Nobody home? Perhaps you’re here because your investment property is vacant. It could be because you’ve recently entered the market with a rental, you’ve tried to increase your rental income or are attempting to replace a tenant moved out… with little to no success. And with each vacant day, you’re missing out on valuable income. In fact, your annual return is decreasing by 2% with every week that it sits empty.
But my rental is great… tenants should be lining up! So where are they?
Chasing something that doesn’t exist
Let’s get real. If you’re unwilling to compromise on the rental price of your property, it’ll be you paying it in the end. Holding onto expectations could see your property sitting vacant for months, or even years – and at this point, it’ll be forever before the math adds up in your favour. Ask yourself this: would any tenant be willing to pay your rental price? Or, are you trying to create the market?
Your ‘perfect tenant’ could just be landing a better deal down the road. You need to be realistic about the rent you’re charging, by scoping out competition and positioning yourself as the ‘shopper’. After all, would you buy a used car without knowing what else is on the market, and for what price?
Work with your agent
They’re your key to the market…and here to help! Your agent will have the best current market knowledge, and will be able to guide you to finding the maximum rent possible for your property. They can help you to arrive at a decision by taking into account (a) the demand for properties like yours at present, (b) what is available in the location, and (c) what has been recently rented. Your agent can also help you to achieve this as soon as possible, so that you don’t risk an even longer vacancy by missing a great opportunity.
Wondering why your property isn’t renting? Get in touch with an experienced Property Manager at Prudential Real Estate. Call (02) 4628 0033 or email email@example.com.