24 Jul 2017

Tips For Reducing Vacancy Rates For Your Property

Every landlord dreads having a vacant property. Continuous vacancies can lead to financial hardship if you are unable to pay the mortgage on the property. Although there are several things that can cause high vacancy rates, there are a number of steps that you can take to minimise this. Here are some tips to assist you.

Make the Exterior Look Good: There are some people who will walk away from renting a property simply because they don’t like the way it looks on the outside. You can maintain the exterior by painting it frequently, and making sure that you keep up with the landscaping.

Keep it Clean: Nobody wants to live in an untidy home. If your rental property is unkempt and dirty, you are going to have a very difficult time renting it out. Even if you have tenants you should hire a cleaner once a month to go in and make sure that things are in order. Unfortunately, some tenants might pay the rent but they don’t keep the place clean.

Make Repairs on Time: No one wants to live in a property that doesn’t have a good heating system, or the cooker keeps on blowing out, or the electrical wiring is dodgy. It is essential that you invest the money and time to ensure that your rental units are always in optimal condition.

Make Sure Your Rent is Priced Correctly: One of the worst things you can do is overprice your rental property. Potential tenants are going to compare the prices in the area and if your rates are too high, they are going to go elsewhere.

Reward Your Existing Tenants: If you have tenants who want to stay in the property don’t drive them away by raising the rent. You may have to increase the rent over time but you should avoid taking this step for as long as possible if you want to keep your existing tenants.

Provide Amenities: Appliances such as a washing machine and a tumble drier are invaluable. No one wants to have to wash their clothes by hand or go to the laundrette to have their clothes washed. If a potential tenant is looking at two properties and one has washing machine and the other doesn’t they are going to go for the property with the washing machine, assuming the rent is the same.