Top Tips For Leasing Your Investment Property Quickly
The property management team at Turner work very hard to lease properties but we can’t do it without our landlords, who work with us on a good presentation and investing in some quality marketing.
Last week alone, from the 10th to the 16th August, the team leased 16 properties.
We are proud to say that Turner properties are 5.7 LESS days vacant than the market average and 7.2 LESS days on the market than the market average. Based on an average rental property price of approximately $400 per week, this equates to an additional $411 per year in rental income. Not to mention, additional savings on reduced ongoing advertising costs in the long term.
The following are some important tips to securing the best tenant and maximizing your rental return:
1. Professional Photography
Professional Photography in rental properties allows you to present your property at its best. Poor quality photos with bad lighting deters tenants from enquiring. The difference a professional photographer can make is significant. See below an example of a Turner rental property before and after professional photos.
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Not only will you attract more enquiry, the quality of tenants enquiring will also increase. Professional photography is a tax deductable expense and can be re-used in the future for letting or if you decided to sell the property (and it includes a floorplan).
2. Negotiable on pets (strata permitting)
According to the RSPCA, there are over 29 million pets in Australia – that means there are more pets in Australia than people! However, many tenanted properties say no to pets. If your property is negotiable it immediately opens your market to a wider net of tenants. Being negotiable on pets may help your property rent faster due to higher demand and it may also attracted a few extra dollars per week. A professional agent will do the appropriate checks on all applications, including the way the tenant managed their pet in the past and tenants would also be responsible for any damaged caused by the pet.
3. Price and presentation
A well-presented house will attract a house-proud quality tenant. By ensuring the property is clean and well equipped with amenities which make for easy living, will attract more competition in the market, ultimately reducing the time taken to lease the property. Your agent should be able to show you a range of comparable properties in the local area, to ensure that your property is appropriately priced and coupled with solid presentation, you have the components for a quick and hassle-free let time.
4. Act quickly on tenant applications
The ultimate goal for all landlords is to lease your property quickly and secure a great tenant. Good tenants are in demand so when your property manager receives and processes an application, it is important that you approve the quality candidate quickly, otherwise they may be accepted on other competing properties. When you have a professional property manager you can be confident they are diligent and efficient in processing applications.