A vacant rental property is every landlord’s worst nightmare. Fortunately with a bit of forward planning, you can keep vacancy rates to a minimum and enjoy regular cash flow all year round. Here are our top tips for reducing the amount of time your property is untenanted.
Be ready to advertise for new tenants at all times
Even if your property is currently tenanted, it’s a good idea to have an advertisement ready-to-go. Your tenants could hand in their notice at any point. If you have some marketing material waiting in the wings, then you won’t waste any time getting your property in front of the right people. You’ll also enjoy peace of mind that you’re in the best position to find new tenants no matter what the future brings.
Read more: How to maximise the rental return on your property
Invest in ongoing maintenance or repair
One of the biggest mistakes you can make as a landlord is letting your property become rundown while it’s tenanted. By conducting regular property inspections and keeping on top of repairs – big and small – you can avoid encountering any nasty surprises when your tenants leave. This approach also allows you to build a good relationship with your current tenants – they’ll appreciate the time and money you invest in keeping your property in excellent shape, and will be more likely to give you a glowing reference if the time comes.
Keep your street appeal in tip-top condition
First impressions count, so do your best to keep the exterior of your rental property looking fantastic. It’s particularly important to invest in regular upkeep of any outdoor areas – it’s amazing how quickly weeds can sprout up out of nowhere and before you know it you have a mini jungle on your hands. Unless you can trust tenants to do an excellent job of weeding and mowing the lawns, put down weed mats or pebbles and hire someone to come and give the lawns a trim every few weeks. This can save you some serious gardening headaches later down the track.
Go the extra mile
If you’re trying to rent your property in a competitive market, then you need to think of ways to make your home stand out from the crowd – without, of course, spending a fortune. Little things go a long way. From supplying some furniture, to offering to pay for a professional cleaning service every six months, there are several ‘perks’ that can sweeten the deal. You want to show prospective tenants that you care about their comfort and you’re willing to go the extra mile for the right people.
Adopt a ‘first in, first served’ mentality
When you meet a great tenant who is ready to move in, can provide excellent references and has no trouble arranging the upfront costs (such as advance rent and bond), jump at this chance! While you may be tempted to ‘play the market’ for awhile and see how much interest is out there, in the time you make up your mind your perfect tenant could find another home. Strike while the iron is hot!
Worried about letting your home to untrustworthy tenants? Our free guide can help:
