Finding a tenant for your empty property
With an increase in property supply hitting the Sydney market in 2018, tenants now have more choice when it comes to choosing rental properties that suit their needs and budget.
While that’s good news for renters, additional housing stock can throw up extra challenges for landlords when it comes to finding a tenant.
As competition for tenants heats up across the city, here are some tips to get your property leased.
Get the price right
Firstly, remember to regularly compare your property to other comparable rentals on the market. With prices in the Sydney rental market shifting at the moment, you may need to adjust your expected rental returns in line with these changes.
A good idea is to take some time when your rental property is un-tenanted to assess what it is worth before re-listing it. You may find that it’s necessary to reduce the rent or make improvements to the property to ensure it appeals to tenants.
Make the most of photography
With tenants having more rental options you need to do everything you can to attract tenants to your property. Professional photography that showcases your property is a great way to do this.
If your target audience are millennials or generation z it can also be worth considering video or drone services so that your property stands out to younger renters.
In both situations, you can assist by giving your property a good clean beforehand and making sure it is free of clutter so the photographs show the property in its best possible light.
Keep up to date with maintenance
Tenants with options are unlikely to be attracted to properties in need of maintenance. For this reason, it’s a good idea to be thorough when it comes to maintenance.
This includes cleaning windows and floors, removing any graffiti on exteriors, repairing broken tiles and doing all necessary gardening to make sure external spaces look their best.
Leaking taps, damaged fly screens, mold in bathrooms, broken light fittings and signs of vermin are other issues that should be sorted before any rental inspections take place.
Get strategic with viewing times
It’s also important to schedule inspection times that make the most of the location and unique qualities of your property. For instance, if your rental is located on a busy road think of holding inspections outside of peak hours or if it gets particularly hot or cold at certain parts of the day try to schedule around those periods.
Additionally, try to schedule at times when your target audience can attend whether that be during lunch breaks for office workers or in the afternoons for university students.
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