Solutions Property Management employs specialist Leasing Consultants whose task is to find the best tenants for your property for the best possible rent with the least possible vacancy time.
Our Leasing Consultants are constantly out in the field, talking to prospective tenants and finding out what they want. They are in the best position to advise you on any improvements you can make to encourage quality tenants – and they are aware of even the slightest changes to market rental prices.
How do tenants search for rental properties?
In order find a tenant, you will first need to ensure that your property is visible to those searching for a rental home.
Data collected in 2016 showed that 86% of people who were searching for a rental property searched online, with 74% of those people often using two devices simultaneously while looking for a property. Of those who didn’t discover the property online, a staggering 98% of them still sought out an online listing before making an inquiry with the listing agent.
It is because of reasons such as these that we are constantly investing in our advertising, ensuring that your property is always visible to potential tenants.
To give your property the best chance of being discovered, we advertise on each of the 5 largest portals for real estate listings in Australia:
Advertising your property
Solutions Property Management employs a cutting-edge approach to advertising Rental properties.
Most agencies who handle both Sales and Rentals use all their resources to showcase their Sale properties and give little thought to their Rental Properties.
We believe that they have it the wrong way around, because….
A QUALITY ADVERTISEMENT WILL ATTRACT A QUALITY TENANT.
Remember this: we are not just looking for ANY tenant – we are looking for GOOD QUALITY tenants who will pay the rent on time and look after your property.
And guess what these tenants are looking for? The best-presented property with the most features they need that fits within their budget.
Therefore, to attract these quality tenants, we need to present your property in its best possible light.
Every one of our properties is advertised with absolute quality in mind – from professional photos, to enticing advertising texts, to detailed information that all tenants want to know before looking at a property.
We feel so strongly about maintaining this high standard that we employ a specialist Marketing and Communications Officer who is in charge of listing all our properties on the internet and making any necessary adjustments to maximise exposure.
Handling enquiries and open for inspections
Solutions Property Management uses state-of-the-art Leasing software called InspectRealEstate. This program captures all enquiries that come through the internet listing portals and allows prospective tenants to book viewings online.
Through this program, we maintain an extensive database of tenants searching for rental properties. With the click of a button, we send alerts to those searching for properties such as yours. The system also sends automatic updates and reminders to prospects, allowing us to maximise communication and bring more prospects to your property.
Utilising InspectRealEstate’s program, we are able to send our Owners on-the-spot Inspection Reports as soon as we have shown the property. These reports detail how many groups attended, how many showed interest, and any feedback.
In addition to these reports, your Leasing Consultant also sends Weekly Leasing Activity Reports which provide a summary of enquiries, viewings, applications, and other statistics. We also add recommendations for improvements or price adjustments which will assist in reducing vacancy time.
Click on the link below to find out how Inspect Real Estate helps us find tenants for your property faster, all the while keeping you in the loop:
Inspect Real Estate Fact Sheet
In a market where your property is competing with several others for quality tenants, we need to make the application procedure easy and convenient for tenants.
Our in-house Online Tenancy Application Form provides a secure, convenient way to apply for properties. There is no need to print these forms – tenants can even apply from their mobile devices (click onto the heading to find out more).
These unique forms have built-in processes which automatically send reference requests for past rental and employment references.
What does this mean for you as the owner? It means that a tenant can view a property on Saturday and submit their application online over the weekend, setting off automatic reference requests to their past and present agents, plus current employer.
As an investor, a VACANT property is concerning – but a BAD tenant can be DISASTROUS, both emotionally and financially. The trick is – how can we tell who is going to be a good tenant??
The truth is that we can’t be 100% sure. Even tenants who start out well can get into financial difficulties, or their circumstances can change. It is up to us as your Agent to minimise the risk of placing a substandard tenant.
Every application received into our office undergoes a thorough processing procedure. Over the years, we have discovered clues that indicate whether a tenant is a good prospect. We employ strict tenant selection standards and do not present an application to you if we believe it to be high risk or detrimental to your investment.
For a detailed summary of our Tenant Selection Procedure, click the heading above.
Once approved, every one of our tenants is invited to our office where the Leasing Consultant conducts the sign-up appointment. This can take up to one hour and includes the signing of the Tenancy Agreement and Bond paperwork, plus the tenant is advised of their responsibilities and what they should expect when renting through us.
This meeting sets the foundation for a professional Agent/Tenant relationship which continues for the duration of the tenancy. When the tenant knows that they are dealing with a professional agency which knows the legislation and provides outstanding service, they are more likely to enjoy their tenancy, do the right thing, and stay longer. All very positive results for you as the property owner.
Reducing Vacancy Time
– Our Optimum Marketing strategy
A vacant property does not help anyone, and all our efforts in the Leasing Department are concentrated towards minimising vacancy for all our properties.
After analysing years of data collected from our leasing records, we have discovered that the optimal lead time to start advertising a tenanted property is 6 weeks before it is available. (Any earlier is too early for most tenants to start looking, and the listing then becomes ‘old’ and relegated to the back pages of the property searches.)
Furthermore, we have identified a small window of opportunity where we can match the best tenants for your property with the least vacancy time.
Here is a typical scenario of what takes place at each stage before available date:
5-6 Weeks Before Available – Advertising begins and first Viewing is held. At this first viewing, we typically see the HIGHEST ATTENDANCE for this property at this price. This is due to the interest generated by the ‘new’ listing.
3-4 Weeks Before Available – Viewings continue and applications should start coming in. These applications are generally from GOOD QUALITY tenants who tend to prefer to secure properties several weeks before they need to move.
1-2 weeks Before Available – Current tenant is in the process of moving out. Property is often cluttered and dirty, which makes holding viewings difficult. Quality tenants may be ‘turned off’ looking through properties at this stage. Often we see the ‘desperate’ tenants with POOR RENTAL HISTORY looking at this stage, because they have not been able to secure a property through another agent.
Available – If no tenant found by this stage, the owner starts losing money.
From the above, we can see that 3-4 weeks before the property is available is the best chance we have of securing a quality tenant with a minimum vacancy time…AT THAT RENTAL PRICE.
Therefore, if by that time we do not find a suitable tenant, we need to adjust the rental price by a sufficient amount to open the property to a wider market who is looking at a different price bracket.
This is the secret to minimising vacancy time – make the decision to adjust the price EARLY in the marketing campaign. The biggest mistake Owners make is to wait for the property to become vacant before adjusting the price. The process then starts again and it may be weeks before a good tenant can move in.
Our Leasing Reports are designed to educate our Owners on the current market conditions. If the rental market (ie the people looking for rental properties) does not respond to the first 2 weeks of marketing, we act quickly in consultation with our Owners to meet the market with minimum losses due to vacancy.