The approach of aligning lease dates within the December/January period is a common strategy adopted by many investors, to capitalise on the heightened level of rental activity.
However, what if you are an investor that is not in this boat? Or you are facing a 'break lease' situation? A strategic marketing plan is essential for any landlord, but it becomes even more critical when a property becomes vacant outside of the peak rental period. If done correctly, a marketing campaign will not only attract the largest number of quality tenants to your property (as opposed to the investor's property down the road) but will also help reduce downtime, ultimately adding to your bottom line.
At Toop&Toop we are passionate about property marketing and understand the positive impact it has on obtaining exceptional results for our clients - both in Sales and Property Management.
And here's why...
Our team recently launched a property in Norwood with a marketing spend of $700. The leasing agent saw 17 groups through the home and received five strong applications. The property was leased on the first weekend after being on the market for only 5 days, and achieved a rental amount above the owner's expectations at $410 per week! With an industry time on market of 38 days in Norwood, the reduced vacancy time was a saving of $1,932.85 to our landlord.
Another example is a property in Rose Park. With a marketing spend of $905 (which included a property video of the home) our team achieved a rental amount of $1,000 per week. The property was leased prior to it becoming vacant and was only on the market for 9 days! With an industry average time on market of 36 days, this investor achieved a significant saving in excess of $3,857.25.
A third example is a property we leased in Parkside. This property had a marketing spend of $459, and achieved a rental amount of $50 per week above the landlord's expectations. It was leased after the first open inspection after receiving a total of 7 quality applications.
These are only a handful of examples where substantial dollar savings were achieved with a tailored marketing campaign, designed specifically for the property. Many investors who focus on a sound marketing campaign are experiencing reduced downtime and are attracting the largest audience possible to their home.
Investing in professional marketing campaigns can be a new way of thinking for many landlords but we've seen the results. The return on investment is higher for those who do, and a strategic approach to property marketing is proving to add dollars to investor's bottom line, not subtracting from it.