6 steps on how to rent your property faster without reducing the rent

Vacancies between tenancies can be a costly time for landlords. Tenants expectations are also changing and there is more variety for them to choose from. Before you consider reducing the rent to find the right tenant consider these options with your Property Manager.

1 | OUTGOING INSPECTION

Ensuring a quick turnaround between tenancies is one of the most important steps to rent your property faster. Clear communication between the property manager and the outgoing tenant, including a concise ingoing inspection report is vital at this time. This ensures there is transparency with the tenant regarding the expectations and condition of the property at the outgoing inspection. The bond can then be settled quickly and the property can be ready for the new tenant within a 24 hour period.

2 | MAKE IMPROVEMENTS

There are many rental properties available for tenants in todays changing market, therefore It's important that your property includes the comforts and features that tenants are seeking. A fresh coat of paint, new carpet, ceiling fans, air-conditioning, built in robes and updating your light fittings to LED oyster lights are some of the most valuable additions or enhancements you can make to ensure your property attracts quality tenants with minimal vacancy. These improvements are also tax deductible.

3 | INNOVATIVE MARKETING

Rental properties have often been the poor cousin to sales when it comes to marketing, however that is changing. Innovative marketing has become more affordable and is essential to accommodate the way tenants search for their next rental property online. Professional photography, floorplans and prominent internet listings on the major portals are essential. Many tenants find it hard to visualize living in the property so this is where virtual furniture is a cost effective way to bring some warmth and feeling to the property photography. 3d virtual tours are a great way of enabling tenants to walk through the property virtually before they attend an inspection. These innovations improve the online presence of your property to ensure you achieve more clicks and online enquiries than your competition.

4 | TENANCY DATABASE

Maintaining a database of pre qualified tenants who are ready to rent, can be one of the most overlooked yet important steps in renting your property faster. Landlords who self manage will unfortunately miss this opportunity, so too will agencies who do not value tenant enquiries. A strong database of qualified and current tenants can often result in a new tenant being secured for the property without the need to advertise.

5 | OPEN HOMES AND PRIVATE INSPECTIONS 

Open homes are not suitable for all prospective tenants so your property needs to be made available for private viewings during the week. Open home times should be held for a minimum of 20 mins, anything less is inadequate. Experience also counts at open homes as this is an important time where an experienced Property Manager can build rapport with the tenant and ask some important qualifying questions, get a gut feel if they are going to be the right match for the property and refer the tenants to other properties as needed.

6 | FAST AND ACCURATE APPLICATION PROCESSING

Often quality tenants will apply for multiple properties so time is of the essence to assess and secure the best tenants. Technology is an imperative part of this process to ensure that background checks such as Equifax and reference checks from other agencies are completed and returned quickly. It must be easy for another agency or employer to provide a reference for a prospective tenant and its up to the leasing agent to provide this technology. Paper based and email applications and checks are outdated and too slow in a competitive market.