Here are a few pointers to assist you in understanding the opportunities and pitfalls of the process.
One of the best results for an investor is to have a tenant in place on or close to the day of settlement, basically contributing to the mortgage from day one. A lot of people ask if this possible?
Yes it certainly is but requires some negotiation at the time of purchase.
There are ways that that you can still keep that competitive edge, from sale to lease with the agent of your choice. For example, the sale photos are actually owned by the vendor. So why not negotiate the rights to use them at the time of purchase (which may incur a little fee), after all they attracted you to purchase in the first place. Then moving forward you can utilize these with your agent of choice for use in for lease advertising campaigns.
When buying the property, you can request that you have permission to show prospective tenants through closer to the settlement date. If you are able to negotiate the above, you are now in a position to secure an appropriate leasing and management firm.
We suggest to commence advertising no earlier than 2 weeks before you can gain access to the property, to maximise your advertising budget and to access the best possible tenancy pool. Advertising too early can work against you as Tenants greatest frustration is not being able to view through a property that they feel can fulfil their needs. Interested tenants will often wait 1 week or possibly 2 but any longer that they will disregard the home and find one that they can view.