HOW TO FIND GOOD TENANTS QUICKLY

An investment property that sits empty for weeks will burn a hole in your pocket.

Avoid this by working with your Property Manager on a plan to find a new, trustworthy tenant as soon as the current one leaves.

Good tenants who pay their rent on time and respect your property are gold, and you should do everything you can to keep them. However, times change and renters – even the best ones – eventually move on.

Depending on the mood of the market and your location, it can take some time to find a good tenant. Marketing, inspections, and the checking of references all eat up time, during which you are not earning income from your investment.

So as the expiry of the lease looms, ensure your property manager has approached your tenant to gauge their plans, as early notice of their intended departure could save you thousands of dollars in lost rent.

Here are seven tips to help you find a new tenant as quickly as possible.

Request an inspection to identify any work that is required once the current tenant vacates. For example, you may decide to put in a new kitchen, replace old shower screens, or lay new carpet.

Put money aside for renovation work and have your Property Manager liaise with the relevant tradespeople to gauge their availability. Once the tenant has left, you want them in and out of the property as quickly as possible to minimise your vacancy rate.

Ask the opinion of your property manager for possible improvements that might allow you to increase the rent as well as fill the vacancy quickly.

Allocate funds for a marketing budget and place your property on popular websites, such as Domain, realestate.com.au, realestateview.com.au and rent.com.au. It’s worth an additional investment to be a featured property. This puts your property at the top of the listing for rental properties in your suburb.

Invest in great photography and a floorplan. There is no better way to capture interest in your property. Most landlords can’t be bothered to do this, so your commitment to ensuring your property is well-presented will be a competitive advantage in a crowded marketplace.

Invest in signage outside the property. This street exposure will win the attention of those looking around the suburb for a place to live.