No Landlord wants to see their rental property experiencing a high vacancy rate. High vacancy rates indicate that a property is not renting well while low vacancy rates can point to a strong rental. Here are some proven ways to take that rate down to 0%.
As soon as you issue a notice to leave or you receive a notice of intention to leave from your current tenant, you may want to jump at the chance to advertise the property. However, if it sits in the market for too long, the rental property may start losing interest from applicants and get buried under new listings. The best time to advertise would be 5 to 6 weeks before the property becomes available.
Gradually dropping the rental price is necessary to securing the best tenant as soon as possible. This depends on how the property is doing in the current market. To get your asking rent, you can also make improvements and renovations to the property and make the listing more attractive.
Get yourself a tenant who you can rely on to commit to the lease agreement. You can do this by taking a look at their rental history and getting references. With your current tenants, strengthen communication, regularly take care of repairs and maintenance, and carefully handle rent increases.
Find the right Property Manager
A good Property Manager can handle all the things listed above on your behalf. As a professional, they have the training, skills and experience to make sure you avoid high vacancy rates. Your Property Manager will make life easier for you and your tenants.
We have years of professional experience in managing properties. Get to know our team of experts https://www.rentalresults.com.au/our-team/