GETTING YOUR PROPERTY READY FOR THE RENTAL MARKET

By Kylie Hall

“Come in, have a look around, fall in love, make an application”

Yes, rents are still very much down here in Western Australia but although the market has stabilised, it is important to take the right steps to get your property ready for market. Having your property looking its best is key but it doesn’t just stop there – marketing and pricing are highly important because if it’s priced high compared to other properties, or doesn’t grab renter’s attention, then your property will be one of the ones that sit vacant for an average seven weeks.

Nobody wants their rental property empty for that long so here are my recommendations on how to get your property market-ready.

"The difference between ordinary and extraordinary is that little extra".

Jimmy Johnson

Make it stand out

Does your house look like the other 300 or 1300 other properties in the area? Then chances are you have a lot of competition. This will firstly push the price down, even more so if it’s located within a complex with others available to let. What can you add to give it the WOW factor and make it stand out?

  • If it has lawns and gardens offer an incentive such as upkeep included in the rent, or even a week’s free rent. This often works out better than reducing the price over a yearly period.

  • Get creative – offer vouchers or engage local restaurants in promotions. Looking at alternative options such as this will help in making your property stand out!

Upkeep

Does it need painting? Does it need new floors? It’s important to always maintain your property. Not only will this help keep its value, but if the house is looking run down then chances are you are not going to attract the type of tenant you want. Maintaining your property to a high standard will add to its appeal. After all, as an owner, if you don’t give your property some love then why would anyone else want to? Regular upkeep and respect for your tenants well will keep them in your property — and it will keep them looking after your property. Don’t forget that upkeep is also necessary when the property is vacant! It should be presentable at all times.

Timing

Timing is everything, right? Advertise your property too early and it quickly travels down the list of available properties on the web, put it on too late and it may sit vacant for a long period of time. Most prospective tenants actively start looking for rental properties a few weeks prior to their vacate date and as such, I would recommend advertising about 4–6 weeks prior. This gives you around 5 days to drum up enquiries and book in-home opens. If there are no enquiries and you have done everything to make the property stand out, it will certainly be the price, so being on the market early will give you enough time to adjust accordingly.

Now tell me — is your property rental market-ready?

About the author

Kylie Hall is a senior property manager at Empire Estate Agents in Victoria Park. She is passionate about design and photography and has over 10-years’ experience in property management. As a property manager, Kylie loves her career in real estate and developing ways to assist her owners in their property investing journey. “I am lucky enough to work with a bunch of lovable superheroes all with expertise in many areas of real estate — property management, strata, sales and commercial.”

Need more information on this topic? Or can we help you with other property management questions? Feel free to call and speak to us at Empire Estate Agents on (08) 9262 0400 or email reception@empireestateagents.com.

“Everyday heroes…going beyond.”

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