While the vacancy rate has crept up again to 4.76% we are still more conscious than ever that we must do our best to avoid higher vacancies for our owners. We completely understand a property sitting empty means no rental income and do everything we can do bring a great tenant to you.
We differ from normal property management departments in that we offer a dedicated Leasing Officer and a Marketing Team which guarantees your property the best exposure available. Did you know so far this year alone we have leased 62 properties in just over two months?
Some of the other ways we try to minimise your vacancy include:
Minimising tenants moving - obtaining the best rental price is just one component of ensuring your investment achieves the best returns. Having a constant revenue stream is vital to ensuring the financial success of your investment, and in this market, if it's possible to entice the current tenants to remain by reducing the rent, this is financially more beneficial.
Online prescence - the first place today's prospective tenant starts their search for a rental property is online. This can be via a search engine, through a property website or even a facebook group. Statistics show that rental properties with good, clean photography lease quicker especially in helping create interest online through social media. Prospective tenants will be more inclined to click, enquire, and view so that ultimately, the more people that come through the door, the higher chances are that they will apply.
Digital Marketing - along with our own website, we promote rental properties on a range of property portals to ensure maximum exposure as well as social media. We also have our own database with prospective tenants and their specific requirements ready to rent a property that suits their needs. All our available properties are emailed directly to them with a follow up from our Leasing Officer.
Lease Terms - not a new concept, but certainly a tactic that we are pushing harder this year is to avoid new leases and lease extensions expiring in quieter times. You may find we suggest an 8 or 15 month lease to have the renewal come around in a busier period.
So what is the benefit of a dedicated Leasing Consultant? Traditionally if a property manager is expected to carry out all their management duties as well as leasing you may find prospective tenants don't have calls returned until some few days later. Similarly to arrange a time to view a property may mean it has to wait until after their three days of inspections are completed.
At First National Broome our Leasing Consultant is available full time to follow up any rental enquiries and book viewings. Unlike some agents who only advertise a property and then pray for some enquiry, we actively pursue all tenant enquiries and try to accommodate their availability for viewings whenever possible. We also utilise our prospective tenant database to the best of our advantage and propose each enquiring tenant considers all our other listings if they one they enquired on doesn't suit. This seems like common sense but when actively pursued, we are converting interest from one property onto others regularly. In fact we often receive comments from prospective tenants that they only want to rent with our Agency because of how easy we are to communicate with.
These are just a few examples of how we manage our property management department to ensure you investment maximises it returns. If you would like to know more please click here.