There is nothing that frustrates an investment property owner more than not having a tenant. Every day the property is vacant, that’s money you are losing. That’s why when choosing a property manager in the North Western suburbs, you should look for one with a low level of turnover, and a reputation for minimal days on the market.
Our experienced Property Managers at Hick Real Estate, have tried and tested procedures that ensure your property is rented fast. More often than not, we will have a new tenant ready to move in when your current tenant leaves.
So how do we do it? It all comes down to building relationships, quality communication and great local knowledge.
Keep your existing tenants happy
The easiest way to reduce your vacancy rate is to retain the existing tenants you already have!
Keeping a tenant for the long term is all about keeping them happy. The happier they are, the more likely they will renew their lease and therefore no vacancy downtime.
Some of the things that can help to keep your tenants for the long term:
- Stay on top of maintenance issues
- Be responsive when your tenant reaches out
- Upgrade your property with features tenants want
- Respect their privacy
- Be proactive with lease renewals
Your Hicks Property Managers will ensure that these issues are addressed for you.
Communication and relationships
Clear communication is an absolute key when it comes to managing investment properties. Our team does a lot of work to build a great relationship not only with you as the property owner but with all your tenants as well. Our clear and straightforward communication also extends to prospective tenants. Communication, and keeping in touch with all parties, allow us to attract and retain the best tenants for your property.
With good communication comes excellent relationships. At Belle Property Balmain, we find that by spending time building good relationships, we get to know your tenant and they get to know and trust us. We ensure that we understand your tenant well enough to know when to advertise a property for rent. Some tenants are more than comfortable and willing to have open homes but when tenants aren’t comfortable, we wait until they’ve vacated the property. Some tenants also have a stunning flair for design that looks fantastic in photos, while for others, we’ve found that showing a vacant property is best.
Pre-marketing preparation
There’s a lot that goes into successfully marketing your property for rent. One of the highest priorities is staying in touch with owners and tenants. We like to start talking with the tenant 3 months before a lease expires. This gives us comfort knowing that they will be staying or if we need to start the process of finding a new tenant.
We like to discuss with the owner things like any repairs and maintenance that may need to be done between tenants. Depending on the age of your investment property, we may suggest a repaint, new carpet, or replacement of old taps and handles. These simple improvements will certainly lead to a higher level of rent and a quicker turnaround time.
Use proven property marketing strategies
So how do you put your best foot forward to find tenants fast and keep your vacancy rate low? The answer lies in effectively advertising your rental property.
Here are a few of the must-dos to ensure a new tenant moves in quickly :
- Invest in renovations tenants truly want (air conditioning etc)
- Upgrade and repair your property with preventative maintenance
- Get professional photography for your rental property
- Quality marketing using online platforms
Keep your rent competitive
In the current rental market, with rents rising quickly it is easy to get excited and overshoot the mark when setting the new rent. This will either mean that you do not get a tenant quickly or the new tenant ends up moving out at the end of the tenancy, so you are right back to where you started. Experienced local property managers know what the correct rent should be and can ensure that you obtain the best amount for your investment property.
The property manager that you choose is important, great property managers will ensure that your investment property works as hard as possible. Unfortunately, a poor property manager is likely to cost you money.
When you are ready to make the switch, talk to David Watt about how the Hicks Property Management team can work for you.
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Hicks Real Estate Team
Hicks Real Estate is a Brisbane based, full-service real estate agency supporting buyers and sell as well as renters and property investors. With almost 20 years experience in the local market, we are the real estate experts you can rely upon.
