Extended periods of vacancy for investment properties
What do you do if your property appears to be having an extended vacancy period?
Initially see what’s happening in the neighbourhood at that specific time? The market is largely about supply and demand so the numbers around this are critical.
1. How many comparable properties are competing at that point in time?
2. How’s my property being marketed and how many prospective tenant’s are seeing it? What are prospective tenants saying about your property, this is critical to see if appropriate changes can be made – for example – if the bedrooms are too small you can’t do much about that, BUT, if people are saying the property is dark, dirty or old – these are things that can be fixed for any budget (big or small).
3. How does my rent compare to the competition and how does my property look compared to others? In life there’s a saying, ‘opposites attract’. Unfortunately, this is NOT the case for people and property – your properties appearance goes a long way to attracting the appropriate tenant. Another words an undesirable property, attracts a less desirable tenant!
This doesn’t mean you need a costly renovation, but there are certain low cost things you can do to improve the street scape of the property, and internally a coat of paint and professional clean can go a long way.
4. Is your property being shown? Technology has changed the way we do business and speed is an expectation! Why make it difficult to show property? Opening a property on a weekend in a given but there are a number of online programs that allow tenants to register for inspections at a suitable time, make this process easy and eliminate time wasting.