8 things you can do right now if your property is empty

How long since you have seen your rentals? If could be time for a road trip to inspect them.

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%