How we’re defying market conditions to achieve leasing success in 2019

Sydney’s rental market has remained weak in the first quarter of 2019, creating significant leasing challenges. With new units flooding the market, increasingly it is the tenants who have negotiating power, especially in the $500-$900 range. This is not a time when property managers can sit on their hands and wait for the tenants to come. If he or she is not doing everything possible to lease your property and close the deal, there’s a good chance it will remain vacant for far longer than optimal.

The February 2019 REINSW Vacancy Rate Survey saw inner Sydney vacancy rates at 2.9%, a 1.1% increase on the same period last year. We’re finding properties in the $600-$800 price range the hardest to shift. If your property is poorly presented, over-priced or badly marketed, there’s a good chance you’ll have trouble leasing it.

Our leasing team has managed to defy the challenging market conditions to achieve significant success in 2019. In our March quarter, we leased 33 properties, only slightly below average and a great result in the current conditions. The rents achieved ranged from $340 per week for a one bedroom to $4,000 for a five bedroom house in Dover Heights. In the premium end of the market, we leased 10 properties for over $1,000 per week, which is above average.

We’re achieving these results by doing a number of things well. These include:

  • Focusing heavily on property management and leasing within our office.
  • Adopting a whole team approach that draws on the expertise and experience of our Principal, four senior property managers, and a high performing leasing manager.
  • Maintaining continued attention on each and every vacant property to ensure that it is well presented, competitively priced and well marketed, and continually looking to adjust one or all of these factors if properties are not viewed and rented quickly enough.
  • Constantly reviewing and revising marketing platforms to ensure that rental properties receive optimal exposure to prospective tenants.
  • Being extremely proactive in following up with potential tenants, processing applications, and closing a deal.

Essentially, if property is sitting vacant, our job as a team is to ask why, and act accordingly.

If you have a vacant property that you want to lease, call Alex Hart on 0418 245 018 today.

 

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