You were excited when you put your investment property on the market and figured it’d be leased quickly – within a few days or even weeks. But maybe weeks, even months have passed. You’re beginning to wonder, ‘What’s wrong with it?’
Of course, you’ve got a right to be concerned. The longer your listing stays online, the harder it is to lease. As newer properties are added to a suburb by other private landlords and real estate agents, your listing moves further down the suburb results.
Of course, if leasing your property sooner rather than later is important to you, there’s a point that you need to admit you have to do ‘something.’ What that something is, of course, will differ depending on your property.
Here’s what we recommend for moving a property that has lingered a little too long in today’s rental market.
1. Know your market inside out
One of the first things to do is to look at the latest data and try to determine why your property is collecting dust on the shelf. It could be the way you’re marketing it, but often it’s the price. Today, technology provides you with streams of data. Using your Rent.com.au landlord dashboard, you can track advertisement visits, days on market and enquiries. This data will help you see if your property is overpriced. If it’s not getting good hits, it could be a marketing issue. If there is traffic showing, but you’re not getting any enquiries, could be there be something wrong with the property physically?
Top tip: Use Rent.com.au’s RentReports tool to view real-time property data. Your RentReport is specific to the suburb your property is in and will help you understand how other properties in the market are performing.
2. Think about dropping the price
When you make good use of market data, you’ll know if your property is priced a little higher than it should be in the current market. Sure, it can be hard to hear – who doesn’t want the most money they can for their listing? However, one of the biggest things affecting your listing’s success is the price. There could be almost 50 apartments in Melbourne CBD, for example, and if 25 apartments are all similar but listed at a lower price, renters will look for the best deal.
3. Put your property in the limelight with the Professional Package
If you need to rent your property faster, Rent.com.au’s Professional Package is designed to give you the edge in finding the best tenant around. With the Professional Pack, you’ll have every opportunity to catch the right person’s eye with our biggest property ad, active for eight weeks. Be the first place house-hunters see when they search for homes in your suburb – we’ll move you to the top of your suburb’s search results as soon as you list. On the Professional Pack, you’ll also have access to our RentReports tool.
Top tip: To access the Professional Package, log into your Rent.com.au dashboard, click My Ads, click Upgrade Ad next to your property listing and select your preferred upgrade option.
4. Scope out your competition
Reluctant to budge on your asking price? It’s worth checking out some of the other properties you’re competing against your suburb. Attend property viewings in your area and see where the competition is priced. It may be a real wake-up call to check out your neighbour’s homes, only to find out that similar-priced properties have far superior bathrooms, fixtures, kitchens, etc.
5. Revamp your marketing copy
If it’s not the price, then it could be your marketing. Consider rewriting your description copy and switching the pictures around on your listing from time to time, so your advertisement looks different. Here are some tips on giving your listing everything it needs to get you the best tenant.
6. Declutter your home
After price and marketing, another likely reason your property has stagnated is its condition. Try to keep your property organised and don’t leave unnecessary clutter lying around while you’re trying to lease it. If you’re listing the property as furnished, consider moving the furniture around for photos/opens. Does the wall need a paint?
6. Take new photos ready for leasing
Have you made a significant change to your property recently? Painted a main wall in the living room? Reno’d the kitchen? Don’t forget to take new photos. Even if you haven’t done anything major to the home, it can help to refresh the images renters see when they come across your listing. Your photos should enhance the strongest features of your property and/or the view or the location.
7. Stage or restage your space
If staging is within your budget, it’s worth considering if your furnishings are a little dated, or if you’ve already cleared out your space. If staging is within your budget, you can follow it with new photos. A home with furnishings can make it feel larger and will help a potential renter visualise living there.
8. Consider offering a concession
It’s worth considering offering a concession, depending on what your stumbling block is with your property. Is high maintenance likely to be an issue? You could offer a concession on maintenance for the first three months of the year. If the price is an issue you’re coming up against, think about adding a week of free rent to the listing.
9. Take it off the market
If you’re planning on doing some updates to your property or taking new photos, this can be a good tactic. If you choose to lower the price and pull the property off the market for a few weeks before re-listing it, it will come on as a fresh property (complete with a lower price point). Use this opportunity to re-order your photos.