Although Australia in general is experiencing a low vacancy rate, a landlord does need to be aware of the fact that a vacant property is costing them a lot of money, and I am sure most landlords do know that.
But if a property is reasonably consistently vacant for some time then perhaps it would be a good idea to review the property and see what is causing it not to be let when it becomes available.
It is all relative, isn’t it? A tenant will expect more if a higher rent is being asked for a property.
If a property is consistently vacant there are several aspects to look at:
- is the rent too high for what is being offered at the property
- would a few touch up jobs at the property mean that the higher rent is easily achievable – perhaps new window treatments, a new kitchen bench top, a repaint of all or some of the rooms such as the kitchen and the bathroom, the two most used rooms of the house
- could the outside area be more attractive and user friendly, is there somewhere to sit out of the sun and entertain
If the property is ticking all the boxes then maybe it is the marketing of the property that is lacking. Technology today means that properties should be on the internet as soon as the previous tenant hands in their notice (assuming the property is in good condition). More and more internet marketing on the real estate websites is how properties are being let.
Check out what your property manager is doing to market your property.