Like many industries, market expectations for rental properties in spring differ from those in summer. Arguably the most crucial part of listing a rental property is setting the right price. However, to generate the best return from your property, it is not solely about getting your pricing correct; you also need to consider vacancy.
You should not simply give your rental with the highest bidder. The biggest cost for rental property owners is when their properties lay vacant. Therefore, you need to find the best tenants who will not only respect and maintain your property, but stay on long term.
This is not a quick or easy task, especially for those with multiple rental properties, or those who have a full-time profession outside of property. This is where the skills and expertise of an experienced property manager can pay dividends.
Not only does a property manager have a greater insight into the rental market, but they can also appeal to your ideal tenant.
Martin Donnelly, Operations Manager at Ray White Ponsonby Property Management highlights the importance of matching your rental property with the ideal tenant.
The best tenants – those with glowing references, good rental history and credit, are obviously the kind of people you want in your property. However, these people have a range of options to choose from. So it is important that your property stands out and is priced appropriately to meet these people’s expectations”.
As we enter the winter months and demand drops a bit, you need a dedicated property management team who can market your property effectively, getting it in front of the right people.
Simply pricing the property correctly will not land you the ideal tenant. The types of tenants described above will have shopped around online and educated themselves on market values and expectations. On the Government site Tenancy.govt.nz data on weekly rent rates has been collated into a very usual calculator. Select your region and for your type of property e.g. apartment, flat or house including the number of bedrooms the low, median and high weekly rent rates appear. This information is a good guide on rental income expectations for Landlords however there’s a more to it to get your property rented and at it’s optimum rate. This is why marketing your rental property is so important.
“Our dedicated marketing division use a combination of professional photography and a diverse digital marketing strategy to ensure that we are get our properties in front of the right people”, comments Donnelly.
With a rental market as competitive as New Zealand’s, the services provided by a property management team will maximise your rental investment. The key to landing long-term tenants who will respect your property as if it was their own is getting your listing in front of these people at a price they are expecting. The secret to successful winter tenancy – an experienced property manager.