When more supply hits the rental market, such news about landlords finding it difficult to find tenants is common.
MISTAKE NUMBER 1
This is often caused by a lack of knowledge of rental price in the market. Most landlords just ask the same rent as what was advertised in the papers. They have no real information about the rental market and how to market their properties in the most competitive manner. For eg, if they know that the market rental for their properties is $3500; then they should not be asking for $4000 as that will only increase their vacancy period as they struggle to rent for a few months before it finally dawned on them that they are asking for too high. If they market at $3500 from the very beginning, then they would have saved a few months.
Find the agents who are able to advise you to market your properties at the competitive rental rates and avoid unnecessary vacancy period.
MISTAKE NUMBER 2
Landlords have already invested hundreds of thousands and millions into their properties yet they fail to invest a bit more to make their properties habitable. Some kitchen doors are falling apart, very old furniture and curtains will not attract tenants; that is obvious, isn’t it?
If you have a new apartment, then the task of renting can be daunting if there are hundreds of similar units in the same condominium. You would have to spend a little bit more to make your apartment appealing. Very nice furniture(for 1 bedroom), nice lightings, mirrors (if your studios are small) will set your apartment apart from the rest. After all, you had bought because you were impressed by the show flat.
Let whoever walks in feel that they are HOME the moment they step in!
4 May 2015
Copyright © Tracy Goh 2015