How to Avoid a Vacant Rental Property - Our 5 Tips to Keep you Tenanted
If you own rental property, having a vacant rental property can be a frustrating and costly experience.
We have recently seen a growth in the amount of rental properties that are on the market in Hobart, and while we are still experiencing low vacancy rates (0.9 per cent), having a vacant property just doesn’t make sense. Loss of income and increased risk of vandalism increase every day your property is without a tenant. There are several steps you can take to avoid sitting still with a vacant rental property.
Our 5 tips to securing the right tenant when re-advertising your rental property in Hobart
Set competitive rental prices: Do your research and make sure that the rent you are charging is in line with similar properties in the area. If your rental prices are too high, potential tenants may look elsewhere.
Market your rental property effectively: Use a variety of marketing channels, such as online listing sites and social media to reach potential tenants in Hobart and its surrounding suburbs. High-quality photographs, a floor plan and detailed descriptions can also help attract potential renters.
Keep your rental property in good condition: Regularly maintain and update your property to ensure it is in top condition. This will make it more attractive to potential tenants and can help justify charging higher rent.
Offer incentives: Consider offering incentives, such as including a gardener, be negotiable on pets or lease terms and look at the options to providing a furnished or semi-furnished property. These incentives can make your property more desirable to others that are on the market.
Screen tenants carefully: Take the time to thoroughly screen potential tenants to ensure they are responsible and reliable. This can help reduce the likelihood of having to deal with eviction or non-payment issues in the future.
By following these steps, you can increase the chances of finding and keeping good tenants in your rental property and avoid the negative consequences of having a vacant property.
By putting the right systems in place, we can ensure that if your property does become vacant it doesn’t sit empty for long. Our property management team will use a tailored marketing strategy to put your property in front of attractive tenants, getting your property rented faster. If you would like to chat more about a plan on securing the right tenants for your investment property, contact us today to chat about a plan.
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