15 Oct 2014

Marketing Your Vacant Property

There are four keys to promoting your property to its fullest potential.  Ensuring the following four items are addressed properly will unlock your property's appeal to quality tenants who are willing to pay premium rent to secure your property. Follow these items in order:

  1. Make sure your property is immaculately presented. If  something is broken, have it fixed. The superior the presentation of your property, the more emotionally appealing it will be to potential tenants. Many property managers are afraid to recommend owners invest money to present properties better. However, the small investment, which can be a tax deduction, can often yield substantial results. Well presented properties attract tenants, reducing time the property is vacant and increasing the potential rental income achieved. Having a property immaculately presented at the beginning of a tenancy means you can ensure your property is returned to you at the end of the tenancy in the same condition. That’s if your entry condition report is performed correctly.

  2. Ensure your advertising and photos are appropriate. Professional photography is one of the most important elements to advertising. Great properties can remain vacant for extended periods because the photos of the property are poor. Prospective tenants discount poorly advertised and photographed properties before they even inspect the property. A well-written advertisement and an appreciation of features tenants are looking for are important. Short, to the point advertisements, highlighting size, breezes, light, amenity, and proximity to transport, parks, shopping are all winners when looking to attract prospective tenants.

  3. Make sure your agent is available to prospective tenants. Many property managers restrict the number of inspections in the spirit of creating competition or just managing their time better.  However being available for tenants whom wish to inspect your property is critical in sucuring a great tenant for your property. A great property manager should be open to having tenants inspect a property after hours and on weekends.  Remember, you only need the right tenant to turn up once and your property will no longer be vacant and your income will commence.  Many property managers value their personal time more than they value securing a tenant for their owners property.  This is not the case at Noosa Sales and Property Management.  We understand securing a tenant for your property is of great importance and we are willing to perform extra duties including working on weekends to secure tenants for our owners.

  4. Do not prioritise price. While price is the first element many property managers look to change, great property managers consider price to be the last element to look at. Price is not really the reason for a property being vacant unless of course the price is completely unreasonable. If a property is priced within a reasonable price band and is presented immaculately, has great advertising and an agent who is prepared to work tirelessly at all hours to complete inspections, then your property will be rented to a great tenant. It’s a simple as that.

Noosa Sales and Property Management can help you with all four of the abovekeys. And more.

That is why our owners have commented that our tenant acquisition program is one of the best they’ve experienced, and why we always obtain great tenants with short vacancy periods.

How long will it take us to lease your property?

You are legally required to have three business days between tenancies.  The three day changeover time allows tenants to go back to the property, if required, and return the property back to the standard it was originally offered to them.

When securing a new tenant as an existing tenancy is coming to an end, more often than not we have secured a new tenant prior to the property becoming vacant.  At Noosa Sales and Property Management we achieve this by advertising our properties to prospective tenants 21 days prior to the current tenant vacating. Any longer than 21 days would too far away for tenants, and any shorter than 21 days would not leave enough time to locate a tenant. Our average vacancy period is about five business days. We are very proud of this fact and 5 days average between tenancies is considered within the property management industry to be market leading.

What happens when the tenancy agreement expires?

At Noosa Sales and Property Management we do not allow tenancy agreements to expire without taking proactive and appropriate measures. We take action 90 days before your existing tenancy agreement is due to expire, and execute the strategy we have worked out with consultation from yourself.

Our main concern is to ensure your property is vacant for as short a time as possible and to secure a quality tenant with a proven rental history for you.  We understand the need for owners maintaining the continuity of income from their most valuable investment.

 

If you would like to discuss any of the items listed above please call Ross Maxwell on 0418 523 360.  At Noosa Sales and Property Managment we are always happy to talk to our customers, discuss their needs and develop a strategy to help them achieve their desired outcome.