite difficult to rent
- Paintwork – does the property have a “tired” appearance
- Rental Price – Is your expectation too high for the current market?
I am more than happy to provide you with a Comparative Rental Appraisal on your property. Please do not hesitate to contact us if you have any questions or would like some advice on how to improve the presentation of your property in the current market. My role and experience within the industry enables me to keep up to date with current market trends and specialize in the preparation of your home to rent! My goal is to achieve quality tenants for your property in the shortest possible time to maximise your income and minimize your loss