How to Lease a Property in a Competitive Market
For people looking to grow wealth, starting a property investment portfolio sounds like a promising concept. Whilst real estate seems really alluring to many investors, it also entails a string of legal responsibilities and potential liabilities, not to mention the considerable costs incurred to initially purchase a property.
We suggest you plan ahead and structure your deals in such a way that risks are reduced while getting more experience at the same time.
Advertise as early as possible
Typically, we recommend advertising your property 3 to 4 weeks before the property is available for lease. However, we take consideration in a competitive market. We start to advertise as early as 6 weeks prior to the property’s availability in order for us to have more than enough time to find the best fitting tenant.
Hire a Professional Photographer
We strongly suggest hiring a professional photographer to our clients. The key to attracting potential tenants to your property is presenting it in the best light possible. Your aim is to make your property stand out above the rest.
Upgrade Your Listing
When you present your products to listing sites such as realestate.com.au and domain.com.au, they are going to make you choose to use standard advertising, upgrade to a feature, move up a notch to highlight or upgrade to a premium listing. Doing so can increase the property’s exposure, making it far easier to rent out.
Go Big on the Presentation
While waiting for your property to be leased out, make sure you keep it in its most pristine state. Mow the lawn at least every two weeks especially during summer and make sure to stay on top of all those maintenance jobs. You can’t just put it off until your next tenant comes in. Remember that tenants are particular with the property’s condition during inspection so it would be best to keep it in tip top shape for easier and faster leasing.
Write an Impressive Ad
Should you enlist the help of a property manager, make sure you choose the who’s great at writing ads that showcase the best features of your property and its location. Proofread their work and see if it’s described exactly how you’d want it to be. A well written ad paired up with professional photography would do wonders in endorsing your property to the market.
Allow Pets
We all know the benefits and the pitfalls of allowing pets in your rental property and it’s really up to the property owner to weigh these and come up with the best decision for the benefit of their property investment. But when you are investing in a competitive market, you are left with little to no choice regarding this matter. If your property has been up in the market for weeks with no signs of interest from renters, then you perhaps you need to consider allowing pets. Just make sure that your tenancy agreement has a section that indicates your rules pertaining to it to encourage pet owners to take responsibility.
Trust Your Property Manager
You’ll know if your property manager is a keeper if they are willing to sit and discuss with you the current market situation and the right pricing of your rental property. It’s a pretty tough thing to do but this shows their professionalism and their respect to you as the property owner. It’s important that you listen to them.
