Five helpful tips to ensure a minimal vacancy period
Prolonged tenancy vacancy periods are avoidable so you aren’t losing valuable income. Here are 5 important considerations to help reduce the vacancy period between tenancies.
1. PROPERTY IMPROVEMENTS
You may need to be open to replacing or updating inclusions on the property. This could mean upgrading dated appliances, recarpeting rooms that are looking old & worn, a fresh coat of paint may be required, installation of air conditioning or ceiling fans and built-in robes. Prospective tenants that know you’re willing to freshen up and revamp the property are more likely to apply. Why wait until the property is becoming vacant to make upgrades to entice the current tenants to renew? Keep the current tenants happy and they will remain long term tenants.
2. PRE-VACATE | OUT-GOING CONDITION REPORT
Ensuring a thorough vacate will assist in the property being well presented and ready for open homes. At IPS Real estate, after a tenant provides notice to vacate it is important the managing agent/owner completes a detailed outgoing condition report. Our goal is to ensure that the property is protected against a tenant vacating and leaving the premises unclean or damaged so their bond can be refunded in full. This process if necessary, includes referrals to a reputable cleaner and maintenance service.
3. OPEN HOMES AND PRIVATE INSPECTIONS
Having a proactive agency who maximises all opportunities to show prospective tenants your property will result in faster leasing. At IPS Real Estate, we arrange all inspections as required during the week via private appointment and Saturday open homes. All open home times are advertised and uploaded to various real estate industry websites. A text is also sent out to all potential applicants as a reminder of the open home time the day before. If the property is to be re-advertised for rent, the tenant is educated on how to best present the property for open homes and inspections.
4. FAST APPLICATION PROCESSING
It is imperative applications are promptly processed when they submitted. We conduct thorough application checks, including previous rental history, employment, tenancy background and identification checks. Only suitable applications will be presented to the owner for approval.
5. RENT REDUCTIONS
Rent reductions can be perceived as a negative, however in some cases if the market is slower than usual, it is worth the consideration to limit the vacancy. If you were to consider reducing the rent on lease renewals this can assist in ensuring you stay competitive within the current market. Reduce the rent comparatively to the property.