We Guarantee to Lease Your Property Within 21 Days or You Receive Your First 3 Months Management Fee Free!* – Discover How Below
I was at a Property Management conference, chatting with some other property managers when I asked, “How are you going with leasing your properties?” to which they reacted with screwed-up looks and groans of frustration… These are difficult times.
It was clear that property managers in Perth are seriously struggling in this rental market… Meanwhile Our Leasing Specialists have been recognised as the best in Western Australia.
I went on to ask, “So who is doing your leasing?” The main response was “Our assistant property manager”. I went on to ask, “So your property managers are not in control of their own leasing?” for which the majority answered “No, they don’t have time”
What is a Leasing Specialist?
Simply put, a Leasing Specialist is a highly trained Property Manager who has the time to focus on finding you a tenant. They are trained in all the skills of a sales agent from marketing to customer service and negotiation.
Why Do I Need a Leasing Specialist?
Very difficult times
This Corona Virus pandemic has caught the majority of real estate agents off guard and because their teams are not setup to work remotely and their properties are not well marketed with comprehensive walkthrough video tours and professional photography, tenants are flocking to the property managers that are making the process of finding a property much easier for them despite all these isolation restrictions.
Focused on finding you a tenant FAST!
Now more than ever we need to use technology to make things easier for tenants. With our comprehensive walk through videos, online applications, and electronic document signing we are able to show properties 24 hours a day and then turn around applications extremely quickly with thorough screening to ensure we are still finding the quality tenants.
All our property managers look after a tight portfolio around the area that they live, meaning they are able to easily show your property 1 on 1 if required.
Needing the skills of a sales agent
Upon looking deeper into it, I found that a property manager requires a very different set of skills and attributes to perform well at the role. In short, I believe that for the leasing be done most effectively, you have to train them in detail on all the things a great sales agent needs to know.
They must put exceptional marketing together to make your property stand out. They must contact enquiries back promptly, giving them a comprehensive walk through video, set times that work best for them if they wish to view and it certainly helps if they are trained to use a leasing software system to make the best use of their time. Then there are the negotiations to handle with yourself and tenants, on price and conditions. All while giving you exceptional feedback along the way so that you can make decisions if things are not going according to plan.
So what are the benefits?
Reduced Vacancy – Saving you Money
It goes without saying that having a dedicated specialist to find you a tenant fast will reduce your vacancy costs. Consider that each day a $420 p/w property is vacant, is costing you $60!
More quality tenants to choose from
With the restrictions in place many tenants will shy away from attending viewings and just want to see the property fully online in order to make a decision whether to apply. Our comprehensive walkthrough video tours significantly increase the pool of tenants for your property.
Constant feedback on performance
Having a dedicated specialist means they have the time to provide you with feedback on how many people are viewing the property online, how many are enquiring and their feedback on the property. Then if we are not getting the interest we need, we can make decisions together to add extra marketing to the mix or adjust our price.
What should I do now?
Understand the market
Firstly, you as a investor must adapt by understanding the worsening rental conditions. The market has shifted, and you have to keep on top of what is now achievable and ensure you are getting feedback to make decisions.
Understanding your opportunity cost
If the market is not responding with quality applications on your property…
Is it better to accept a lower rent if you could have it leased today or a higher rent leased in 1 months’ time? Let’s do the math.
Property rent if leased today at $400 p/w:
Year’s Income = $400 x 52 = $20,800
Vacancy cost = $0
Net Profit = $20,800 p/a
Property rent leased in 4 weeks’ time at $420 p/w:
Year’s Income = $420 x 52 = $21840
Vacancy cost = $1680
Net Profit = $20,160
So actually by leasing it today at a lower rate, you earn yourself $640 more per annum – equating to 1.5 weeks rent!
Plus in many cases what actually happens is that you will have to reduce your rent to $400 to find a tenant anyway, so if you had done it 4 weeks earlier you would have saved $1600.
Plus at a lower rent you will have more tenants to choose from, being able to find those that have solid rental history’s, who are more likely to pay their rent on time and treat your property as their own.
Get a Leasing Specialist on your team!
After 12 years in the industry, I believe there is nothing more efficient than having a Leasing Specialist find you a tenant. If your property is coming up for leasing, give us a call to change over to our superior service and you will save yourself a lot of money and stress.
Get Us to Lease Your Property within 21 Days or Receive Your First 3 Months Management Fee Free*
I don’t believe that leasing can be done effectively by an assistant property manager when they don’t have the skills to handle this difficult market. So if your property manager is a Leasing Specialist, consider putting us to work on your rental rescue!