It has becoming increasingly hard to rent out townhouses and units in the current rental market. Here are a few tools to help rent out your property if it is difficult to move.
Increase the advertising exposure
Ensure your property is advertised on a number of prominent websites such as realestate.com.au and domain.com.au. You should also consider using upgrading the advertisement from a standard listing to a highlight or premier advertisement to ensure your property stands out. You also want to ensure that the featured photos are interesting and attractive.
Professional photographs ensure your property is presenting in its best light to attract a wider range of tenants.
What we have learned in talking to various property owners and tenants is that when looking at properties, they tend to scroll through until they see something they like, and if they do not find the photographs appealing they will continue scrolling.
Staying in Line With the Market Rent
It is important to ensure you are aware of the current rental market conditions and know what properties are available that are comparable to your property. Tenants look for value for money and in a competitive market the market is very price sensitive. A $10 per week reduction can be the difference between no interest and interest in a property.
Asking tenants for their feedback is essential. Tenants may be willing to apply for a property at a certain price point or if something extra was included or changed at the property. Often the inclusion of ceiling fans or air conditioning can be the difference between someone choosing to submit an application or not.
We can hear many property owners saying, ‘I won’t pay for that’, but if you explain to them that the property might be empty for another X number of days/weeks, which altogether is a loss of Y and that this would guarantee that a tenant will sign sooner, ultimately you are sparing them money. In addition, it is a tax deduction toward the end of the financial year.
Remember that many of us are time poor, and even when searching for a property we examine the photos quickly, looking for something to get our attention.