Seek advice from a property manager.
Conduct a thorough property assessment.
Maintain a cash reserve for necessary repairs or upgrades.
Utilize online listing platforms effectively.
Invest in professional photography.
Use street signage to attract attention.
Consider staging the property for added appeal.
An empty rental property burns a hole in your pocket as an investor, so you need to minimize this risk by drawing up a pre-leasing plan with your property manager to find a new, trustworthy tenant as soon as the current one leaves.
Good tenants who pay their rent on time are gold, and you should do everything you can to keep them. However, renters – even the best ones – eventually move on.
Depending on the market and your location, it can take up to three months to find another good tenant. Marketing, inspections, and the checking of references all eat up time, during which you’re not earning income.
To avoid this, your property manager should approach your tenant a few weeks before their lease expires to gauge their plans. Early notice of their intended departure could save you thousands of dollars in lost rent.
Try these tips to find a new tenant quickly:
Seek Advice: Consult your property manager for guidance on improvements that can increase rent and fill vacancies swiftly.
Property Assessment: Request an inspection to identify any necessary work once the current tenant departs, such as updating the kitchen or replacing old shower screens.
Cash Reserve: Set funds aside for repairs and ask your property manager to coordinate with tradespeople promptly.
The Search: Utilize online listing platforms like Domain and Realestate.com.au, and consider investing in featured listings for greater visibility.
Photo-Friendly: Invest in professional photography to showcase your property effectively. Virtual staging options can enhance its appeal.
Street Exposure: Use signage with QR codes to attract potential tenants who are exploring the neighborhood.
Stage It: Consider staging the property with rented furniture for high-end properties to attract premium tenants.
Implementing these strategies can help you minimize vacancy periods and maximize your rental income.
For more personalized assistance with property management, contact Shaun at Proactive Lending Solutions:
📞 Phone: 0424 513 740
📧 Email: info@proactivelending.com.au
🌐 Website: www.proactivelending.com.au
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