Having a vacant property can leave a landlord feeling vulnerable and stressed. Understandably so as this can be a difficult time when they do not have the rental income to pay the mortgage but more often than not, landlords that are in this predicament more likely fall victim to other agents aiming to gain their business.
During this period, it is essential that a Property Manager keep the landlord in the loop in regards to feedback from inspections, the number of enquiries and the current market conditions.
Ideally, property managers should reach out to the landlords after every inspection and at least once per week to provide some feedback, as well as share some suggestions or expert advice about what should be done.
Common Reasons Why Tenants Do Not Apply for a Property
- Property is too small
- Rent is too high
- Too dated
- Not secure enough
- Yard is not fully fenced
If tenants find the rent too expensive, an effective way of knowing the ideal rent is to compare the property with other similar properties. It is the property manager’s responsibility to provide the landlord with an update regarding the current market in order to give them a better insight of the ideal rent. The key is to always meet the market or stick close to what is recommended.
One other thing a good property manager will do is provide the landlord with links to property websites that show properties which they can compare their properties with. This will effectively give the landlord a better understanding as to why they need to lower down their rent (if it is too high).
The bottom line is, the property manager should report to the landlord on a regular basis to assure them that they are working hard and are doing all that they can to find the right tenants who will rent the property.