Reducing Vacancies

As an investor in the property market vacant properties is a critical key issue.



A vacant property equates to no income which in turn has an impact on your cash flow and loan repayments.



If you property is being managed by an agent then here are some tips on ensuring minimum vacancy periods.



Marketing



Telling prospects that your property is available is the first critical step, today most potential tenants will search on websites such as realestate.com, realestateview.com.au and domain.com.au. As a property owner you should log onto these sites and ensure that your property is being marketed well.



The agent should have taken maximum number of quality pictures showing the property to its best advantage, a catchy headline that will grab the attention of prospective tenants, the body of the ad should sell the lifestyle the tenants could potentially have plus the local amenities available to them.



Time Frame



Your agent should aim to have your property on the market 4-6 weeks prior to it becoming vacant. They should provide you with feedback after open for inspections on things like number of groups that viewed the property, feedback received, applications made and general comments on the price of the property.



Within the first week your property manager should be able to confirm if the property has been priced correctly.



Improvements



Inspect the property and ask yourself would you apply to live there, if the answer is no or a maybe then you may need to do improvements which could be quite simple and inexpensive. A fresh coat of paint or adding a dishwasher can work wonders plus retain the market value of your property.



Ask your property manager for any suggestions on improvements, they would have got feedback from previous tenants and prospective clients attending open for inspections



Processing applications



It is important that your agent has a time frame in place to process applications and forward them to you for selection; best practise is at least within 24-48 hours of receipt of an application.



Your agent is your representative and is charged with ensuring that your property is well maintained and it continues to perform and obtain the best return on investment. It is important that you select not on what they charge in commissions but the service they provide. Remember you often get what you pay for.



Metro Property Management are the leading property management company in Melbourne, we manage properties here there and everywhere and our clients love to do business with us as we can deliver consistency and high levels of service.