Are you having issues with long vacancy periods? Here are some tips and tricks to reduce tenant turnover and lower vacancy in your Wellington investment property.
Pricing Your Property For The Market
All investors want to get the most money out of their investment property – but charging too much rent can end up costing landlords money.
Though it’s enticing to set rent at the highest possible rent value, properties with high rents often take longer to let, as it limits the number of tenants willing to live there and their length of stay. This can cause weeks of vacancy, emptying the pockets of landlords who can quickly find themselves “paying” thousands a month in unpaid rent to their vacant Wellington property. In addition, the further the property slips down the advertising list, the less attention it gets from tenants. Putting it simply, pricing the property at the property’s market rent value will attract more tenants and enable you to choose the best tenants for the property; reducing vacancies within your Wellington investment property.
Use A Fixed Term Tenancy Agreement
Periodic tenancy agreements are common in Wellington – but is it the best option for your investment property? Not necessarily - if you want security as a landlord fixed term tenancies can create certainty in tenancy, as neither party can terminate this agreement before the period ends unless by mutual agreement or by the Tenancy Tribunal due to special circumstances, such as unforeseen financial hardship. Fixed term agreements can also improve the quality of potential tenants interested in your Wellington property, as these tenants usually have stable jobs and a better idea of where they will be during the agreed period, causing less stress for you as the landlord.
Invest in Ongoing Repairs
Rundown properties that require maintenance are generally seen as unattractive by tenants, causing increased vacancies and tenant turnover. To reduce vacancy, it’s a good idea to spend a small fortune improving your Wellington rental property.
Be Proactive When The Lease Is Ending
All tenancies eventually come to an end; a good way to avoid long vacancies is advertising the property before the lease ends. Communicate to the tenants early to see if they want to renew the agreement – if the tenant decides to leave, a good idea is to advertise the property before the tenant physically moves out.
Most tenants don’t mind house viewings, but it’s best to schedule multiple viewings at once to avoid constantly inconveniencing the tenants and yourself. If you’re still concerned about property vacancies, consult a property manager for more advice on what’s best for your Wellington rental property.
If you're considering Property Management get in touch with us today. Locally owned and managed, we offer residential property management services across the entire Wellington & Hutt Valley region.
We take care of investments, offering peace of mind and a personal service to investors and tenants alike. Our solutions are backed by industry-leading technology and proven systems that promote both excellent property care and strong investment returns. Taking on all aspects of the landlord’s role, we guide our clients with professional, tailored advice using our extensive experience and insight in the rental market that can only be built over time.
If you would like to chat about the possibility of working together, or to receive a no-obligation, FREE Rental Appraisal get in touch with our team today.
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