How to Limit Vacancy Rates over Christmas

How to Ensure Record Tenant Turnaround over the Festive Period and All Year-Round

A vacant property over the Christmas period is every agent’s worst nightmare. It can sometimes lead to a property being vacant for beyond two or three months. Generally, people are not looking to uproot or find a new rental property over Christmas. They are far too busy relaxing with time off work and celebrating with family and friends. So how do you limit vacancy rates over Christmas and the festive period?

What happens when you have a tenant who decides to not renew their lease that is due to expire right on the Christmas period?

The Background

Our team manages an executive apartment on the metropolitan coastal strip. Last year, the tenant decided not to renew their lease that was due to expire on the 31st December. For most agents, this would instil an instant state of anxiety. Immediate thoughts are of a vacant property for months over the Christmas period as a result of a quietened market. However, at AustAsia Real Estate, our team work tirelessly to ensure that your property is vacant for the shortest possible time. Our goal was to ensure we tenanted the property within less than two weeks of the previous tenant vacating.

AARE in Action

We followed our strict AARE processes to ensure we re-leased the property as soon as practically possible. By doing so, we ensure our owner’s cash flow is not negatively impacted, resulting in a happy landlord and ongoing client.

We took the following steps:

1. We informed the Owner that the tenant would be vacating on the 31st December. We assured them we were already working hard to re-lease the property as soon as possible.
2. We informed the vacating tenant that we would be conducting open homes and private viewings prior to them vacating.
3. We undertook a Comparative Market Analysis to be able to correctly price the property for Lease.
4. We advertised the property four weeks prior to the current tenant vacating.
5. We conducted weekly scheduled open homes and private viewings on request from interested potential tenants.

The Result

1. As a result of our proactive work, we received an application from two young professionals who passed our screening process. We promptly recommended their application to our owner for approval.
2. We met with the vacating tenants on the day they vacated the property. We conducted the final bond inspection including an inventory stock-take of all of the owner-supplied furniture and fittings.
3. We prepared the new lease agreement and ensured all monies due (such as the bond and the required rent-in-advance), were all received on time.
4. The new tenants moved into the property on the 2nd of January meaning the property was vacant for just one day. In addition, we were also able to increase the rent by $20 a week!

Our owner was delighted with our ‘above and beyond efforts’ at a typically difficult time of the year. We work tirelessly and efficiently to limit vacancy rates over Christmas and as a result, our client happily spread the word of AARE’s terrific property management services.

Find out how AARE can give you your best return on investment with your property and help you to limit vacancy rates, not only over the Christmas and New Year period but all year-round.