How long does it take to find a tenant for my property?

Monday, October 29, 2018

There are strategies that good property managers use to minimise vacancy times for their landlords. If you worry that your property is taking too long to rent, keep reading then call your property manager with some questions on how to try to speed up the process.
1. Your property must reach the market “tenant-ready”
A tenant-ready property is ready to be leased the day you start advertising the property. When prospective tenants go trough your open inspections, they should be able to see themselves living in the property. 
To get a property tenant ready, there might be some upfront costs for maintenance and cleaning. We have created an in-depth checklist for landlords to check if their property is tenant-ready. You can download it from here
2. Have done a careful CMA
A Comparative Market Analysis (or CMA for short) is an objective analysis of recently leased properties. A good CMA will give you an impartial view of current rents achieved in the current market. Comparing apples with apples is important when selecting similar properties. The condition, age and amenities of the properties selected for comparison are as important as the number of bedrooms and bathrooms. A good property manager has extensive experience in analysing similar properties and supplement the analysis with their own judgment on condition and amenities. An impartial analysis and emotional detachment from the property can help in setting a rent price that is fair but still competitive in the current market.
3. Have an aggressive marketing strategy
A good property management agency must hold subscriptions to the biggest Real Estate advertising portals in the country. Those sites can reach close to all good tenants in search for a property. 
Most enquiries will come through during the first 2 weeks of advertising. The better match between tenants’ needs and what your property offers, the easier it is to lease a property.
Good photos mean tenants can self-select and only those who are a good fit will visit and apply for your property. We are not looking for a high number of applicants, you must aim for a good quality of applicants.
4. Process applications quickly
The processing of tenancy applications is a time-consuming activity. From applications received, the property manager must verify the applicant’s ability to pay the rent and their ability to care for the property.
A property manager will do a thorough background check of their past rentals, arrears, employment and other references. This can take some time, as managers contact all references listed in the application form. However, it is unlikely that a tenant applies for only one property while they are looking for a property. The faster a property manager can process a good tenant application and secure it for your property, the better. Good property management companies have systems and procedures in place to help their managers to process applications faster.
If you would like to know more about the leasing process or have questions about the leasing of your property, you can contact us by leaving a comment on our Facebook page or use our contact form.

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