The number one question we get as Property Managers from investors looking to lease a property is “How long will it take to lease?”. With the right Marketing Strategy, Price Point and Presentation a property should generally take no longer than 3 weeks to lease in the current market. The top 5 reasons your property has not leased today are:
- Poor Marketing Strategy – Photos taken on an iPhone and not completed by a professional photographer, commencing advertising too soon on the internet with no Open for Inspection times loaded, not offering private inspections and being accommodating and lastly a lack of communication by the Property Manager to prospective tenants enquiring on the property.
- Overpricing – This is a common occurrence where Property Managers will overprice a property to ‘Win’ the listing from another agent. Lack of inquiry in the first 72 hours of a property being listed for rent is a key indicator the property might be overpriced.
- Presentation – The way a home is presented will influence prospective tenants. A poorly presented home that requires maintenance or cleaning will be a deterrent for prospective tenants. An experienced Property Manager will have a conversation up front with the investor advising the items that need attention to market the home for rent.
- Negotiation – An experienced Property Manager will identify a good long-term tenant and negotiate terms and conditions with the prospective tenant and investor to secure the tenancy.
- Communication – Having the ability to effectively communicate and build rapport with prospective tenants is crucial. Not only do prospective tenants appreciate your time they remember the Property Manager that treated them well, communicated with them and assisted them during a time of need as finding a home to rent can be a stressful time. Tenants are an integral part of Property Management.