All landlords find themselves between tenants at one time or another. As a result of COVID-19, however, many Victorian landlords are faced with vacant investment properties right now. As such, we thought it timely to consider what you, as a landlord, can do to help land a tenant - ideally one that cares for your property, pays market rent on time and stays put! 

Property Facelift 

A property that is looking a little tired and lacklustre can be transformed into an attractive proposition for a tenant without the landlord having to invest too heavily. A fresh coat of paint and new carpets immediately make a space feel clean, light and airy. A kitchen and/or bathroom cabinetry makeover can produce a result similar to that of a full renovation for a fraction of the cost. An inclusion or replacement of a split-system air-conditioning unit or other white goods/appliances, as well as keyless locks, provide a comfortable and contemporary property offering. A tidy-up of the garden will also provide the perfect first impression for a prospective tenant. Proactivity is the name of the game – don’t wait until you have lost weeks of rent before you take action.

Property Advertising 

With current restrictions on movement, 3D property tours and virtual property styling on the high-traffic property websites could be the difference between securing a tenant and not. 

Producing a 3D tour of your property creates a fully immersive experience for property searchers. Realestate.com.au research has shown that property seekers are spending more time looking at listings that include a 3D tour. Buyers can now “walk through” your property remotely, potentially only shortlisting properties in which they can take a 3D tour. Couple this with a dimensioned floorplan and browsers can quickly tick many of the boxes on their checklist and move closer to lodging an application. Being competitive online and capturing browsers' attention early can drastically reduce any losses caused by vacancy.

Virtual styling of your online property photos not only presents your property in its best light, but it also helps prospective tenants envision themselves and their furnishings within the space. It may seem counterintuitive, but an appropriately furnished property always appears more spacious than an empty one. The virtual styling will then appear in your 3D tour, as well. 

Kay & Burton rental property facelift c/o Kay & Burton Concierge partner Design & Diplomacy

Kay & Burton rental property facelift c/o Kay & Burton Concierge partner Design & Diplomacy


Flexible Leasing Terms 

It is no longer a forgone conclusion that you will be able to lock down a 12-month tenancy agreement. With an abundance of vacant rental properties on the market, now is the time to consider flexible terms, be it nine, six or even three months. Taking into account seasonal demands and the desires of good prospective tenants can give that extra advantage. It is crucial to price the property realistically within the current market conditions. Considering the effect of vacancy on achieving the maximum annual rental should not be ignored. The balance between ambition and being realistic will help achieve the best overall outcome and holding out for the highest weekly rent can prove to be a false economy.

Pet Friendliness

Landlords who consider tenants with pets are opening themselves up to 100 percent of the market. Pending changes to legislation will make it difficult for landlords to deny tenants the right to a pet unless there are reasonable grounds for doing so. 

Funding 

Irrespective of the size of your property investment portfolio, CRU Private Finance can review your circumstances and endeavour to reduce your interest rate and borrowing expenses and/or increase your borrowing capacity, if required, to tide you over between tenants and/or fund property expenses and improvements. 

Kay & Burton Concierge can connect you with CRU Private Finance and Design & Diplomacy as well as other tradespeople, gardeners and utility connection services to help you transition from vacant to tenanted properties. 

Please contact your property manager to discuss your leasing strategy in detail and/or Kay & Burton Concierge on 03 9825 2000 or via concierge@kayburton.com.au to help get your property tenant ready. For more information about Kay & Burton Concierge, please visit https://kayburton.com.au/concierge.

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