8 things you can do right now if your property is empty
8 things you can do right now if your property is empty!
When your investment property is vacant the ONLY thing you can do is take action.
Here is a list of things to do:
1: Forget what the sales agent told you – listen to your property manager. Your sales agent was not lying to you. It is simply that property managers have a far better understanding of the day to day conditions of the rental market.
2: Ask why – there could be a clear reason. Your manager should have a list of ways you can improve your property. Ask them, “What will get me the biggest bang for my buck. What can I fix or change. Why won’t it rent.”
3: Take a look for yourself – seeing is believing. Things may have changed a lot since you last saw the property. Get in the car and have a look. Ask for an inspection.
4: Point of difference – if your property is in a high vacancy suburb you will need to create a point of difference. Why would someone rent your property over others.
5: Adjust the rent – would you rather have 4 weeks vacancy costing (4 x weekly rent) or reduce the rent $20 per week. What is the difference between these numbers for your situation?
6: Shoot the dogs – if you can’t rent it or sell it in this market the common advice is “shoot the dogs”. Sell problem properties in this high market and acquire better stock.
7: It’s not you it’s me – once you have done everything you can to improve the property and adjust the rent it could be time to get a new manager.
8: Go Premium – cut price property managers are just that. They may not have the staff to correctly service your rental property. Get on the phone to a premium provider and see what they can offer you.
About the author: Don Nicolussi is a property investor with over 20 years experience investing in residential property. He works as a mortgage broker for Central Coast Home Loan Warehouse. You can reach Don on 0420763784 or [email protected]
| VACANCY RATES | ||||||
| POSTCODE | SUBURB | TOTAL RENTAL DWELLINGS | VACANCIES 12 MONTHS AGO | VACANCIES 12 MONTHS AGO (%) | Current Vacancies | Current Vacancy Rate |
| 2250 | Tascott | 579 | 13 | 2.25% | 9 | 1.55% |
| 2250 | West Gosford | 621 | 12 | 1.93% | 12 | 1.93% |
| 2250 | Fort Frederick | 799 | 22 | 2.75% | 19 | 2.38% |
| 2250 | Niagara Park | 986 | 4 | 0.41% | 12 | 1.22% |
| 2250 | North Gosford | 1351 | 36 | 2.66% | 29 | 2.15% |
| 2250 | Point Clare | 1416 | 14 | 0.99% | 29 | 2.05% |
| 2250 | Lisarow | 1589 | 10 | 0.63% | 5 | 0.31% |
| 2250 | Gosford | 1644 | 82 | 4.99% | 58 | 3.53% |
| 2250 | East Gosford | 1791 | 30 | 1.68% | 37 | 2.07% |
| 2250 | Erina | 1878 | 12 | 0.64% | 16 | 0.85% |
| 2250 | Kariong | 2038 | 18 | 0.88% | 17 | 0.83% |
| 2250 | Narara | 2695 | 25 | 0.93% | 15 | 0.56% |
| 2250 | Wyoming | 3705 | 33 | 0.89% | 48 | 1.30% |
| 2251 | Bensville | 813 | 2 | 0.25% | 3 | 0.37% |
| 2251 | Copacabana | 910 | 19 | 2.09% | 19 | 2.09% |
| 2251 | Davistown | 943 | 2 | 0.21% | 6 | 0.64% |
| 2251 | Saratoga | 1354 | 8 | 0.59% | 10 | 0.74% |
| 2251 | Avoca Beach | 1477 | 30 | 2.03% | 20 | 1.35% |
| 2251 | Kincumber | 2667 | 22 | 0.82% | 24 | 0.90% |
| 2256 | Blackwall | 728 | 18 | 2.47% | 13 | 1.79% |
| 2256 | Woy Woy | 4338 | 71 | 1.64% | 70 | 1.61% |
| 2257 | Booker Bay | 507 | 13 | 2.56% | 16 | 3.16% |
| 2257 | Empire Bay | 822 | 5 | 0.61% | 8 | 0.97% |
| 2257 | Ettalong Beach | 2107 | 73 | 3.46% | 69 | 3.27% |
| 2257 | Umina Beach | 6289 | 111 | 1.76% | 130 | 2.07% |
| 2258 | Ourimbah | 1417 | 5 | 0.35% | 13 | 0.92% |
| 2259 | Jilliby | 521 | 3 | 0.58% | 3 | 0.58% |
| 2259 | Wadalba | 623 | 7 | 1.12% | 21 | 3.37% |
| 2259 | Wyongah | 676 | 7 | 1.04% | 5 | 0.74% |
| 2259 | Mannering Park | 892 | 12 | 1.35% | 20 | 2.24% |
| 2259 | Summerland Point | 896 | 12 | 1.34% | 14 | 1.56% |
| 2259 | Wyee | 901 | 1 | 0.11% | 2 | 0.22% |
| 2259 | Chain Valley Bay | 1080 | 5 | 0.46% | 6 | 0.56% |
| 2259 | Mardi | 1114 | 9 | 0.81% | 12 | 1.08% |
| 2259 | Gwandalan | 1157 | 16 | 1.38% | 19 | 1.64% |
| 2259 | Woongarrah | 1271 | 15 | 1.18% | 7 | 0.55% |
| 2259 | Watanobbi | 1304 | 24 | 1.84% | 19 | 1.46% |
| 2259 | Kanwal | 1323 | 11 | 0.83% | 9 | 0.68% |
| 2259 | Wyong | 1568 | 34 | 2.17% | 27 | 1.72% |
| 2259 | Hamlyn Terrace | 1624 | 29 | 1.79% | 39 | 2.40% |
| 2259 | Lake Munmorah | 1918 | 16 | 0.83% | 11 | 0.57% |
| 2260 | North Avoca | 673 | 15 | 2.23% | 11 | 1.63% |
| 2260 | Forresters Beach | 877 | 9 | 1.03% | 14 | 1.60% |
| 2260 | Wamberal | 2138 | 32 | 1.50% | 23 | 1.08% |
| 2260 | Terrigal | 3964 | 64 | 1.61% | 82 | 2.07% |
| 2261 | The Entrance North | 558 | 23 | 4.12% | 18 | 3.23% |
| 2261 | Glenning Valley | 668 | 4 | 0.60% | 6 | 0.90% |
| 2261 | Chittaway Bay | 697 | 5 | 0.72% | 6 | 0.86% |
| 2261 | The Entrance | 1682 | 91 | 5.41% | 92 | 5.47% |
| 2261 | Tumbi Umbi | 1735 | 9 | 0.52% | 4 | 0.23% |
| 2261 | Long Jetty | 2518 | 55 | 2.18% | 72 | 2.86% |
| 2261 | Killarney Vale | 2553 | 36 | 1.41% | 30 | 1.18% |
| 2261 | Berkeley Vale | 2973 | 25 | 0.84% | 36 | 1.21% |
| 2261 | Bateau Bay | 4500 | 36 | 0.80% | 35 | 0.78% |
| 2262 | Halekulani | 1020 | 5 | 0.49% | 7 | 0.69% |
| 2262 | Buff Point | 1305 | 14 | 1.07% | 7 | 0.54% |
| 2262 | Budgewoi | 1360 | 17 | 1.25% | 20 | 1.47% |
| 2262 | San Remo | 1471 | 17 | 1.16% | 16 | 1.09% |
| 2262 | Blue Haven | 2040 | 21 | 1.03% | 26 | 1.27% |
| 2263 | Canton Beach | 579 | 9 | 1.55% | 6 | 1.04% |
| 2263 | Charmhaven | 839 | 10 | 1.19% | 11 | 1.31% |
| 2263 | Noraville | 1033 | 14 | 1.36% | 12 | 1.16% |
| 2263 | Lake Haven | 1403 | 18 | 1.28% | 22 | 1.57% |
| 2263 | Toukley | 1793 | 38 | 2.12% | 32 | 1.78% |
| 2263 | Gorokan | 3191 | 46 | 1.44% | 50 | 1.57% |
| 2264 | Dora Creek | 665 | 5 | 0.75% | 7 | 1.05% |
| 2264 | Morisset | 1185 | 18 | 1.52% | 17 | 1.43% |
| 2264 | Bonnells Bay | 1197 | 11 | 0.92% | 9 | 0.75% |
| 2265 | Cooranbong | 1672 | 13 | 0.78% | 10 | 0.60% |
| 2267 | Wangi Wangi | 1120 | 14 | 1.25% | 9 | 0.80% |