There is often a lot of hype around maximising return on investment for landlord clients and it is a main focus for our Property Management team. There are many ways that we are able to demonstrate this, whether it be reducing the number of days vacant, ensuring that rental increases are recommended in line with market conditions when renewing long term leases, or achieving maximum market rent.
Just recently, our team have achieved $30 per week more than the previous managing agent for a property that we gained management of. This is in excess of a 10% increase in annual income for our landlord. Often due to complacency, agents do not go to the extent of completing market research and compiling comparable properties to benchmark the asking rent. There is a fine balance between asking market rent and pricing a property out of the market. Due to the amount of data available on the internet for tenants to do their own research, we often find that properties that are as little as $20 above market rent will either stay vacant for much longer than average or only have substandard applicants interested in the property due to desperation.
If you would like any advice on an existing investment property or are looking to purchase an investment, our team would be happy to provide advice on rental returns and tenant attraction.