STEP 1. The first thing to do when informed that your tenant is leaving, is to ask your PM to advertise immediately…. by “ask” I mean pick up the phone and ask the questions “WHEN WILL THE AD BE UP AND CAN YOU SEND ME A LINK PLEASE? What do you think about my current rent and what is the current market doing“.
STEP 2. While on the phone, take the opportunity to ask your PM if there anything else YOU could organise to have fixed, to make the property more appealing. By YOU I mean YOU – not the property manager (see last paragraph why it may be better if YOU took matters into your own hands in current environment). Start early by lining up tradies so that the day after the tenant moves out, the work starts. A good lick of paint, a couple of blinds, and a new carpet, don’t take long, are not that expensive and often make a huge difference. If you start early, you can literally have them done in 2-3 days, in time for the first open. Hint: If you live locally, ask for the keys, put your overalls on, and spend the day at your property. Fix anything, you are able to. This could be changing globes, mowing the lawn, removing those dreaded cobwebs… Anything you fix, will save you money, will get your mind out of thinking about the Coronavirus, and you will feel great. I know of 2 landlords that did just that last weekend. They didn’t worry about whether the tenant was going to fix the things. They only wanted their property to look great for the first open! In fact… 2 landlords, the PM and the tenant, all cleaned together and the property looked great for the first open!
STEP 3. Back to the ad…. If you don’t hear back from the PM about the ad being up, ring up again… When you do get the links, make sure that the ad is as good as it can humanly be. Photos in particular are the MOST important part of the ad. If you don’t think the photos are great, ask for new ones. Also look at the ad copy itself for spelling mistakes… the copy is important but not as important as the photos! Another mistake I see over and over, is ads where the property has been set to the wrong type. A house advertised with the property type of apartment, will be probably missed by the majority of the tenants searching for houses as statistics are showing that tenants have made up their mind about the type of property they want and that is all they will look for!
STEP 4. Validate the price yourself… you can do that by regularly looking at the competing properties in your suburb (very easy to do on REA). It is very possible that the rental price you were getting before, is no longer right which means that you will lose days/weeks. Or perhaps it may be OK compared to others, but you prefer your property to be rented quicker rather than sitting there…. in which case reduce the price immediately by $10 or $20. A $500 property advertised at $480m and rented within a week or 2, is a lot better than the same property advertised at $500 but not getting rented for 4-5 weeks…. Do the maths and I will not even mention the sleepless night.
- Reducing the price by $5 or $10,
- Rotating photos,
- Hiding the price (ie Contact Agent),
- Closing the ad and starting again. This is important as after 3-4 weeks, tenants know that the property is stale and it has gone way down the list. If your property appears on pages 3, or maximum 4 onwards, its chances of getting rented are slim to none. Ask the PM to close the ad and re-advertise.
Who we are:
If you liked the content of this article and would like to learn more about NextGen and the services we provide, feel free to make contact with us by filling in the form on this location https://nextgenpm.com.au/contact-us/.
NextGen Property Mgmt (www.nextgenpm.com.au) is a boutique Real Estate licensed agency that specialises in property management. NextGen Property Mgmt does NOT has a sales team unlike most other agencies that specialise in Sales and have Property Management as a side business.
Our area of focus is residential property and we operate in Inner and South West Sydney, as well as St George.
NextGen was created from its infancy to cater for investors as it was founded by investors who quickly realised that in a highly regulated industry like Real Estate – competence, expertise, care and service by property managers varies greatly.
As an investor, you need to have trust for and feel valued by your property manager. You need to know that your property is being looked after with minimal disruption and you are getting maximum return for your investment. At NextGen we understand that because we are investors living busy lives ourselves, so our promise to you is that you will no longer have to worry about your most valued asset because we will make sure to take care of it as if it is our own.