Currently experiencing property vacancy in Brisbane?
Here we share Image Property’s quick tips to ensure you are getting the most out of your investment property, 52 weeks a year.
- A happy arrangement between you, your agent and your tenant is gold. Look after your tenant and property with regular and on-time maintenance. In the current market, a tenant in place is worth more than a potential increase in rental price. Instead of risking potential vacancy and subsequent price reduction, consider renewing at the current achieved price.
- When property vacancy is a real concern, consider your letting campaign. Is it structured with an action plan in place? Are you are standing out in the crowd
- Presentation helps to minimise vacancy. While not adding a large return difference, minor improvements such as paint, carpets and cooling elements will ultimately attract a higher quality tenant.
- Engage your desired audience with a strong presence on the most popular websites for renters: realestate.com.au, domain.com.au, rent.com.au.
- Today’s tenants are well-informed and spoilt for choice. Consider your price point. Remember that this is set by the market and tenants have all the tools to easily access and determine comparable properties.
REMEMBER; Any additional return achieved through a higher asking price is quickly diminished by ongoing vacancy. We urge investors to calculate your rent return based on having your property tenanted for 52 weeks, rather than at an increased amount for less weeks across the year.
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