HOW TO ATTRACT TENANTS IN A DOWN MARKET
1. REDUCE YOUR ASKING PRICE
Have a think about this. We keep a property advertised week after week at the same asking price with no interest.
Before you know it, a month has gone by and your property has sat vacant costing you a month’s mortgage repayment or more.
If you drop the rent by as little as $10 per week – you have already minimised your loss.
Example : You advertise your rental at $330 pw.
Reduce your price to $320 pw – that is a loss of $520 for the year.
If your property has not leased within the first two weeks of going to market at $330, you have already lost $660 in two weeks.
Be a smart Investor and minimise your loss.
2. OFFER AN INCENTIVE
In a tough market, tenants are looking for the best deals.
Offer incentives to attract tenants to your property
a) One week’s free rent
b) Gardening included
c) Pool maintenance included
d) Gift Vouchers
Let’s face it, who doesn’t like to receive a freebie from time to time?
3. ENHANCE YOUR PROPERTY
If your property is a little outdated boasting an 80’s look in today’s rental market the chances are your property is going to sit empty longer than it needs to be.
Minimise your loss and maximise your return –
A coat of paint in neutral tones can have a huge impact on the length of time your property is sitting vacant in a heavy market.
Remove the sentimental value – let’s face it – green and blue walls went out a long time ago…..as did the orange and brown lino!!! And ditch the floral curtains – Aunt Betty is not moving in!
Keeping your property in a modern, presentable and desirable condition will attract the right tenant to your home, long term.
4. EXPLORE ALL MARKETING CHANELS
There are many ways to ensure your property can be seen.
Be sure to engage an agent that is proactive and will fully expose your property on all levels of media available.
At SHPM we not only advertise on :
But we also advertise on over 100 FACEBOOK groups and administer over 20 local groups.
We create FREE iMovies and we share your property via Linkedin and Twitter.
We also ensure a FOR LEASE sign is installed (free of charge) as you never know – your next tenant could be right next door.
We do not hold HOME OPENS when it suits the property manager – we only conduct private viewings when it suits the tenant.
At Sue Heggs Property Management we ensure we do everything within our powers to minimise your loss but we need you to work with us to achieve that.
A few small tips shared that could save you thousands.
Contact Sue Heggs today to see what more we can offer you – 0412 160 438