If you are a Landlord and haven’t had a vacancy for a while or last time you had a property vacant it ran into weeks - times have changed and these days you should have a higher expectation.
As a new investor, a vacant property is the thing that keeps you up at night. The way we manage renting properties is a bit different. When the day comes, as it always does, you will know when there is an inspection booked, when there is an open, what happened at the open, how many applications we have and more.
Some owners tell us it is information overload.
In January 2014 we had a 0.5% vacancy rate, again. I would like to take you a little journey about the work that goes into achieving our vacancy and arrears results.
In January we registered 1095 enquiries on properties that were on the vacancy list and in most cases booked inspections. We also registered those enquiries into the e-mail marketing system and at present 601 of those people are still in the database and are still receiving matching property alerts and a weekly vacancy list of everything we have.Of those enquirers, 346 potential tenants inspected properties and each has been offered matching properties since then.
So, out of all that activity, starting with 1095 enquiries, we worked it down to receiving 65 applications and we then sifted through those applications to select 12 tenants for the properties we had available.
The average number of lost days involved in the changeover of tenancies was only 2.5 and almost all that loss can be attributed to 2 properties.
Marketing a property to generate these levels of enquiry and applications also directly impacts on our arrears levels, we can’t always get it right and circumstances change for people but because we have such a wide choice we are able to select quality tenants for you.
This level of activity now goes on month in month out and we are geared to do it comfortably.
by David Hamilton
Find out how we have an amazing 0.5% vacancy rate
palmbeachfn.com.au March 2014