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Annoyed that your Property is Vacant?
Is your Property STILL Vacant?
Renting your property quickly to ensure a minimal (to no) loss of rental income is extremely important. However there are some reasons why some properties remain vacant longer than others.
The 4 reasons why…
- Rent to High – if people who are currently in the market for a new rental property deem that the rent for your property is to high compared with others they have seen available, it will be ignored.
- High Supply – if there are a lot of other properties available for rent in the area, then property enquiry will be lower than during a strong demand time when supply is lower. This is common in newly built areas when numbers of new properties are available at the same time.
- Poor Presentation – the presentation of a property will either attract, or deter a prospective tenant. Keeping on top of repairs, maintaining the paintwork and replacing flooring when required not only attracts the right tenant, but also keeps your property asset value maximised.
- Location – properties a distance away from key facilities like public transport, schools and shopping means that a tenant has to travel further to access them. This means that properties which further away may deter good tenants. Purchasing the right property with facilities close by reduces the issue.
These are the four reasons why properties remain vacant. At Coral Sea, it’s in our best interest we rent your property in the quickest amount of time and get the highest return possible for you.