COVID-19: Marketing Your Property To Get Results
Since April 2020, the impact of COVID-19 on Sydney’s rental market has continued to be a challenging one for investors. However, you can beat the trend with a strong marketing campaign that attracts great tenants and gets it leased.
A strong marketing campaign can sometimes be the difference between a short turnover and a long vacancy, so it’s an important element to get right…and as our recent case studies show, we have the formula!
- Residential Vacancy Rates lower than the market average: whilst the most recent residential vacancy rates for inner Sydney – which includes the portfolios we manage – were at 3.3% in May and 4.0% in June, our vacancy rate has remained at less than 1% over both months.
- Strategic Marketing Plans that gain results: monthly statistics provided by Domain show that we are consistently above the market average for the number of views, engagements, enquiries and saves and shares that the properties we market receive.
- A Proactive Leasing Strategy: we adapted quickly to the restrictions on home opens and booked private inspections that allowed vacant properties to be shown. The relationships built from those initial calls, private viewings and follow up calls have resulted in securing great tenants.
Like to achieve a similar result for your property? Here's our top three marketing tips to make your property stand out to great tenants and get leased:
#1 Know When To Start Advertising Your Rental Property
Timing is key when listing your investment property for rent, but it can be a tricky balance. In Sydney’s current lockdown, home open times cannot be advertised; only private bookings are allowed and they must be booked in advance. Only one prospective tenant can view the property at a time – even if they will be moving into the property with another tenant.
A good property manager will know the ideal time to advertise depending on the market, so make sure you’re working with an experienced professional.
#2 Decide On Marketing Channels That Will Make You Stand Out
There are many ways to advertise your property for rent and your property manager might choose a different combination depending on your property and target market. To reach as many people as possible, a good marketing campaign usually mixes online and offline channels, such as:
- Signboards and For Lease Signs: displayed at the property to capture the attention of passers-by and neighbours or their friends who may be interested in moving.
- Website Listings: including professional photos, virtually styled photos in an empty living room or bedroom, key information about the property and a floor plan. Also using the premier listings on realestate.com.au or domain.com.au to prominently display your property towards the front of search results drives buyer enquiry, with more views on average than standards ads.
- Marketing Letters: when restrictions aren’t imposed, distributing just listed and just leased within the immediate vicinity of your property can also trigger interest.
- In-house Rental List and Property Flyers: printout of all properties currently available for rent taken to private viewings so that high quality prospective tenants can make private appointments to view other properties that may be the right fit for them.
We strongly recommend that landlords invest in photography and exceptional copywriting to increase the likelihood of a potential tenant wanting to view their property. You only have a few seconds to capture a tenant’s attention, so make the most of it with advertising that shows your property in its best light.
#3 The Private Viewing And Application Process
The advertising doesn’t end once the tenant has decided to attend a private viewing. The impression they get from the property will be the final deciding factor in whether or not they put in an application, so it’s vital that the private viewing is well structured and managed professionally. Appointments should be conducted by a leasing consultant who knows your property well, so they can explain its best features to potential tenants and highlight the agency’s professionalism.
Once the tenants’ applications are in, the application process must be handled expertly and efficiently. In a competitive market where tenants are applying for numerous properties, making a prompt decision is essential, but it’s equally important to do due diligence to find a quality tenant. A great property manager will know what to look for to find the right tenant for your property.
Like Your Property Leased?
For expert advice on achieving a positive result for your property, get in touch with our team of specialists today.