HOW WE RENT YOUR PROPERTYOur Goal: Highest Rent Possible in the Shortest Timeframe to the Best Possible Tenant
Don’t be Trapped in Outdated Methods
If you look at the last 10 years of the Townsville Property Market, you will find that in the earlier years, the vacancy rate was very low, sitting around 3%. Now the vacancy rate has climbed significantly to over 7%.
Basically, there are more properties and less tenants in the market today than there was 10 years ago.
However, Property Managers are still adopting the same strategy to rent your property now as they did 10 years ago but expect the same result and that’s why owners are suffering.
If you haven’t been given advice and a strategy on how your Property Manager is going to rent your property, then be prepared to lose money.
We Have the Solution!
Because we’re experts, we have trialled and tested various methods of renting properties in the Townsville Market over the last 10 years and results have proven, our method works.
It’s as easy as 1, 2, 3:
1. Marketing – You Can’t Sell a Secret
99% of your Enquiry will come from 2 Main Websites.
Studies have shown that on these websites, 53% of your market will not go past the first page of properties they can find and there are approximately 20 listings per page. If you’re not on the first page, say goodbye to almost half of your potential tenants.
We maintain the best subscriptions available with the 2 main real estate advertisers to ensure when we advertise your property, your listing is prioritised over the others in your market place. Yes, it does cost slightly more however, the cost is less than a week’s rent, so the investment pays off!
Your tenants want the best value for money and their first impression comes from the photographs they see for your property online. Property Managers are not photographers so using amateur photos taken by a non-professional will cost you money. Poor photography will result in tenants excluding your property, before they have even been through the front door.
We ONLY use professional photos to market your property online. A set of good professional photos will make your property looking bigger, better and brighter resulting in significantly more potential tenant enquiry.
Floor Plans and Virtual Tours
Using things like floor plans and virtual tours has traditionally only been used on For Sale Properties.
Because we’re not traditional, we know that selling and renting are 2 VERY SIMILAR processes and having the leading edge with technology will only help you find an Excellent Tenant.
Did you know in a lot of cases, tenants won’t even look through your property before signing a lease agreement because they’re relocating from out of town or are time poor?
If tenants can virtually walk through your property and take measurements online, they’re much more likely to rent your property.
Some of the benefits of having a virtual tour and floor plan available are:
- Little to no other properties will offer this convenience
- Selling points like air conditioning and built in wardrobes will be easy to identify by potential tenants
- Because of the transparency, your property is less risky to tenants because they can see what it is and how big it is without wasting time attending an inspection
- You only purchase these items ONCE and can use them over and over again for sales or rentals
- Your property has a better chance of renting!
2. Presentation – You Get Back What You Give Out
When you purchase second hand furniture, you devalue items that are outdated, dirty, marked etc and may end up not buying the item at all. This is the exactly the same as rental properties!
We would never advise that you over capitalise and completely renovate your whole house however, there are some tips and tricks you can follow to ensure your property is significantly more aesthetically pleasing than your competitors.
Things like, fresh paint, new carpets, new curtains/blinds updated stainless steel appliances, replacing old door handles in kitchen and bathrooms, neat and tidy lawns and gardens make a HUGE difference in how your property presents to potential tenants.
The better presented your property, the following things will happen:
- More enquiries and more tenants to choose from
- More competition resulting in your property renter fast with better terms ie: longer lease (more money for you)
- Higher rent and a higher rental return
- Higher tenant retention rates (continuity on your income)
We believe it is our job to give you this feedback. If you chose us to manage your property and your property is vacant, we will inspect the property within 24 hours of receiving your management agreement and we will provide you with feedback on the presentation, what needs to be done and the costs involved to improve it.
We also continue to do this year on year so that your property is always ready to re-rent or sell.
3. The Price Must Be Right
With investment properties, it’s very important to look at price as an ANNUAL figure, not a WEEKLY figure. This cannot be an emotional decision. Your property manager should prepare you with Comparative Market Analysis to show you you’re your comparable competition is and ow much they’re renting for.
You must ensure your property is listed at a competitive market price to achieve the best rent in the shortest time to the best tenant because:
- Good tenants do not need to pay above market rent because they’re sought after in the market
- Pricing a property too high will result in the market rejecting your property completely (without even inspecting it)
If your property manager is telling you a price you want to hear or think is too high – BEWARE! They’re pleasing you to get or keep your business and are not concerned about the money you may lose during the vacancy period.
$450 per week (vacant for 8 weeks)
Total Annual Income = $19 800
$420 per week (vacant for 2 weeks)
Total Annual Income = $21 000
$1200 more by reducing the rent by $30 per week!
By following the 1, 2, 3 method we’re able to get you the highest possible rent in the shortest time with the best possible tenant.
If you have a vacancy property or want someone you can rely on to give you honest feedback and advice, please get in touch as we would love to talk further as to how we can help you!
One of the most frequent complaints raised by owners in the property management industry is the lack of communication they receive from their Property Management Agency.
From not returning phone calls in a timely manner OR not providing accurate and genuine feedback when things arise with your property, owners are often left in the dark.
We combine our method and systems, with excellent people who are trained and educated in the industry to ensure you receive accurate, timely and genuine advice and service and this starts and ends with how we communicate with you.
What can you Expect
Our aim is to not only meet your expectations with responding to your email or phone call in a timely manner, we also aim to ensure our communication is proactive. This means, you shouldn’t have to contact us to find out what’s going on.
We aim to ensure that when we do speak to you, we’re informative and accurate and to provide expert advice so that you can make the right decisions about your property.
This does not mean we’re going to contact you every time your tenant sends us an email. Part of trusting us with the management of your property means that we need to be able to make decisions on your behalf in line with your instructions, however we will keep you informed along the way.
Here is a summary of what you can expect and when.
We know that it is our responsibility to keep you informed, unless you have instructed us otherwise, in the first instance we will pick up the phone and the phone numbers you have provided to us.
If you’re unavailable (which is most often the case otherwise you wouldn’t have employed us) we will make a decision on your behalf if it is appropriate to do so and will send you an email to let you know what we have done.
This way, we can action what needs to be done but, you will know exactly what is happening and when.
Phone Call and Email Policy
We know that nothing is more frustrating than having to wait for information for days on end especially where your investment property is concerned.
If you call or send an email to us, we will respond within 1 business day, no excuses.
If for whatever reason, your tenant falls behind in their rent, we will notify you as a worst case within the first 3 days of them being in arrears.
We will let you know the important information and using our expertise, what we propose as an action plan to resolve the situation.
For more information about how we handle any rent arrears on your property, click here!
We receive many maintenance requests from tenants however, we know that they’re not always genuine and can sometimes be dealt with, without sending a tradesman to the property at your expense.
Once we have determined that a maintenance request is genuine, use our ‘General Communications’ policy to proceed thereafter.
If however, the maintenance is considered an emergency, in some cases we will need respond to the request immediately and then contact you afterwards depending on the severity of the issue.
For more information about how we handle maintenance on your property, click here!
Preventative Maintenance and Newsletters
We know that to be your trusted expert, we need to provide you with useful information throughout the year.
Each month we publish a newsletter with useful information about things we believe would be useful and informative for you.
As part of this, we will send you preventative maintenance offers and reminders (for example, getting the gutters cleaned and roof inspected before cyclone season).
We carry out routine inspections on your property a minimum of twice each year. Upon completion of each routine inspection, we will send you a photographic report of your property and each photo will be date and time stamped so you know, we definitely went through your property that day.
We will grade your tenant’s routine inspection from Excellent through to Unacceptable and will provide you with comments throughout the report on how your tenant is keeping the property.
For more information about how we handle this process, click here.
We know that having access to your financial information is important to you! That’s why, we deliver a detailed statement of any income and expenditure for your property for each reporting period. We can do this for you either twice or once monthly, whatever is more suitable for you. You will also receive access to copy of any invoices we have paid on your behalf.
And at tax time? Not a problem! We will provide you with a fully itemised financial yearly summary for any income and expenditure we have dealt with on your behalf. All you need to do is give this statement to your account and, tax done.
As part of our reporting service, you will also have 24/7 access to your information online. Click here to find out more!
When Your Property is Vacant
As soon as we know your property is going to becoming vacant, we contact you straight away to let you know.
During the process of us finding you a new Excellent Tenant, we know this time is stressful so we ramp up our communication with you to ensure you know what is happening and are comfortable with the process.
Feedback Calls – When your property is being advertised for a new tenant, we will call you at least once a week to give you an update.
Owner Reports – When your property is being advertised for a new tenant, you will receive at least 1 email each week with an update and advice on anything that needs to be done to help get your property rented faster!
For more information on how we get your property rented for the highest price but in the shortest time, click here!
When Your Tenant’s Lease is Due to Expire
We understand that it can also be equally as stressful when your tenants lease is coming up to expire as the outcome could result in a vacancy.
We start contacting your tenants at least 2 months before their lease expires to try to negotiate a new lease with them. You will also receive an email from us advising that their lease is coming up and will keep you informed throughout the process via phone and email until we know what the outcome is.
For more information on how we handle lease negotiations with your tenant, click here!