How to keep occupancy rates high at market rent

Rental vacancy is a recipe for wasting money and investors don’t want to see their investments sitting empty while the perfect tenant is found.  While it’s important to hold out for market rent, the wait can be taxing if a property is left untenanted for an extended duration of time and it is important that landlords keep high occupancy rates to ensure they get the best ROI.

There are plenty of ways to keep occupancy rates high while getting market rent by following some simple tips:

Ensure you know the market

Knowing the market, or engaging a property manager that is a local expert is key to high occupancy rates and ensuring your property is tenanted at the highest market rate. There is a fine line between being under-priced and overpriced and by doing the research you and your property manager can determine the best rate for your property and get it tenanted efficiently.

Use advertising and marketing channels

No one will know about your property unless you’re using the channels that the potential tenants are utilising. Most good property managers utilise the services of digital marketing via online real estate websites, making the rental listing available to individuals across New Zealand. Ensure your property manager is using these online listing to drive enquires and find the right tenant for your property at the right price.

Be aware of the current tenant’s plans

By conducting regular inspections and having a successful professional relationship with tenants, property managers can usually determine when a tenant is looking to move out and can share this information with property owners. Being alert is important so planning can be done for any rental increases, maintenance and ensuring your pro-active in finding and marketing the property to tenants.

Offer incentives for tenants

If you’re struggling to tenant a property at market rent, consider offering an incentive. A gift card, discount on amenities or a small gesture may get good tenants over the line, or even a small upgrade to the home or property such as a new appliance could help the decision-making process fall in your favour.

Ensure your property is up to date and presents well to get market rent

Keeping on top of maintenance, repairs and general presentation of your property will ensure your occupancy rates remain high and you can keep the rent at market rates. A refresh of paint or a small enhancement is a great way to keep your rental property at market rates and occupancy rates low.

The All Ways Property Management team have extensive experience servicing the Manawatu regions including Palmerston North, Feilding, Ashurst, Aokautere and the Tararua region including Pahiatua and Woodville.

We’re a family owned and operated independent business dedicated to the management of houses, units and all types of residential property listings located within the local area. We are real people who live in the local community with a passion for real estate dedicated to getting maximum rental returns for your home.

Our team cover all areas of letting out your property including valuation, tenancy documents, marketing, viewings, ongoing maintenance and repairs. We are not estate agents and specialist as property management agents in the local area.

For a free appraisal of your rental property and independent advice you can trust contact the team at All Ways Property Management today

On (06) 376 6678 or (027) 249 8295 or email enquiries@allwaysproperty.co.nz today.