For those of you who manage your own residential rental property or those looking to use us as letting agents for our casual letting service, we thought we would take the time to put down some pointers, so you can reduce your vacancy periods.
Using these will really reduce your vacancy time, I cannot emphasise enough how the little things can make the big difference. If you’re not using a professional property manager, then take the time to read these property management tips very carefully!
You don’t want to miss the perfect tenant, and good tenants have choices. Don’t think for a second that Auckland’s much hyped housing shortage is any issue to a good tenant.
TIPS to reduce your rental properties vacancy period:
- Before your current tenants depart undertake a pre vacating inspection to explain what needs to be done to get bond refunds and ensure the property in in good condition upon departure of the current tenants.
- Plan for the vacating date: get into the property Immediately to clean and tidy up for photography, pay particular attention to how the property looks from the street (this will have the most effect), remedy any issues your prospective tenants will notice inside.
- Take quality photos preferably early morning or late afternoon, when the sun doesn’t cast intense shadows. Ensure you have the best picture of the outside of the property to use as your main photo. (THIS IS a BIGGIE and many people fail this point)
- Do a competitive market analysis: examine market rent rates (at MBIE), and what’s currently on the market that you are competing against (Note: this can be a wider area than just your suburb), and price your property accordingly, you want to achieve the maximum fair rental possible but ensure that the property isn’t vacant for long. (If you can’t undertake this step confidently and competently then get a free rental appraisal, but do check its validity against your online competition).
- List the property with a good level of detail (MORE IS BETTER). Move in costs must be clearly explained and provided. Ensure that you provide ALL the selling point about the property and the surrounding area amenities, include relevant keywords in your sentences to improve your results for online search terms. (THIS IS A BIGGIE many people fail this point)
- Ensure you are specific with describing the type of tenants you desire, this reduces your screening time, and the volume of calls that you will have to acknowledge.
- Boost your online listing with a feature combo or supper feature combo, this seriously increases the number of views your property receives, and will reduce your vacancy time. (THIS IS A BIGGIE)
- Ensure that you are available for viewing, try to be as accommodating as possible, and when holding a viewing, ensure that the property is open, and that you explain all the little details a tenant would need to know, and would be interested in knowing. Take time to get to know each applicant so you can make an effective judgement of eligibility, and what they might be like as a resident tenant.
- If you haven’t already sent your prospective tenants and application (which you should have upon their enquiry, take the forms to viewings and instil a sense of urgency in the tenant about filling it out).
- When you have a prospective tenant’s application, act quickly to check their references, and ensure you ask pre planned questions to catch out the fraudsters!
- If the references good, and the tenants are suitable, immediately run a credit and tenancy history check (note: there must be permission to do so, which was obtained in your tenancy application)
- And last, but definitely not least, always (unless you have damn good reason) go for a fixed term tenancy.
We use the above strategies, and hope you have enjoyed these tips which will benefit your rental property with reduced vacancy periods, and better quality tenants!