Landlord Series 07 – Securing Tenants
Hi, Brian and David here from Bugwash Property. David, we’ll just have a chat now about tenants. We’re about to settle on our property and our biggest concern is how long is it gonna take to get a tenant. What are some of the things that we need to be aware of to speed that process up?
Yep great question Brian If we just go back one step, If you haven’t purchased yet, you know if you’re prepared to buy the right type of property in the right market at the right time, you’re gonna find that about 90% of your potential tenant problems are gunna go away because then you own property where people actually want to live, they want to move to, to take up work or for whatever reason, but that’s vital. Now, your property settles, what we found over the years is that you’ve gotta look at the type of property that you’ve got, what you have to offer in the area that you’re in, ’cause most people will search by price point or search by numbers of bedrooms and areas, and make sure that if you want your property to go fast, that you price your property where it’s equal to the equivalent value in the area, or even five bucks cheaper because that way, if someone’s checking out a property like yours, in the same area as yours and yours is the same price or five bucks cheaper, they’re gonna at least inspect yours, but you know, if your property is 10, 20, 30, 40, 50 bucks above the equivalent types of properties in your area, you may have to take a ticket and get in line. And for every week that your property’s empty, you’re missing out on you know, 200, 300, 400, 500 bucks a week so it doesn’t take long to get behind the eight ball whilst you’re hanging out for that extra ten bucks or twenty bucks or thirty bucks or whatever. Now if you’ve got plenty of time up your sleeve and you can market early, go for the higher price upfront but don’t take long to change the price along the way. It’s all about getting your first tenant in there quickly, then moving the price up accordingly. Thanks guys.