A new year brings change. People move on chasing new prospects and adventures, leaving empty rental properties.
Property managers like ours at Fisk & Nagle are canvasing interest from potential renters and working with landlords to secure good tenants and rental income again.
Let’s look at some of the factors at play in that equation.
A professional property manager an investors greatest assets.
They take on all the necessary background checks and commit to regular property inspections to ensure your investment is kept at its best.
A rental property can remain vacant for extended periods because the advertised rent sits above what the market can afford or thinks the property is worth.
It is critical that rental costs are competitive, comparing rental prices in the local area before settling on a price is a good place to start.
Make sure that the property is exposed to the maximum number of tenants through considered advertising.
The nature of the market means tenants are constantly looking for rental properties. Your property needs to be available for inspection sooner rather than later and across a range of times.
The overall presentation of your property is important and will make it more attractive. Many people looking for rental accommodation will first ‘do a drive by’ and may not even inspect the property if it looks poorly presented from the outside.
You can increase the street appeal of your rental property by keeping the front gardens and lawn in good condition. Adding regular garden and site maintenance into the rental price is an attractive option for some renters, and gives you peace of mind.
An obviously cared for property also builds a sense of respect and value in the tenant.
Consider the lifestyle comforts of your property. A dishwasher and air-conditioning are key features and perhaps allows you to charge a little more. If your rental property does not have these facilities, then a tenant is likely to rent next door.
Another layer of security is landlord protection insurance. Should a tenant do a runner, insurance will cover you for any damage caused and lost rent.
Finally, maintain good communications and regular contact with your property manager. Working together you will secure and protect your investment.
Source used – Smart Property Investment