8 AUGUST 2016

My Rental Property is Not leasing, What Am I Doing Wrong?

There are many reasons why a rental property may sit idle, with For Lease signs decorating the nature strip, and why week after week why these particular properties are still vacant, price? Underactive agent?

I have put together some tips for landlords to question why your investment property is still not maximizing its potential resulting in the potential loss of hundreds of dollars in income.

Asking too much?
Today’s competitive rental market can be brutal, particularly with an inundation of new apartments each day. If you are asking too much in rent, then your property will get overlooked. There’s a chance someone will offer a lower price than you want, but why take that chance? Lower your price if needed to meet area competition’s rates. If the property is listed at $400 per week, change it to $395. This will attract a new level of tenant looking in this price bracket.

Property is outdated?
Poorly lit, drab interior, flooring or countertops that have seen better days. Sound familiar? If so, then your rental property might need a minor facelift to brighten up before going back on the market. Today’s rental market is tough, and renters will pass up drab for fab any day of the week.

Property is not clean
There is nothing worse than to have a prospective tenant walk in into a house that looks and feels dirty, bugs are on the floor or an odour that turns them out the door. Make sure you check your property for cleanliness every week. Check for bugs, as well and make sure there are no spider webs by the doors.

Advertising isn’t working
Maybe you’ve been advertising the same way for years, or perhaps this is your first time putting out ads. If it isn’t working, then you need to try something new. Try social media or outlets that haven’t been utilized yet, for example, to spruce up your advertising content to gain more interest.

Pictures spell 1000 words
Take quality pictures of the property, during day light and make sure you have at least 24 pictures per property. We’ve seen many property ads that have horrible, blurry pictures that don’t really show anything. Use a good quality camera with stabilization control to take your photos. Use a flash – always! It makes the pictures brighter. And, if you can, use a wide angle lens to shoot a larger view of the rooms.

Cherie Fox
Licensed Estate Agent
Property Manager
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