As a landlord of eight rental Properties in Australia, I can tell you that having vacant houses is scary. It does not matter if you own one rental or eight. Having vacant property is always super stressful. Carrying an additional mortgage is no one’s financial plan. Luckily, there are seven ways renting home out fast in Australia, so you never have to deal with the vacancy.
Price your house right
The market value of your house is what someone will pay for it. Not your expenses, not your perceived value, but what someone else will pay for it. Do not hurt yourself by over valuing your house. Look at the amenities and then price it accordingly.
Reduce your price quickly
If your house in Australia is not renting, then you need to reduce the house price quickly before you experience financial loss. By quickly lowering the price until you meet that sweet spot, you will not experience as much loss. In my experience with markets, you will know within a week or HOTELS so if the house will rent. If you are not getting calls, showing, and applications within the second week, you are priced too high. I had a house listed for six weeks and was not Getting much traction. Two weeks before the house went vacant, I lowered it 100. I had two interested parties in two hours, i.e., two applications in one day, and a signed lease shortly afterward. The price is the key value.
Show your house quickly
The minute you get an inquiry, call them back. Do not worry about looking too eager or waiting until your house is perfect. The reality is, people look until they find the first house that fits their family. I cannot tell you how many times I had a 3 PM appointment. Some of my best tenants have some experience from showing the house as an absolute pigsty. When we rented out our first house in Sydney, I had a call at 5 pm while I was folding laundry in front of the fair. I showed the house as a mess, and had a lease signed before they left. Had I waited, they would not have signed the lease.
Have your screening and lease program ready
Once your tenant finds a house they like in Australia, it is a race against time. The reality is that just because they love your house, it does not mean they would not keep looking at other places. I cannot tell you how many times I have had people fall through the process even after paying around $40 personal background and credit check fee. Once I have an interested applicant, I drop everything to make sure I get them my info. I never want them to wait on me.
Charge for background and credit checks
You want people who are serious and are really interested in your house because approving people is a pain. One of the reasons I love cozy is because they charge applicants around $40. This helps weed out those who are mildly interested and will waste my time from those who are ready to go.
Allowing Pets has been the best decision that we have made. It allows us to attract higher quality of tenants, a higher market price, and much more interested clients. While animals have their moments in regard to damage, as a whole, allowing them in our rentals has made good business sense.
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