Org Geldenhuys, MD of Abacus DIVISIONS, shares advice on how to approach vacancies in your property portfolio.
Current property market conditions require that we come up with new and different ways to market vacant properties. The old methods are no longer enough. To fill those unwanted and costly vacancies before your competitors, Mr Geldenhuys offers a few points of advice.
1. Have new tenants ready to move in before the current tenants move out. Start marketing the moment you know your tenants will be vacating the property.
2. Set the right price. Do research on the area and asking prices and speak to brokers who have successfully placed tenants in the area.
3. Spruce up your property. People tend to see the problems and not the potential. Overcome this problem by giving your property a make-over to ensure that interested tenants can see the potential.
4. Keep your current tenants as long as possible. The best way to avoid having costly vacancies is to keep your current tenants happy and renewing. Ensure that your rental is market-related and offer improvements like new carpets, a coat of paint or more modern fixtures or appliances.
5. Market far and wide. Your marketing strategy should include a wide variety of platforms. Make use of old and new methods, including brokers with large databases, To Let boards, social media platforms, online advertising and anything else you can think of.
6. Choose your tenants wisely. Get proper credit checks and references from previous landlords. Placing a tenant that is not a sure thing can be more costly than a vacant property.
7. Get a trusted broker on your side. Nothing beats a good broker when it comes to marketing your properties. Get a good one with all the right tools and connections and keep him/ her happy to make sure that your property gets the necessary attention.
The best way to avoid costly vacancies is to have a proactive plan of action for every eventuality. Be prepared and you will have NO VACANCY.