Recent Home Living Property Culture The Team North Shore Living
Recent Home Living Property Culture The Team North Shore Living
Whilst the travel industry remains in a complete shutdown, property investors that had their investments as short-lease holiday accommodation through websites such as Stayz, HomeToGo and Airbnb have shifted their strategies to long term leasing. This suddenly put a glut of rental properties on the market – pushing down rental rates.

Fortunately, Sydney's upper and lower North Shore are not hotspots for short-term leases. Our rental clientele is, more common than not, families or young professionals looking for long-term accommodation. So, unlike some other areas of Sydney, we've thankfully not been affected.

Presentation and promotion are key

This said if you own an investment property on Sydney’s north shore, and your tenant has decided to move out leaving you to re-lease the home, you mustn't rest on your laurels. It’s more important than ever to ensure your property is both presented and marketed as effectively as possible.

No investor wants their property to sit vacant because every week you're not receiving rent reduces your profitability.

Talk to your property manager

An experienced property manager will provide up-to-the-minute information on the number of rentals being advertised around yours, how long rental homes are taking to lease and what the most viable rental rate is for your investment home.

An experienced property manager is continually monitoring rental rates both across local suburbs and different types of properties. Your property manager should be able to tell you whether investment homes like yours have remained stable, or whether there's more competition pushing down rental rates.

Beyond price, what makes your rental property attractive?

Remember, that the attractiveness of a home to its potential renter is not always centred around price. Fortunately, the lifestyle and the level of luxury offered by a property generally comes first and foremost on the north shore.

With so much uncertainty around COVID-19, other ways to make your property attractive, are to offer more favourable leasing terms, such as a six month lease to start providing more peace of mind to the tenant as we continue to navigate the pandemic, or allowing pets.

Also, if your rental home is in need of a refresh, paint or some modernisation, then now would be a good time to give the home a facelift. That way you’ll have a greater chance to attract a high-quality tenant.

How to successfully market a rental property

Follow these steps to ensure you’ve ticked all the boxes for a successful rental property marketing campaign;

1. Will your rental appear in property searches?

Ensure your investment property gets shortlisted for inspection. Heed advice from your property manager and be realistic about price. This can make a big difference in terms of how many people find your property searching the real estate websites.

If your rental rate is overzealous, your rental property may not appear for a renters search criteria. Think about the price brackets renters may be searching within. Have a look online yourself to ascertain which price bracket your property falls within and whether your asking price is at the top, middle or bottom end by comparison to similar properties.

2. Use social media to gain more exposure

Work with your agent to promote your property beyond the real estate websites. Social media has become a highly effective way to find renters. Running a Facebook advertising campaign can help your rental property gain far greater exposure – an especially good idea if there are a lot of competing rental properties around.

Ask our property management team about our social media packages.

3. Maximising interest, inspections and appointments

Once your property is appearing in front of potential renters digitally, you’ll want to ensure renters are seeing the value in putting it on their in-person inspection list.

In these times of COVID-19, people do not necessarily want to visit a home in groups, even though restrictions have been lifted. They also don’t want to visit too many properties unnecessarily. We are therefore finding that renters are being more selective about which homes they inspect in person and many also ask for private appointments.

Renters are conducting drive-bys to inspect the property from the outside first, so ensure your street frontage, if you are renting a house helps make the home look highly desirable.

4. Provide a digital walkthrough with video

With the above selectiveness in mind, opting to have a video created that walks people through your rental property is an excellent idea. Showcasing the flow from room to room, and what the internal space has to offer is truly the best way to encourage renters to take the next step and inspect in person.

Believe it or not, renters may disregard your property altogether if there’s not enough online information. So consider including floorplans, information about local schools, the home’s proximity to shopping, bush walks, sports grounds, dog parks and medical facilities.

We believe that now, more than ever, people are choosing rental properties based on their lifestyle aspirations, particularly if they will be spending many more hours working from home. So don’t forget to highlight how energy-efficient the home is and promote features such as solar panels or pool heating if available.

If you’re looking for stress-free help re-listing your rental property and a first-class marketing campaign that will draw out quality tenants, contact McConnell Bourn’s dedicated property management team.

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