With Christmas a distant memory and school back in session, the rental market has leveled out back to its usual pace after a crazy January. We are seeing a slight spike in university locations and property styles ahead of the University Semester starting in the next few weeks but across the board we are now back to the “Normal” Market. So how does this affect you as an investor?
In today’s market you need to effectively and professionally present your property to the market and have it stand out from the crowd.
There are several ways you can do this such as;
- Must have up to date professional photos of your property, this draws in people when looking on listing websites.
- Ensure your property has the 4 must haves, this include Ceiling Fans, Dishwasher, Robes and A/C (at least in one room)
- Flexible Open for Inspection times, with flexible and varied inspection opportunities you allow a wider range of people the opportunity to view your property, not just the ones that can come along on a Saturday.
There are many other ways to set your property apart from others and reduce potential vacancy but the most important factor is often Price, if your property is not aligned with the current market there is a good chance it will sit vacant and suffer from vacancy. Currently tenants have a wide range of rental opportunities so its all about staying competitive.
But this is a cyclical thing that we are experiencing, often when we experience price growth in a warming market the rental market softens as tenants become home buyers. By undertaking the above preventative measures you can safe guard your portfolio against market fluctuations and maintain consistent cash flow.
If you have any Questions in relation this topic please call our office on 07) 3170 3760 or Email firstname.lastname@example.org