By Daniela Nelson
“It’s not what you know, but who you know.”
The current rental market in Perth has not been great for investors looking to lease out their vacant property. As property managers our goal is to lease your property as quickly as possible to the best tenant. At Empire Estate Agents, we have been able to halve the average vacancy period experienced by our owners and, while a large part of this is because of what we know, it can also be attributed to who we know. If you are looking to get your rental property leased in a few weeks, our database (and how we use it) can help minimise the risk of lost income.
In any market you need to ensure the following:
- good presentation,
- professional photography,
- realistic price tag, and
- great advertising.
If you have ticked all the above boxes then the next question is who does your agent know?
With over 15,000 prospective tenants in our database, we are able to send your property information directly to people who are looking for a property just like yours. When a tenant enquires on one or multiple properties that we have available, their details and their criteria (price, bedrooms, location) are saved and become part of our prospective tenant database. When we list your property, we are able to match these prospects to your property immediately and send them a notification that your property is available. On average we will find at least 10 prospective tenants that are looking for a property just like yours using our database alone.
The early bird
When a prospective tenant is alerted before a property goes to the wider market, it creates a sense of urgency and competition. We proactively send a personal email or text, that provides potential tenants with your properties details and invites them to make a time to view. This is a great way of attracting prospective tenant and prompts a quick response. Many tenants will contact us immediately to book in a time to view or send in an application for pre-approval.
Eliminate the competition
You only need one good tenant to lease your home, but what if there are hundreds of similar properties that you are competing with? In the Perth metropolitan area supply meets demand when there is roughly 6000 to 7000 properties available. The Perth rental market declined from late 2013 and had more than 13,000 properties available for rent, resulting in high vacancy rates, decreasing rents and long vacancy periods that averaged 7 to 8 weeks. In 2018 the number of available properties is still over 8000. By creating more than 10 matches each time we list a rental property using our database, we were able to eliminate the competition by providing a more personalised and immediate service direct to potential tenants.
Every week your property is vacant, you lose a week’s rent, so just 5 or 6 weeks vacancy can result in thousands of dollars of lost income. Our extensive database allows us to minimise the vacancy period that owners experience. Tenant matching through our database allows us to secure a new tenant prior to the current tenant vacating and in many cases prior to advertising. As every property investor knows, time is money!
About the author
With nearly a decade of experience in real estate Daniela Nelson is part of the superhero Property Management Department at Empire Estate Agents in Victoria Park in Perth. As Head of Department Daniela works closely with landlords, tenants and clients on a daily basis. Her friendly professionalism combined with her excellent time management and organisational skills mean that she is able to give clients a level of service second to none.
Need more information or can we help you with any other of your Property Management questions? Feel free to call and speak to us
Empire Estate Agents to have a chat on (08) 9262 0400
or email firstname.lastname@example.org