There is plenty of opportunity in the New Zealand rental property market, but simple mistakes can make the search for that perfect tenant far longer and harder than it needs to be.
From a Hamilton flat to an expensive Waiheke beach home, every property can benefit from these three simple tips to reduce vacancies.
1. The Right Presentation
First impressions count. Look closely at the promotional images being used – do they look professional? Do they show the property’s best features? A poor picture, even of an attractive property, can instantly turn off that potential tenant scrolling through TradeMe or looking through the pages of their local newspaper. You get one chance to capture a casual browser’s attention, so make it count.
It doesn’t end there. When prospective tenants come to view, having the property in top form is paramount. Make sure it is clean and free of clutter, which makes all the rooms seem much larger. Small things, like making sure the windows and window panes are really sparkling and that there are no broken bulbs or appliances go a long way. Ensure there are no lingering pet or smoke smells. Keeping visitors comfortable by presenting a cooler house in warm weather and a cozy warmth in winter makes your property more welcoming.
Above all, remember that you’re selling somebody on the idea of living in this home. Create the feeling of that quarter-acre dream or clean, modern city apartment. Presenting a house well is one of the best ways to draw interest from potential tenants.
2. The Right Season
The property market is surprisingly seasonal. Some seasonal trends are fairly clear-cut. That Coromandel bach may find a tenant faster in summer, whereas a student flat can be dependent on university timetabling. But some trends can be a little harder to predict. Spring is generally considered a good time to sell, whereas property the market generally experiences a dip in Winter. In the end, the causes, times and severity of these fluctuations will vary wildly depending on locale. Talk to your property manager or look up your region online to find information about what outside factors may influence the number of potential tenants. Advertising in the right season can be the difference between waiting days and be waiting a couple of weeks between tenants.
3. The Right Price
If your properties weekly rental isn’t priced correctly, the market will know. This is one of the biggest mistakes many property investors make. It can be tempting to hold out for the top dollar, but setting the rent at a price reflecting the property value of the property will see it rent far more quickly. Go for a fair price right off the bat and you’ve already set yourself up well for a steady stream of interested potential tenants.
A widely advertised and well-presented house with the right price tag is a surefire way to ensure a short vacancy period and a good tenant pool to choose from.
Hopefully, these simple steps will assist in your success.
John Kenel, Assured
