A Guide to Reducing Vacancy Periods
By: Laitiah Huynh
May 22, 2024

Achieving successful property investment involves generating steady revenue income. The pivotal factor in this endeavor is locating and preserving high-caliber tenants. Below, Lands Real Estate property management team share valuable insights on alluring and retaining the ideal tenants for your investment property.

Ensuring the Property is in Good Condition:

The state of a property's disrepair can lead to prolonged periods of attracting high-caliber tenants, as well as serve as a catalyst for existing tenants to consider leaving. Guarantee that your rental property meets all the prerequisites that transform a space into a comfortable abode, encompassing:

- Effective heating and cooling systems.

- Properly functioning windows and doors with secure locking mechanisms.

- Sufficient insulation for optimal temperature regulation.

- Adequate water pressure for convenience.

- Functional and fitting fixtures, appliances, and fittings.

Promptly address repair needs and collaborate with us at Lands Real Estate. When preparing the property for advertising, ensure it is well-presented with professionally captured images. 

Exploring the Local Real Estate Market:

Analyse the demographics and lifestyle requirements of your desired tenants. Depending on the locale, your property could attract young professionals seeking shared accommodations or families with pets and young children. Scrutinize neighbouring competition by comparing factors such as weekly rent, condition, size, amenities, and location with other available rentals. Consider whether enhancing certain facets of the property could effectively captivate and retain quality tenants.

Selecting the Ideal Tenant:

Exceptional tenants consistently honour rent payments while actively participating in property maintenance. Meticulous tenant selection is pivotal in establishing a constructive, enduring rapport. This involves evaluating their application to ensure alignment with the property in terms of past rental history, income stability, and lifestyle. Gain insights into the property's appeal from tenants and discover reasons prompting their transition from previous rentals. These insights will unveil motivations for potential tenants to either remain or seek alternate housing.

Possible Enhancements for Rental Properties:

Enhancing the appeal of a rental property may appear to incur unnecessary costs, but the returns manifest in reduced vacancy periods. Basic upgrades such as quality appliances and a fresh coat of paint, can increase the property’s value. It's important to remember that content tenants find fewer reasons to relocate, thus happily extending their rental tenure for years to come.

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Written by
Laitiah Huynh
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