PROPERTY MANAGEMENT NEWSLETTER THREE STEPS TO SUCCESSFULLY LEASING YOUR PROPERTY . There are three steps that are undertaken to ensure that your property is leased in the shortest possible time to the best possible tenant and for the best rent. These steps are Price, Presentation and Promotion. Upon your current tenant giving notice to vacate your property manager will conduct a market rent assessment of the property and make a recommendation to you as to the rent that the property should be marketed at with the aim of securing a tenant before the property becomes vacant. Your property manager will make suggestions as to any work that may be required to the property to ensure that it is not only presented in the best light to prospective tenants but also from the point of view of ensuring that preventative maintenance is undertaken or refurbishment that may be needed.
ATTRACTING BETTER TENANTS Attracting better tenants can be a daunting process, however there are a number of steps that can be followed to ensure that you attract a better tenant and have fewer vacant days on market. Firstly, remember that a positive first impression is the difference between securing a good tenant or the property remaining vacant. By spending a small amount of time before marketing your property to ensure that your property is tidy and well presented, you are well on the path of securing good and responsible tenants who will want to move into your property. Over the life time of your investment property, you may have to ready yourself to give your property a facelift. Many investors shy away from refurbishing their property thinking that the money spent will not be recouped. A refurbished and well presented property not only attracts good tenants but also gives a greater likelihood of a obtaining a higher rent with a reduced vacancy period. In short, a poorly presented property will only attract a tenant of the same calibre. Property investors need to budget and create a sinking fund to cover expenses that will occur during the lifetime of their property. On average an investment property will need to be updated every 4 to 6 years. Things to budget for over this time frame include: - replacement of hot water system - replacement of white goods such as stove, clothes dryer, dishwasher - internal and external painting - replacement of floor coverings and window coverings. It should also be noted that expenses incurred in making your property attractive to tenants are also tax deductible. It is important to remember that a property that is well presented will attract good tenants who will care for the property and more than likely be long term occupiers which over time reduces vacancy periods and lost rental income.
Professional photography ensures that your property stands out from other properties On Line so it is shown in the best light to attract the attention of better quality prospective tenants. This is a modest investment that can be re-used for future lettings and assists in
WE’RE ONLINE – CHECK US OUT! You can now access all your investment property data on line with our secure 24/7 on line portal. We issue you with a secure access code and password that you can change for your security and peace of mind to enable access to your investment property’s information from any laptop, mobile device or smart phone.
reducing days on market. When accessing our on line portal you can view and download your latest and past rental statement, tenant payment history including current paid to date, maintenance status and copies of the tenancy agreement and condition report.
February 2016