Property Management Update

 Property Management Update

Property Management Update

There must be something in the water as November is traditionally a quite month so we are excited to say that the last few months have been very busy for our Property Management team. In our marketing we promoted that we had leased 30 properties in 30 days as it has a nice sound to it though we did lease slightly more than that.
 
There is a strong level of inquiry coming from people wanting to move immediately and those getting ready to move in the new year. Historically we see the annual migration of people leaving the area for Christmas however this year we broke our all-time record and leased more properties in November than any other year – so we are pleased to say our Agency set a new bench mark for Broome for the month of November.  Surprisingly there has been strong demand for units with 40% of the properties leased being units. Also strong than normal has been the enquiry for furnished properties.  As our Agency has the greatest selection of rentals it follows that we receive the great volume of rental inquiry and is one of the points of difference that sets us apart from our competitors.
 
But it is not all easy – the reality is we still have an over-supply of rental properties and with the town having a vacancy rate of approx. 6% the Broome rental market remains highly competitive.
 
Charmaine and Kara making up the BDM team have been busy conducting lots of rental appraisals to owners who are keen to get an updated perspective. Computer generated data appraisals don’t give you the real advice! As a local agent we include facts of comparable properties successfully leased in the last few months as well as look at what else is currently on the market then try and align the price with similar properties that are currently advertised. So say if your property is $30 per week more than other comparable properties at the time, it will sit there. Tenants want to know they are not paying too much. The majority of tenants are time poor, and even when looking for a property they scan the photos quickly waiting for something to catch our eye. Often they have not yet arrived in Broome so they can’t even do a drive by or inspection to see if they like it.
 
Employing marketing strategy is another thing we do and not “one-size fits all approach” as we know the strength of a marketing campaign can have a direct relation to the time taken to leasing a property. Once an owner has entrusted our agency with their property we give them our professional advice to ensure their property stands out.
 
Having a dedicated Leasing Officer looking after our enquiry helps and is another thing that sets us apart from our competitors. We believe that to lease a property, we make it easy for prospective tenants to inspect and apply, advertise the property to the best of its ability and price it right. Our rental department like our sales dept provide regular and frequent feedback to our owners. If a property doesn’t move, usually price and presentation are the issue. Remember, a property is only worth what someone is willing to pay for it so we explain to our owners that the property may be vacant for another X number of days/weeks, which in total is a loss of Y and that this should ensure that a tenant is placed sooner. Ultimately we are saving our clients’ money not to mention it is a tax deduction at the end of the financial year.
 
If an Owner should ask us Why should I choose you as my agent? Our answer is simple - We have the Resources, Experience and Skills to deliver.

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