If you’ve put your property up for rent and you’re not getting much interest, you may be worried, because if you don’t find a tenant in time, your rental property will fall vacant. And then how will you keep paying the expenses you had budgeted this rental income for?
It’s a familiar feeling for many landlords. But there are a few ways you can increase the chances of your property getting noticed in the marketplace. At HouseME, we specialize in helping you find a good tenant fast, and here are some top tips we’re happy to share:
1. Advertise, advertise, advertise
Don’t put all your eggs in one basket. It’s a better idea to advertise on multiple online marketplaces such as Gumtree, Property24 and Private Property. Some of the online rental marketplaces will charge you a listing free, but there are also great options free of charge.
If you list with HouseME, we’ll automatically post to all three marketplaces. We’ll also bump up your ad to the first page regularly and make sure that any changes you make are automatically reflected across rental marketplaces without having to adapt all ads.
2. Make sure your rental property ad is top quality
Tenants are not just shopping for a new notebook, they’re looking for a home to live in. That’s why rental property ads need to be pretty convincing before tenants are willing to consider moving there and set up a viewing as a first step. Use this checklist for your rental ad:
- Photos: The more photos, the better! Include views of the exterior, the parking bay, as well as all additional complex facilities (garden/pool/clubhouse/gym etc).
- Description: If applicable, do mention what level/floor your unit is on, what parking is available, what pets are allowed and any specific/unique features that makes your unit wonderful.
- Furniture: If semi-furnished: highlight what furniture is included.
- Additional Extras: Can tenants opt in to continue the current DSTV/Internet accounts? Any other additional conveniences you can offer? This could be the deciding factor for a tenant!
3. Offer lots of viewing times
Tenants are busy people, just like you and me. It is best to provide a mix of evening, daytime and weekend slots to accommodate working tenants’ varying schedules. At HouseME, we’ve found that Tuesdays / Thursdays after 5pm and Saturdays around 11am are the most popular viewing times in the industry.
Either way, we recommend setting up 2 to 5 viewing times per week, in order to speed up the process and get on to signing the lease well before the lease start date.
4. Be smart about your rental price
The number one cause for lack of tenant response is overpriced rental properties. It can be difficult to gauge the right price as an independent landlord, so here’s our advice:
- Check rental properties in your neighbourhood with similar sizes and rooms to see if your price is within the rental market’s going rate. Remember, some properties you view may also be ill-priced, so be sure to look at a number of properties before deciding on your price.
- You can always lower your rental price in small increments to see if that improves your response.
- If you list with HouseME, our PlaceME® Tool can also help ensure you get the best price. By allowing tenants to place offers on rental properties, above and below the asking price, this new technology maximises returns and minimises rental vacancy for landlords as well as maximises affordability and choice for tenants – keeping fair market value at the heart of every rental negotiation.
With these four tips, you should be able to avoid rental vacancy and gaps in rental income. For even more peace of mind, consider using HouseME. By automating every step in the rental process from marketing to vetting and collecting rent, at an unbeatable fee of 2.5% of rental, our online system makes renting a breeze for independent landlords across the country. Click here for more info on our products and pricing.
Best of luck finding your dream tenant, and be sure to revisit our blog regularly for more rental tips for landlords and tenants!