The rental market has been challenging in Sydney’s East since COVID-19 hit in April 2020. With a large number of properties available for lease and vacancy rates remaining high, these case studies show how you can beat the stats and get your property leased.
As our Taylors Insight: Market Update For Sydney’s Eastern Suburbs Investors shares, although the inner Sydney residential vacancy rates have remained at almost 2% higher than the average for the previous year, the good news is that properties that are strategically marketed, priced competitively and presented well are leasing.
The following case studies illustrate that by following the 3Ps - presenting your property in the best light possible, positioning it strategically in the market and pricing it right - you can achieve positive results.
Case Study 1
When a charming well-maintained two bedroom apartment in Maroubra first went on the market in March 2021, we thought it would lease in a short period of time to a great long-term tenant. It was filled with natural light, had a lock up garage and was close to public transport and the beach. The advertisement was launched at a premium listing on both Realestate and Domain with professional copy and photographs, and a price point that was competitive in the current market.
After only receiving a couple of prospective tenants at each open, we reduced the price marginally after three home opens to see if that would attract more interest. Based on the feedback received from tenants who had attended home opens, the owner agreed to have the entire apartment newly painted. We updated the copy to highlight it had been freshly painted and whilst the final touches to the painting were being completed, prospective tenants visited the property and applications were received. One of the applicants was so impressed by the presentation of the property that she offered the original rent we had advertised the apartment for.
Case Study 2
When a client asked us to lease an apartment in Randwick in late March 2021, our aim was to get the best return possible. The market was tough, with a high volume of two bedroom apartments in the area available in the $500 to $550 price bracket. As we believed this apartment had the potential to attract $600 per week, it was important that we put together a strategic marketing campaign that showcased the value in both the apartment and location to prospective tenants.
The property was vacant and after a professional clean and some minor repairs, it was ready to lease. Professional copy highlighted its quiet setting and features including renovated kitchen and bathroom, large bedrooms with built-ins, north facing balcony, lock up garage and easy access to beaches and transport. In addition to professional photographs, we also used virtual styling in the photographs of the living area and master bedroom to showcase not only the size of these rooms, but to give ideas to prospective tenants on how they could utilise the space.
After launching the apartment mid-week at a premium listing on both Realestate and Domain at the price point of $600 per week that we believed this apartment was worth, even thought it was above the market average. We received huge interest in the property and consequently, after the first home open that Saturday, the apartment was leased for 12 months at the advertised price. This is a great example of how presenting your property in the best light possible and marketing it to appeal to the ideal prospective tenants can achieve great returns in a short period of time.
Like To Learn More?
If you would like advice on how to market your property to get it leased to an ideal tenant, contact our team of specialists today.