A good advertising campaign is critical in a challenging market. As this case study shows, engaging the services of an experienced property manager to help you get it right can make the difference between a short turnover and a long vacancy.
As our Taylors Insight: The Importance Of Your Rental Property Standing Out In A Tough Market explains, three important elements will make your property stand out in a competitive market – when you start your advertising campaign, the marketing channels you choose, and a diligent open home and tenant application process.
The following case study illustrates the importance of engaging the services of an experienced property manager to get your property leased when the competition is tough.
Case Study 1
When Taylors Property Management Specialists re-branded with a focus on being leaders in property management in October 2016, offering a strong marketing and advertising campaign for our clients to make them stand out in the rental market was paramount.
For new clients, website listings that prominently displayed our clients’ investment properties with professional photographs and exceptional copywriting became part of the residential packages they were offered. For current clients, the transition to this new benchmark in advertising came into effect as their properties became available for rent.
A concern for one of our current clients was the additional expense this higher standard of marketing would cost. She did not want to spend more money on photography as she felt that the photographs we currently had were adequate. As she was a long-term client, her previous property manager had agreed to re-advertise her property as requested. Unfortunately, after four weeks, there was very little enquiry and minimal potential tenants attended our home opens. During this time, the market was becoming tougher with the number of quality candidates looking at rental properties on the decline.
A resistance to professional advertising that would have made her property stand out, at a cost of less than one week’s rent, had now cost our client considerably more. At this point, her newly appointed Client Relationship Specialist, Marco Afonso, was determined to convince our client that professional photographs would make a tremendous difference to the successful marketing and leasing of her property.
Our client listened and gave approval for the photographs to be taken and uploaded to the marketing campaign across major real estate websites. As a result, the property was leased in a tough market in three days with an offer above the asking price. In a market where average vacancy rates were more than 21 days and rental prices were decreasing by approximately 10%, this was an excellent result. It was very much a team effort, with not only the property manager gaining the confidence of the client, but a leasing team conducting professional open homes and prioritising the processing of applications for this property to get it leased quickly to an exceptional tenant.
Like To Learn More?
If you’re looking for an experienced property manager who will help you with a quality advertising and marketing campaign to successfully lease your investment property, contact our team of specialists today.