1. Aligned with peak rental periods
Times of year when there is the most active tenants on market looking for rental property. This is when we are able to pick the very best tenants from a bigger pool, along with minimising vacancy and achieving top market value. If your lease is to end will it land in these times?
2. Have an Accurate Market Appraisal
Getting across the numbers and ensuring the property price point is aligned with the current market. Taking a scientific approach, looking at vacancy rates, stock levels both in the suburb and surrounds and factoring in the median rent achieved in the last quarter.
If the property is outside of the market and too high, this can lead to extended vacancy and the property can become stale and stigmatised. If it’s too low, this too can have an adverse effect not only due to a lower return on investment overall but also with multiple groups and attendance at property inspections – people can place the property in the ‘too hard basket’ and not bother and not apply.
3. Have a Leasing Campaign and Strategy
Do you have a plan for the leasing campaign? Has your leasing consultant outlined a calendar plan and time frame for the campaign. With a proactive approach, factoring in Presentation, Promotion and Price.
4. Rent Review and Renewal
Effect negotiating with tenants at the end of the lease ahead of notice periods and ensure that we keep the property up with the market current value. Keeps the property giving the maximum ROI while being aware not to lose quality tenants at the cost of $10 – $20 dollars.
5. Standard of Property & Rent Ability Factors
Keeping the property to a high standard allows the property to be leased to high quality tenants and then managed and kept as such. This can be affected by fresh paint and touch-ups, new carpet, blinds curtains and coverings along with general up keep. Staining decks and outdoor fences etc. Rent ability factors can include fitting air conditioning, ceiling fans in bedrooms, fly and security screens – these are value adds to the property and can be tax deducted. This may not reflected straight away in a $20 -$30 increase in rent, but will keep tenants at the property and help with renewal and rental increases at this time.