Weekly rent and marketing review
Rent is a major factor in marketing and it is important that you and your Asset Manager get it right.
Since all negotiation experts say that if you want to get the highest rent you should start high and then come down until the right tenant is found, it stands to reason that rent is a very important factor in effective marketing.
Depending upon the market you are in, every day you and your Asset Manager should;
Discuss the marketing – what has been done, and what enquiry did it generate?
Discuss individual enquirers and what they had to say about the property.
Review the Rent – is the current rent attracting interest? Have any applications been received? At what rent
should the property be offered going forward?
Showing a property
All enquiries from any marketing undertaken on your property should go to one central number, generic email or an online booking system that allows potential tenants to view the property.
Your Asset Manager should be able to allow potential tenants to book to view your property 24/7, at a date and time convenient to them, without the need to directly contact an individual Asset Manager.
45% of potential tenants will research and wish to book to view a rental property outside of typical real estate office opening hours.
Never select an Asset Manager that promotes one individual and one mobile number when leasing your property.
A fully integrated Asset Manager should be able to push the marketing of your property out and then pull all potential tenants back into an easy to use 24/7 showings system that results in your property being leased days and weeks faster.
Divide your weekly rent by 7, that’s how much money you lose for every day your property is vacant.
The cheapest agent is cheap because they haven’t invested in people, training, technology and systems to reduce vacancy periods, and will ultimately end up being the most expensive!
This article is adapted from the rental booklet, “Get the Highest Rent for Your Property”. To have a complimentary copy home delivered, please contact Edwards Windsor on 6234 5500.
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