Why your rental property fails to attract tenants!
02 September 2019
It is one thing to have your rental property vacant from a tenant to another, but to have your property unoccupied for three to four weeks between tenants can be stressful and problematic for your cashflow.
The best way to avoid extended vacancy periods is to understand the inherent risks that can increase your exposure to them.
- Hitting the market at the wrong time
The best time to advertise your rental property is early in the year, between January and February. The rental market experiences a significant increase in demand in these months as tenants look to start the year in a fresh new home. While you don’t always have a choice as a landlord, trying to manage your tenancies, so that new leases are signed and expire at the beginning of the year can help you avoid a longer search for a tenant during the winter months.
- Setting the wrong rental price
This is the most common reason a rental property remains empty. With information at their fingertips, today's tenant is more educated about their options than ever. If your rental price is set higher than market expectation, even if it's only marginal, you can fail to attract prospective tenants. The rent you set for your property should be based on what the market is willing to pay, not just your financial needs as a property owner.
- Poor presentation
First impressions count! Before prospective tenants even visit your property, they have already skimmed through hundreds of others and formed an opinion based on the images used for the online listing. It's essential to invest in high-quality photography to position your property in the best light.
Dressing your property to translate its livability also helps it stand out from 'the crowd'. And let's not forget to ensure your property is neat and tidy come inspection day.
With Future Rent’s FourRent product www.futurerent.com.au/forrent, you can give yourself a little breathing space between tenants to ensure you are presenting your property in the best light by spending time freshening up the place and attending to any small maintenance jobs.
- Ineffective marketing
Marketing 101; know your audience. Understand who you're appealing to and what do they want? What are they prepared to pay for it? How do you speak to them? Attracting the right prospective tenant should be approached in much the same way you'd sell your property to a potential buyer.
Who is FutureRent?
FutureRent gives landlords flexibility, with early access to their rental income. Find out more about FutureRent here.