Advice on Timing Your Property Entering the Rental Market
Selecting the optimal time to place a property on the rental market can maximise the investment performance and reduce vacancy rates where the owner is out of pocket in rent.
Selecting the optimal time to place a property on the rental market can maximise the investment performance and reduce vacancy rates where the owner is out of pocket in rent. Business Development Manager, Kate Humphreys, has given us her advice on timing.
‘Overall summer is the most popular time. Logistically, moving during the warmer months is easier, it’s also the time of year when people are looking for a refresh or a change as they begin a new year,’ says Kate.
The rental market is also influenced by a flow on effect from the sales market which sees the largest rise in sales during spring. Many potential tenants who have recently sold may be looking for a rental home in summer.
‘The family home market is quite specific and has a very strong lead up to Christmas, with surges often aligned with school holidays. Whereas the apartment market is faster and more consistent as the pool of potential tenants can be anywhere from singles to couples to groups sharing,’ says Kate.
The main advantage of promoting a property during a peak period is having access to numerous potential renters. This gives the best opportunity to secure the highest price, a tenant who is a good match to the owner and properties are often rented faster.
‘We are there to support owners and reassure them by reviewing and giving feedback while they make these decisions,’ says Kate.
It is not always possible to wait until the ideal time to place a property on the market. That is where Marshall White’s approach is important. The team is structured to feature specialist roles where team members can focus solely on their area and develop tailored marketing strategies. In addition to this, inter-department information sharing is built into processes and the company culture, so specialists can also easily access a broad scope of information. The Marshall White team also look for opportunities to increase performance such as opening properties for inspection three times a week as opposed to the industry standard of two inspections.
A silver lining to a property being vacant and ready to rent during an off-peak period is that it may actually be a good opportunity to perform overdue repairs or upgrades. First impressions last and performing jobs such as painting can increase a rental property’s performance. Our property managers can assist with this process. ‘We are there to support owners and reassure them by reviewing and giving feedback while they make these decisions,’ says Kate.
If you have any queries regarding property management or leasing, please contact the Marshall White Property Management Team who will be happy to assist. For more information contact us on (03) 9822 8711.
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