There is one main difference between homes that stay vacant for months and those that are tenanted in a matter of days: marketing. However, there's no getting past the fact that hiring a property manager to help costs money – something that investors aren't usually willing to part with.
With that in mind, let's have a closer look at why marketing your property to tenants effectively is so essential (and why it's usually worth every dollar you spend).
1. It dictates the amount and calibre of prospective tenants
There were 472,462 renters in Melbourne as of the last census in 2016, however, a decent portion of these renters are best avoided when it comes to tenanting your property. This might be due to a lack of references, unemployment, past incidences listed on the National Tenancy Database or other red flags.
This is one of the most compelling reasons why targeted marketing to Melbourne tenants is so important.
There were 472,462 renters in Melbourne as of the last census in 2016.
Good marketing should attract numerous potential renters, so that you can pick the best from a large selection, rather than accepting the only application you receive.
2. It's your best bet for quickly remedying vacancies
The Australian Property Investor recently conducted a survey to discover what the main concerns were for investors.
It's no surprise that finding good tenants ranked in the top five. The fact is, when vacant, your investment can quickly become a liability, jeopardising your financial position and your other investments.
In the event that a vacancy does occur, effective marketing through multiple channels is the best way to quickly drum up interest in the property. If the marketing is effective, you'll have several prospective tenants viewing your property and your vacancy problem will be solved within a matter of days or weeks.
3. It may even allow you to charge more rent
The rent you can charge is decided by a number of tangible factors like the property's location, size, number of bedrooms or its condition. However, one intangible factor has a far larger effect on rent than you may think – marketing.
Effective marketing emphasises your property's strongest points and uses them to convince tenants of its value. Photography, staging, the way the agent shows the property, and even the phrasing of the advertising blurb will help draw attention where it's needed. This may allow you to charge a higher rent, improving your property's return.
If you're struggling to manage your property, or you're not getting value out of your current manager, speak to a local that you can trust to get the results you want.