How to lease a property?
Simple right? - write an ad, take photos of the property and online it goes. However, there are some crucial points you must consider - timing, pricing and photos are some important things to keep in mind. For instance, a property advertised with low-quality photos might take longer to lease as the levels of interest for the property will be low.
A good description is so important, including all the important facts about the property. For instance, include in the ad: if the yard is fully fenced, if pets are allowed, air conditioning (Ducted or split systems), private courtyard, balcony, swimming pool, and study room. By doing this, you are helping potential new tenants pre-empt their queries.
Having professional photography done for your property allows you to create an eye-catching lead photo! The main photo in the ad is really important as it needs to grab the attention of the potential tenant as they are scrolling through. Most rental property searches are done on smartphones & tablets so the photos are small, it's important that they look great. The number of photos in the ad is also important. Just having 4 or 5 photos is not good enough. Our recommendation would be to have a minimum of 10 photos plus a floor plan of the property.
Another really crucial thing is timing. An ad is *hot* (level of interest) in the first week of the campaign then it will become slowly stale in the following 2 to 4 weeks of the campaign. The first 2 to 3 days generally create a higher interest. The majority of tenants/people will start to search for their next property 3-4 weeks prior to they need to physically move in. So, if you start advertising too early, you may miss out on potential tenants. If you start advertising too late then you may end up with a vacant property and miss out on rental income.
The rental amount is super important. If you set your rental price too low, you might have a very high level of interest, BUT, this creates an administrative nightmare and the landlord will be losing out on rent had the property been priced accurately. On the other hand, if you set your rental price too high, you might have a low level of interest and the risk of the property being vacant and the landlord losing rental income. A very important part of appraising a property is research and knowledge, as they play a very important part in matching a rental price for the ad. When your rental price is accurate, the property should rent fast and you or the landlord would have the luxury of quality applications.
Plan your open for inspection before you launch the ad. The time between the ad going 'live' to the first viewing is so crucial. If you don't have any open for inspection planned and wait a week to plan your inspections, then your *hot* enquiries that would like to book in to view the property can forget to re-visit the ad or find something else in that time. On the other hand, if you make the viewing too quick then it's too short notice for potential tenants. 3 or 4 days work best.