A well-planned makeover can greatly increase the opportunity to lease your property in a tough market. This case study shows that it doesn't take much to get a positive result.
As our Taylors Insight: Property Makeovers That Add Instant Value advises, not only can the right makeover boost your investment property's value, but it can also make it stand out from the competition in a tenant's market.
Case Study 1
A top floor, two bedroom apartment in Randwick with undercover parking, internal laundry and views had been vacant for over 70 days during a time when COVID-19 was having a dramatic impact on the rental market in Sydney's East.
Although a strategic marketing campaign had been undertaken and the leasing team was showing the property at least twice a week, we were only receiving small numbers at home opens and no rental applications. When a reduction in price was still not gaining interest and with the quiet pre-Christmas period fast approaching, it was time for a property makeover.
Taking potential tenant feedback from home opens and the current climate into consideration, the Client Relationship Specialist had the data to recommend a makeover to the landlord that we believed would have a positive impact.
The landlord agreed to the two of our top ten property makeover recommendations that not only added instant value but achieved instant results - new carpet and built-in robes.
Enquiries and numbers at home opens increased, resulting in five rental applications being submitted for the property within 7 to 14 days. Most importantly, the property was leased to a great tenant who moved in before Christmas for a 12+ month period.
Like To Learn More?
If you are struggling to lease your investment property and a makeover could be the answer - or at least part of the solution - contact our team of specialists for advice.