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]