The Informed Investor: getting your property leased as quickly as possible
Without tenants, your investment property is basically just a mortgage with doors…
So in cases of vacancy, how can you get your property leased as soon as possible?
Carolyn Parrella from Terri Scheer, Australia’s leading landlord insurance specialist, dropped by to give Warren Moore some tips on just this topic. Here are the cliff notes:
- Presentation: The number 1 tip for good reason, creating that fabled ‘street appeal’ means making people want to live in your property. Not only that, it also means making lots of people want to live in your property, giving the opportunity to attract the best tenants possible. Practically, achieving this means getting back to basics- get the house and garden tidy, apply some new paint, clean what needs to be cleaned and refresh anything that’s stale.
- More presentation: It really is that important. You’ll also want to consider things like how you present your property. Is there a time of day where the light really makes your property seem airy? Can you conduct inspections then? How about taking some photos at that time? While we’re on that subject, it’s never worth skimping on your shots either- seek out quality photos and make sure your place is already tidy when you take them.
- Timing: You might not always be able to control when you need to look for new tenants, but it might be worth keeping in mind January is generally the best time of year for tenants seeking to occupy, with Christmas time and Winter believed to be the slowest.
- Property managers: They’re your friends. Property managers have knowledge and expertise in all of the obligations and legislation that needs to be crossed off, can save you a lot of time and effort and can also create a nice buffer between yourself and any problems tenants might have.
- Take stock: a vacant property can also present opportunities to ask some important questions- What else is happening in the area? How is the rent/ market now? Are you in an optimal position? Finally, if your house has been vacant for a while, it’s a great time to ask another simple question: why?
For plenty more on all these points, have a listen to Carolyn’s full interview in the player above.