Ten tricks to keeping vacancies low

By Phil McCarroll 

Within the increasingly current competitive rental property market, it is critical for owners to have core points of difference to build a competitive edge over other properties on the market and secure a tenant quickly. Attracting great tenants starts with marketing and advertising the property professionally – many professional real estate photographers are very reasonable with properties achieving more interest, hits on the web, better first impressions and a quicker tenant in place. 

Vacancy periods are costly to owners - holding on for an extra $15 per week is false economy, given you have essentially lost $1,600 in rent (as an example).  Accordingly, it is critical to ensure you are asking market rent for your property achieved through undertaking a comparative rental analysis.

Key attraction factors for tenants based on our research include:
  • Location – tenants prefer properties located close to infrastructure such as shops, cafes, restaurants, bus/city cat services, parks, schools (although not across the road from schools or on main roads)
  • Pet friendly properties – this secures many long term tenants and with a comprehensive Pet Agreement there are seldom any issues
    Light airy ambience, clean and tidy with storage space
  • Parking, carport and/or as a last resort access to street parking without incurring tickets
  • A well maintained property – this relates to both owners (to budget for this) and property managers (to follow through on maintenance issues)
  • Modern bathroom and kitchen – tenants are well informed and no longer accept significantly dated properties i.e. circa 1970’s tired kitchens and bathrooms – owners can secure great modular kitchens and bathrooms at very reasonable prices
  • Security – to have the opportunity to secure longer leases – this relates most frequently to families with children
  • No discrimination based on age, gender, family type, ethnicity etc when putting in an application to rent your property – tenants are astute and can work out if discrimination is taking place overtly or covertly
  • Air conditioning – even in Canada, it’s a consideration

 

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