The highly anticipated Darling Square developments are now complete! What a great addition to the Sydney CBD Skyline. The 3 residential buildings in Darling Square contain over 900 brand new apartments, this is great news if you’re looking to buy or rent a home in Sydney, but the ripple effect on the market is certainly being felt. The rental market in Sydney CBD is more competitive now than ever! In many cases Landlords are being forced to reduce their rents to secure a tenant, there’s also an increased amount of days on the market before a property can be leased.
Let’s set the scene; A whole building of apartments becomes available all at the same time! Picture a Saturday morning when all the agents on the block are swarming with different signage trying to lease and sell their apartments. Potential tenants and buyers that are there to inspect the properties are getting poached left and right, it’s absolute chaos and if we’re not on our toes and ready to go, the perfect tenant could slip through our fingers and be lost in the sea of A-frames.
Life is full of these little challenges! And at Metro Realty we’re super excited to be managing and selling quite a few units in Darling Square, so we’ve had to pull our socks up, think outside the box and be proactive to get results.
JUST LEASED 2708/81 Harbour St, Sydney
(1 bed, 1 bath, 0 car) $660 per week, 12-month lease
Tenant: Professional Couple
HOW DID WE DO IT?
1. Proactive presence:
We made ourselves available as much as possible to show the property to potential tenants. Typically with rental properties, you schedule an open time and all the tenants will come at the one time during the week. In this case, we had to jump on every lead we had. Francis (our rockstar leasing agent) had just returned to the office from Darling Square when he got a call from a tenant wanting to view. He didn’t even get a chance to sit at his desk and he was off to show the property again, for the 2nd time in one day. This paid off! The tenant ended up loving the place and submitted an application.
All our rental properties get Premiered on Realestate.com which really helped with exposure and visibility in a saturated market. We were always near the top in search results and when there are hundreds of similar properties in the same building all available at once this is a MUST for any Landlord looking for a tenant. The premiere ad combined with our virtual furnishing made the ad stand out from the crowd and it achieved 785 page views and 2 tenancy applications.
From making our ad stand out with virtual furnishing, advertising a 3 hour inspection time, to finding the best place to put our A-frame, the whole process of leasing in Darling Square needs to be fast, proactive and creative. We kept our Landlord educated about the competitive nature of the market and were able to advertise a 1-weeks-free-rent deal to the new tenant. We propped our signboard up so tenants could find us, we letterbox dropped the building and surrounding areas and we got the job done!