5 Tips to Lease your Property in a Tough Rental Market
When the Going Gets Tough…
Sydney real estate is going through a tough time – for landlords. For renters, the light is beginning to shine on a long-awaited rental market correction. Sydney has just seen the biggest rent decrease in the last 15 years. Median house rent fell by 3.6 per cent and unit rents by 4.5 per cent. These prices take us back to the rental prices of 2016.
So for landlords, we have 5 tips to lease your property to ensure it is appealing to potential renters in this tough rental market.
5 Top Tips to Lease Your Property
Conduct a Property Appraisal
When prices are on the decline, it is even more important to conduct a professional property appraisal to ensure your investment is priced correctly. If priced too high you will see decreased interest and feet through the door in preference to a cheaper property down the road.
Be Flexible for the Right Tenant
When advertising your property, there are certain allowances to consider if the ideal tenant lands on your doorstep. Good tenants can be hard to find. Some may request a small pet, a slight decrease in rent or adaptations to be made to the property. If they appear to be suitable for your property with long-term intentions, it may be worth relaxing some restrictions to get them over the line.
Market your Property Appropriately
Good marketing is everything! Find an agent who will show your property at its best. Good photos are key. Ensure good lighting and angles to show as much of the property as possible. Pair them with a video walk through of your property so potential tenants can see the property in their own time.
Fix any Major Issues
If you have outstanding maintenance works to be carried out, do them as soon as possible. In a tough rental market, tenants can afford to be a little pickier. Those small maintenance issues could be the difference between scoring a tenant and them choosing elsewhere as their happy abode.
Conduct a Cosmetic Makeover
Nothing appeals more to a new tenant than a new paint job, carpets or a little TLC. A cosmetic makeover could be just what your property needs to land the right tenant. If the carpets have seen better days, look to replace them. Pop up some new curtains and give the place a fresh round of paint to breathe new life into your property. Your tenants want to feel as through the place is their home – and carpets and paint are the way to do it! If considering a cosmetic makeover, be sure to plan it in advance to get the timing right.
Ensure your property is as appealing as possible and priced correctly to score your next tenant.