How’s The Market?
It All Starts With a Conversation
I often get calls from investors in the area asking for my advice, it usually starts with a “How’s the rental market at the moment?”.
At that stage I know that they’re asking me because one of two situations:
- They have a property that is vacant and needs renting or
- They have a property that is becoming vacant and needs renting.
In PT’s (the owner) case this was option number 1.
Her property was online for 2 months with another agency and she needed some results.
The conversation followed on and I found a couple of issues that was wrong with the advertisement of the property and also the availability of inspections.
As a side note, when it comes to leasing a property you need to follow the 4 P’s and have a step by step action plan in place (if you don’t know what this is or what this should look like, feel free to get in touch with me and I will be happy to provide an example!).
After some more in-depth conversations, the owner terminated their property manager and we re-advertised the property with amendments set out in the action plan.
In 3 open homes we had a secured tenancy and also a higher rental rate than previously advertised.
The owner was amazed and she asked how we could do it so quickly whilst also getting her more when the other agent couldn’t. It’s because of the action plan and our efforts in making the property stand out using the 4’s – it is a hard to do for less experienced agents as there is a lot of “guess work” when they don’t know the market or the demand.
The property leased for exactly what it was worth, $820 per week, which was then increased to $850 in 6 months. All part of the plan.