Preparing your investment property to rent is not always as simple as placing an advert online. No time is this more true than when the rental market is most favourable to tenants, due to oversupply and high vacancy rates.
There are three key factors that every investor should consider before placing their home on the rental market;
1. Price
This is perhaps the most crucial element to your investment being tenanted and not sitting vacant. It is crucial to ensure that you are entering the market at a realistic price point. Setting your home at an unrealistic price point will see it sit empty and cost you money in the vacancy. The best properties in the world remain unleased and unsold if they are priced out of the market.
2. Presentation
Properties need to turn heads and not for the wrong reasons! Prospective tenants want to see themselves living happily in your home and this can be hard if the property is shabby and unkept. Ensure that the yards are manicured and the inside of your home is clean and tidy. Electricity running to the house will present it “in lights” and there will be nothing more welcoming to prospective tenants than cooling fans or air-conditioning on a hot day!
3. Promotion
If you are taking the time to ensure your price and presentation is perfect then don’t let it all go to waste by failing to promote your property effectively! We will only use professional photos to present your property in the best light. In addition, our highlight advertising on realestate.com.au ensures that your property is placed on the top of page one.
Whilst the above steps are crucial in ensuring your property gets the best traffic and the most favourable outcome in high vacancy rate market, it is also best practice in a low vacancy rate market to ensure top rental dollar.
