Having a portfolio of warm, safe and dry investment properties should be the aim for all investors. The rental market typically slows down in the winter months, with spring upon us, there is a build-up to the busier summer months of January, February and March.
A number of realestate.co.nz clients are now using Inspect Real Estate software to track the number of enquiries received when a house is available for rent and the numbers of potential tenants attending viewings. The software also allows tenants to record their feedback. Reports are then collated and sent by email and text to investor clients for transparency and information when a property is vacant.
Across our regions, our industry colleagues are reporting that some properties are remaining vacant a little longer than others (and longer than we are used to in the more buoyant months). We are now coming out of the flatness of winter and should see a pick up in activity.
If you are an investor whose property has been sitting for longer than usual, there may be a reason for it that isn’t usually an issue in the more buoyant summer months. This may include the location of the property, its access, or simply that it does not have a garage or off-street parking. It may be because it is not insulated (ceiling and floor) or that it doesn’t have a good heating system. It could also be because the rent is just a little out of reach in the current market and the cost for the tenant moving from their current home is just not worth the investment and hassle.
None of this is unusual. Your Property Manager should have things in hand for you and will support you to ensure that you’re able to make informed decisions when market forces are variable and seasonal.
Your Property Manager will also be able to use their contact list through Inspect Real Estate to match tenants with a property. Sometimes a property may not be suitable, but another vacant one in the Property Manager’s portfolio will be perfect. Your Property Manager can use these great tools to limit the vacancy of rental properties (where possible) for their investor clients.
Market forces can be unpredictable. Your great and hardworking Property Manager should ensure that the right tenant is found for your property and no shortcuts are taken when it has been sitting for a little while.