There are many variables involved getting your property rented.
- Advertising and photography
- The age and condition of the property itself
- Your Property Manager
- The listed rent rate
- The time of year
- The rental market
Despite all the above factors and more involved in finding a new tenant for your investment property, there are really only a few possibilities as to why a tenant is not secured quickly. Generally is it one or a combination of the issues below.
1.Poor quality advertising.
People are naturally attracted to properties that look and sound appealing. The fact cannot be overstated – great photographs increase the conversion rate from enquiry to a leased property!
Couple great photographs with highly informative text highlighting the positive aspects of the property and you’re on the right track.
- 2. The Asking Rent is too high.
Today tenants are well educated about the rental market via the Internet and sites like realestate.com.au well before they even start to physically inspect rental properties.
The rental market can change dramatically very quickly, rents are never static and there is no guarantee they will always rise so do some research yourself before you set the rent.
Don’t be afraid to lower your price a little in order to secure a good tenant, you can always write a clause into the lease stating that there will be an increase in the future.
Usually your Property Manager is telling you the truth if they tell you need to lower you asking rent, if they know their market well they are not trying to make things easier for themselves, they genuinely do want to secure you a good tenant in a timely manner.
3.The Rental Property is poorly presented.
Tenants notice a tired and uncared for property, they see the torn and faded curtains, missing grout and mouldy tiles, weeds in the garden and rusty gutters.
Tenants will presume that because a property presents so poorly that the Landlord will not be prepared to carry out maintenance when it is required, this will impact greatly on their decision to rent or not.
They will inspect several properties before they make their choice and will choose the property that presents the best and is therefore the best value for their money.
Consider also whether the neighbourhood has changed in any way, is there a building site next door etc, as this will impact negatively on the rent rate.
- 3. Your Agent is not working in your best interest.
If none of the above issues are your problem then it’s time to look to your agent.
Rental listings that make your property look and sound like great value for money are good and well but the effort is wasted if nobody can actually inspect.
When prospective tenants want to inspect a rental property they generally want to do so fairly quickly, they do not want to wait two or three days until the agent has enough interested parties to warrant leaving the office. It may be worth having a friend call the agent and do a “mystery shop” on your behalf.
Tenants are time poor just like the rest of us, if it is too hard to inspect a property they will quickly move onto the next one, if a “for rent” listing is vague, doesn’t have enough detail or awful pictures, your property will get over looked as tenants gravitate towards the rental properties that are appear appealing and and easily accessible for inspections.