Whether you have engaged the services of professionals or personally managing your investment property, these are necessary considerations to help reduce the vacancy period.
Support Your Tenant With Pre-vacate Process
After a tenant gives the notice to vacate, the owner or managing agent must offer advice and guidance to the tenant on presenting the property for the outgoing inspection. It ensures the tenants are educated on how to show the property at its best for reviews and open homes, especially if they are re-advertised for rent.
Leverage Professional Photography
When advertising your rental property on the internet, it is vital to portray the house in the best possible manner. Virtual tours and professional photography are an excellent way to grab the attention of prospective tenants and give you more choice in deciding the right renter for your property.
Pay Attention To Presentation
First impressions are significant. If the property is still occupied, the owner or property manager must inform the tenant on property cleanliness and presentation to ensure a successful open house. If the property is vacant, it should be meticulously cleaned, ready for immediate occupancy.
Private Inspections And Open Homes
Involving the experts help you maximize the opportunities to show prospective renters your house and may end in faster leasing. You can consult the experienced Leasing Consultant who will conduct open homes on weekends and private inspections during the week.
Accurate And Fast Application Processing
When it comes to application processing, time is of the essence. Often tenants apply for multiple properties. Hence, tenant applications must be entirely processed the same day they are presented. Here, Leasing Consultant can help you conduct careful application checks, including identification check, National tenancy background review, employment and previous rental history.
Claim Rental Property Expenses
Expenses may be deductible for intervals when your house is not rented out, giving the property is genuinely available for rent. It means:
- The property is advertised, offering broad exposure to potential tenants.
- Analysing all the circumstances, tenants are likely to rent the property.
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On the same note, we also reached out to Rick Nieuwenhoven, Chief Executive Officer at the Nieuvision Group & Professionals Modbury. We asked for his advice on “Claiming a Tax on Vacant Property.”
When managing a vacant rental property, you need to do some maintenance. The fundamental rule that is important for us here is to make sure the property is still available for rent. We can claim a tax deduction and repairs and maintenance on properties still available for rent, even if they don’t have a tenant.
But if we take it off the market and say that it is not available for rent, what is going to happen is the ATO is going to determine that you can’t claim that in your annual tax return. And it would have been an expense that forms the cost base, which means you could be waiting a long time to claim it.
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