Sydney’s Northern Beaches and suburbs like Frenchs Forest, Allambie Heights, Beacon Hill and Davidson are in-demand areas but you can still find yourself with an empty investment apartment or home on your hands very suddenly.
Due to the recent COVID-19 outbreak, the appeal of AirBnb has plummeted. Unfortunately, recent job losses also mean many young tenants have had to move back in with their families.
If you have suddenly found yourself looking for a tenant, here’s how to act fast and get someone in sooner rather than later.
Contact an experienced property manager
Now is not the time to cut out the middleman. A property manager knows all the rules and regulations of leasing property.
Leases and condition reports are more important than ever to avoid a dispute down the track. Your property manager will collect a management fee in return for their services but they will ensure your property is looked after and that your tenants’ rights are observed. This can save you from massive legal fees down the track.
A property manager has access to a database of interested tenants. This means they can help shorten the leasing process for you.
Your property manager also knows where to advertise and how to manage vetting new tenants in the current climate of restricted personal contact.
Talk about price
How you price the rent for your investment will need to be discussed carefully. Too high and you won’t have enough interest. Too low and you may not attract ideal tenants who will treat your investment with care.
Sometimes a strategy like a week or two of free rent may be worth investigating. Talk to your property manager about what they recommend.
And think long term. Is it better to have a tenant now at a lower price, and have them agree to stay for a year, or to hold out and lose money each week while you wait for someone to pay top dollar?
Good tenants are looking for good landlords. Being flexible doesn’t mean giving them a free ride but you may want to be more open to requests like having a cat or small dog in the premises.
Your property manager may need to appeal to the Executive Committee of your strata building’s body corporate to include this clause in the tenancy agreement. You will appreciate having someone to represent you and put the right arguments forward.
Other ways to be flexible include responding to requests for air conditioning units, fresh paint or new carpets if you can. You can also allow tenants to hang pictures or change the place slightly to make it their own.
Then there’s the length of your lease. A tenant may request a two year or a six-month lease, so be open to discussion. Your property manager can share good advice in this situation.
Take a break from AirBnb
JDH Real Estate has recently found tenants for two fully furnished homes so we can help you to rent your place out with all its furniture if you need to move away from AirBnb.
You can use the photos you already have on AirBnb to list your property for rent. Send them through to your JDH property manager, who will start sharing them on rental listing sites and social media platforms right away.
Be a great landlord
Tenants want to call on an amazing team who are responsive and who they know they can rely on.
Although it should apply no matter what, now is the time to be the best ever landlord. Respond to requests quickly and reasonably, and comply with regulations so they know their home is safe as houses.
Having the right property manager who takes their responsibilities seriously is vital. Get in touch with JDH Real Estate to find out more about leasing your investment property in Frenchs Forest, Allambie Heights, Davidson, Beacon Hill or surrounding suburbs.
THINKING OF SELLING YOUR PROPERTY?
LIVE ON THE NORTHERN BEACHES?
Read our report on how to have a successful home sale, even within these unusual times of COVID-19.