I recently won the business of a two-bedroom unit in a superior Brisbane suburb.
The owner was disgruntled with the previous Managing Agent after the property sat vacant on the market for 5 weeks!
After one inspection a strong application was received and rented to a well-referenced professional couple.
Was it pure luck?
Interestingly the couple had previously viewed and been very pleased with the property with the previous agent but found it difficult to organise a convenient inspection time, found the Property Manager to be abrupt and unhelpful and quickly decided that they did not want to apply and live in a property that was managed by that particular agent.
So what can your agent do to make sure vacancy is minimized and a quality tenant secured in a timely manner?
Here are some points to consider:
1. Make it as simple as possible for your prospective tenants to view the property
Time is precious and even more so for prospective tenants that are looking to secure a property to meet their deadline.
It is important that there are convenient times listed (appropriate to the demographic that you are trying to attract) and a simple way to book/register for the inspection of choice.
Inspect RealEstate is a software we have used for more than 2 years.
It allows a prospective tenant to register anytime, anywhere using their smart phone, tablet or computer and select the time convenient to them or advise of us a time that is suitable to them.
They are then sent a confirmation SMS & email and reminder notifications.
2. Take an interest
Treat all prospective tenant enquiries like gold!
I encourage our team to take an interest in what the prospective tenant is looking for in a property, their timeline and price point.
Not only are you taking an interest and building rapport you are also qualifying this tenant so that you can help them find what they need and in turn help yourself.
3. Collect contact details and follow up!
As part of the software we use, all prospective tenants are required to enter their name, contact number and email upon registering for an inspection.
We then make sure to record their feedback (positive & negative!) so we can relay this to our investors at the end of every inspection.
This in itself is creating a tenant database that allows us to follow up the next morning to see whether the tenant would like additional information or even better, is interested in applying.
If the property is not suitable the conversation provides the perfect opportunity to continue to build rapport by suggesting similar properties that may be suitable that are either available or coming available.
Vacancy is every investors #1 enemy so don’t let your current agent potentially hinder your chances of securing a quality tenant in a timely manner through a reactive approach, uninterested demeanor or bad customer service!
Subscribe & don’t miss a single episode of michael yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to michael yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.