It can become very stressful when your investment property is not leased quickly enough and could end up costing you a lot of extra money but this doesn’t have to be case.
The first step is to understand what is happening in the rental market within your suburb and surrounding suburbs. The best way to do this is to go onto the domain website (www.domain.com.au) and see how many units/houses are on the market.
As of 26/2/18 we searched the domain website to see what was happening and found that Sydney CBD has over 200 apartments available for lease with Chatswood, Chippendale, Darlinghurst, Mosman, Potts Point, Surry Hills and Zetland all having over 80 apartments available for lease. Mosman and Paddington had about 50 houses available for lease.
So what you can see is that some suburbs have a high vacancy rate and setting the rent is the most important aspect of ensuring your property is leased quickly. What this means to you is that a prospective tenant has a huge selection of properties to choose from.
Our office suggests the following tips:
- Set the asking rent at or slightly below market rent
- Ensure the property is clean and well presented
- Arrange for professional photos
- Ensure the copy highlights the best features of the property
- If possible, put up a for lease sign
- Ensure the property is marketed online with major websites (www.realestate.com.au & www.domain.com.au)
- Share the link with your friends on social media
- Select the right property manager / agency
- Make adjustments if the plan is not working
- Ensure the property is shown quickly to a prospective tenant
- Consider allowing pets
- Listen and take advice from the property manager