How to reduce vacancy in your investment property
We’ve had some great seasons in the rental market over the past few years, which has been such an opportunity for our investor clients. However, over the years, we’ve also seen more difficult rental markets and we’d love to share our tips on how to minimize vacancy in your investment property:
- Keep up to date on maintenance while you have tenants living in your property;
- Schedule regular improvements and updates on your property. Remembering to do a fresh coat of paint and new floor coverings every 5 – 10 years (depending on the wear your property gets) and reserve some cash for more major renovations like kitchens and bathrooms;
- Insist on your property manager using a professional photographer to take photos of your property for advertising. This will make your property seem really appealing when tenants view it online;
- Maximise the storage space in your property with built in wardrobes in bedrooms, large pantries in kitchen and any other areas that allow for additional storage;
- Consider allowing pets in your property. If your property isn’t in a complex (like a townhouse or unit) and you have the ability to make decision about permitting pets, consider taking pet applications with tenancy applications, so that you can consider allowing pets in your property; and
- Look to the market for pricing guides. Ensure that your property is priced appropriately in the rental market. Ask your property manager to provide you with a current market analysis for your investment property so that you can determine the appropriate rent for your investment.