How to set the rent to avoid having a vacant investment property?
by Auckland Property Management
Managing Director Howard Morley and General Manager Celia Burbery discuss pricing and how to set the rent to avoid having a vacant investment property .
Pricing your property
When a property first becomes available is the time when you will have the most amount of potential tenants looking at your property. There will be a number of tenants sitting in the market waiting for a property like yours to become available. It is very important at this early stage to have the correct price.
Do not be influenced by the media
The media tends to talk about Auckland as one big city with extremely high rental costs across the board when talking about the supply and demand within the housing industry.
This is not the case, there are many variables which will influence the amount of rent your can charge for your property. For example time of year, where it sits geographical etc. Auckland has a variation of pockets with different pricing throughout the region.
What to consider when pricing your property
Look at market evidence – investigate what rents are being charged for similar properties and in similar areas in recent times. Consider the condition of the property and remember tenants will be looking at multiple properties not just yours.
Overpricing can be costly in the long run
If your property remains vacant due to over pricing this can greatly affect your investment returns, even if it does seem like only a small weekly amount. The loss of a few weeks is very difficult to recuperate.
Ask for help
Here at Auckland Property Management we offer a free rental appraisal service, to take advantage of this contact one of our Business Development Managers and make an appointment. We look forward to assisting you to maximise your property investments.
For any related questions that you might have, feel free to contact Auckland Property Management Ltd in Auckland who has over 30 years’ experience managing properties all the way from Bombay to Orewa. Call us at 09 638 2500 or visit our page at https://www.aucklandproperty.net
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