How to let a Property Fast in a Tough Market
Provided by Rebecca Day from Southgate Property Management
One of the most important aspects of any tenancy is the first step - finding a great tenant! In today's tough market where we are seeing an oversupply of rentals and higher vacancy rates it is critical that we adapt our processes to ensure you are not missing out on valuable rental $$'s.
Some of the key elements to tenanting a property quickly to the best possible tenant in this market are;
- Good quality images and floorplan. Today's tenants are time poor. They want to shortlist the properties they are interested in and make decisions quickly. Our data shows that properties that have professional photography ($95) and a floorplan ($75) lease on average 6.2 days faster. With average weekly rents at $320, this small one off investment clearly pays for itself.
- Quickly respond to inquiry. It is more important than ever before that we respond quickly to inquiry and work with prospective tenants to show them vacancies at times that are suitable. It is common we will show a property numerous times on a day, or in the week to tailor to tenant need, enabling us to 'snap up' the good tenants as quickly as possible.
- Utilise our database. At any given time, we have over 1000 registered tenants looking for properties. Our first step is to email/sms prospective tenants in our database of new listings with a link to our website. This simple step generates immediate inquiry and can shortcut the whole marketing process (and if successful, avoid costly realestate.com marketing).
- Make sure the price is right. When the market is tough there is more competition - too many properties and not enough tenants. When tenants are spoilt for choice, they will choose value. If they can get the same property for a little less.... then that's what they will do.
Ensuring your property is priced right is critical. We always want to get the most for our clients, however it is critical that we consider vacancy time. If your property is vacant for one week, that is one week of rent lost. For the average landlord that is $320!! which equates to 32 weeks of $10 week price drop. You may end up with more over the course of a year if your property is tenanted quickly for less, than hanging out for that elusive extra $10. Trust us to advise you of what the market can bear.
For more information on renting your property contact;
Southgate Property Management
Phone 08 8386 1555