An investment property that sits empty for weeks will burn a hole in your pocket.
Avoid this by working with your property manager on a plan to find a new, trustworthy tenant as soon as the current one leaves.
Good tenants who pay their rent on time and respect your property are gold, and you should do everything you can to keep them. However, times change and renters – even the best ones – eventually move on.
Depending on the mood of the market and your location, it can take up to three months to find a good tenant. Marketing, inspections and the checking of references all eat up time, during which you are not earning income from your investment.
So as the expiry of the lease looms, ensure your property manager has approached your tenant to gauge their plans as early notice of their intended departure could save you thousands of dollars in lost rent.
Here are seven tips to help you find a new tenant as quickly as possible:
- Request an inspection to identify any work that is required once the current tenant departs. For example, you may decide to put in a new kitchen, replace old showers screens, or lay a new carpet.
- Put money aside for renovation work and approach the relevant tradespeople to gauge their availability. You want them in and out of the property as quickly as possible, once the tenant has left.
- Ask the opinion of your property manager for possible improvements that might allow you to increase the rent as well as fill the vacancy quickly.
- Allocate funds for a marketing budget and place your property on popular websites, such as Domain, realestate.com.au, Rentfind and rent.com.au. It’s worth an additional investment to be a featured property. This puts your property at the top of the listing for rental property in your suburb.
- Invest in great photography. There is no better way to capture interest in your property. Most landlords can’t be bothered to do this, so your commitment to ensuring your property is well-presented will be a competitive advantage in a crowded marketplace.
- Invest in signage outside the property. This street exposure will win the attention of those looking around the suburb for a place to live. If you invest in a QR code, then potential tenant can scan the code and go straight to the web page featuring your property.
- Consider renting furniture for the inspections. While this can be pricey, it can pay off in terms of finding a tenant quickly and getting top-dollar for your rent.