There is no definite answer for this. It can range from a few days to 6 weeks. Any longer than 6 weeks (in most cases) you're doing something wrong.
A few things need to be taken into consideration like the location of your property, its overall condition, the price of your property and even the time of year. To give you an idea I have outlined a guide below that you can follow. The guide is fairly conservative so if you’re not meeting the same outcomes in the time frames suggested then you might need to change your approach.
The first two weeks after your property is advertised is when you get the most number of enquiries and applications. On average, this is about 2 - 5 enquiries per day. Properties generally get the most amount of interest in the first few days while the property is fresh so it's important to ensure your property is positioned correctly against other properties on the market. You also need to deal with all tenant enquiries promptly before the property goes stale.
By the third week, you should have narrowed these applications down to the best three. It is important to check through the applications as quickly as possible to ensure your best application does not get approved for another property first.
On the 21st day after putting your property on the market, you should have one tenant approved. It is during this time that you should organise the lease agreement and schedule your tenant to move in. From the moment you approve an application it’s generally about 2 weeks until they can actually move in. However this can vary depending on the number of days notice they have to give to move out of their current property.
By the 36th day, your tenants should have moved in and everything is in place. Make sure you complete a comprehensive condition report, have the bond fully paid and the lease signed before you hand over the keys to your new tenants.
If your property is taking longer than what this guideline suggests, there are a few things you could do to speed up the process. Most tenants are particularly concerned with the value your property represents; Does your price match your property in comparison to other similar properties on the market?
If you set your rental price too high you are likely to get less enquiries. Or desperate tenants who may not be financially secure enough to maintain the rental payments. A good strategy is to check out the market price and set your price at about 3% below it. This will help attract great tenants in a shorter time frame and it even helps to retain them in the future, which in turn saves you money on vacancy costs and even on the maintenance and repairs of the property.
It is important to create an appealing advertisement to catch the attention of a good tenant. The more attractive your advertisement, the faster you’ll find quality tenants. Check out our blog about How to Create an Effective Advertisement for your Rental Property for helpful tips on advertising.
Most tenants look for their next rental property on major property websites in Australia like realestate.com.au and Domain so you need to make sure that your property is advertised on these websites.
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