Whilst the commitment to a rental agreement is not as permanent as purchasing a property, renters are generally looking for cleanliness, comfort and good amenities. When there is much competition in the rental market, the well presented, neat and tidy property wins, advises Carolyn Purnell-Webb, partner and manager of real estate firm Kay & Burton.
“Make sure you present the property well and ensure it’s ready to move into as a good agent will negotiate with the renter to try to start the rental agreement as soon as possible to minimise loss of income caused by vacancy,” Purnell-Webb says.
Focus on annual return
Take into consideration the overall annual result, not just the weekly rent when pricing your property,
“A short-term focus can be a trap as a full year factors in vacancy periods which are best minimised – every week the property is vacant reduces the annual income by approximately 2 per cent. Price properly to avoid this by balancing healthy ambition with market realities,” Purnell-Webb says.
Choose the right property manager
Don’t just go for the cheapest agent.
Rather than focusing on the weekly commission paid to a letting agent, look at the cost over the course of a year, she says.
“For example, if you’re looking to lease out your $700 per week property, and there is a 1 per cent difference between agencies, that works out to be a difference of only $7.43 per week,” Purnell-Webb explains.
This is a cost difference you could re-coup just by engaging an agent who will lease your property quicker and for more rent than that of the other agent.
Ask yourself which agent will get the best possible outcome, she says.