If you have a vacant property, your cash flow stops, your asset
is a liability, you increase your chances of vandalism and run the risk of your
insurance being void.
Vacancy is the number one enemy of property investors!
Vacancy on all occasions is down to three P’s:
• Price
• Presentation
• Property Manager
Price
9.5 times out of 10 it’s the
price.
Rent is very price sensitive.
Know your competition – how many similar properties are there like yours in
your area and the surrounds.
Presentation
If you have good inquiries and
little follow up i.e. applications, second inspections etc.
It will be because your prospects are under-whelmed upon inspection.
This may be the way the tenant is keeping the property, it could be that
maintenance hasn’t been kept up or the ad was misleading i.e. you couldn’t call
that a bedroom?
As property investors we have an obligation to keep maintenance up in a
proactive manner or else we run the risk of getting less qualified tenants.
Property manager
On occasion it could be that your
agency or agent is too slow to respond to inquiries.
The agent should show the property at convenient times i.e. after school or
work or Saturday mornings.
Vacancy is the number one enemy of property investors!
Vacancy on all occasions is down to three P’s:
• Price
• Presentation
• Property Manager
Rent is very price sensitive.
Know your competition – how many similar properties are there like yours in your area and the surrounds.
It will be because your prospects are under-whelmed upon inspection.
This may be the way the tenant is keeping the property, it could be that maintenance hasn’t been kept up or the ad was misleading i.e. you couldn’t call that a bedroom?
As property investors we have an obligation to keep maintenance up in a proactive manner or else we run the risk of getting less qualified tenants.
The agent should show the property at convenient times i.e. after school or work or Saturday mornings.
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