- Posted By Jasmine Adams
People eventually move out of rental properties that’s just the way the business works. You need to know when to start looking for new tenants so your property is never left vacant for too long.
Ideally, you want the next tenants to move in the day your property is available to avoid any loss of income. It would be great if you could advertise your property, show tenants through, screen the tenants, sign a lease, and move your tenants in, all within 24 hours. But most tenants need to give notice to vacate their current rental home before moving into your place. This is generally 3 to 4 weeks, depending on the state your new tenants are in.
You need to know when to begin the process of finding new tenants and it can't be too early or too late. As experienced local Agents we have found the magic time frame, that works for our clients.
You could start too soon… getting your ad up as soon as possible seems like a good idea, but there are drawbacks. Tenants generally look for properties about a month before they intend to move in. If you advertise too early, you may get a large amount of inquiries within the first 2 weeks but tenants may not be keen to wait if your property is only available too far down the track. If you think about people visiting your add online inquiries taper down after the first few days - if you advertise too early, your inquiries will peak too early.
...But Too Late Is Too Late. Moving takes time tenants generally want to make arrangements as early as possible so the move goes smoothly. They want to have a new place lined up before they give notice at their current address. If we advertise too late, sure, we may find tenants before the property is available but by the time the tenants actually move in it could be weeks, meaning you lose weeks of rental income. If your property sits vacant for four weeks at a rental of $500 per week, that comes to $2,000 in lost income. Timing is a delicate balance, it should be neither too soon or too late.
So what is the magic time frame? Our experienced Property Management and Leasing team lease more properties than any other Broome Agent. We have extensive local experience and are in regularly contact with potential tenants to ensure we maximise your income. We would love to discuss our marketing and prospecting strategies with you and the potential of helping lease your home or investment, get in touch here.
We aim to ensure your property is vacant for the least amount of time. Happy days! Arrange a complimentary rental market appraisal of your property here.