There was a time when you could simply list a property for rent and you’d have a massive open home and multiple applications within a few weeks, but that time is long gone.
With brand new buildings rising up everywhere, tenants have more options to choose from and at much cheaper rent. For the first time in a long time, Sydney landlords are having to be very flexible to avoid a long vacancy.
There are two properties we’d like to highlight this month; 5009/93 Liverpool St Sydney (World Tower) and 617/18 Park Lane, Chippendale (Central Park).
These two apartments achieved great results and here are the case studies:
Case Study 1:
617/18 Park Lane, Chippendale
1 bedroom, 1 bathroom, 0 car space
- Leased by Metro Realty in 3 hours after the management agreement was signed
- The apartment was vacant with another agency for 10 weeks!
- The studio apartment received the amazing weekly rent of $650 per week
- Is now home to a medical student studying at the University of Sydney
This particular apartment was vacant with another agent for 10 weeks for unknown reasons. The apartment was presented well and the rent was priced correctly. The basic checklist for this rental apartment was all ticked:
What it lacked, however, was marketing and pro-activity! This is where we came in.
We had pre-prepared the marketing materials for this apartment so we could go live as soon as the management agreement was authorised.
Furthermore, with Central Park being close to universities, you would naturally have students as your primary prospective tenants. With students being tight with their schedules with lectures and tutorials (can’t answer their phones), we simply adapted by being available to answer our phones at odd times of the day. It was that simple!
Case Study 2:
5009/93 Liverpool Street, Sydney
2 bedroom, 2 bathrooms, 1 car space and storage
- Located in the prestigious World Tower
- Received the weekly rent of $1,150 per week
- After one inspection the property was leased out
- Secured tenants in a competitive market as we had 3 parties apply for the property.
- Is now home to a young professional couple
All in all, we owe much of the success to the marketing and communication we have between our landlords and tenant database. We actively monitor the rental market, see what needs to be done to get the property rented, advice our landlords and execute.
If you are interested in finding out what your property could be earning or to see where your property places in the market, feel free to give Teejay a call on 0452 248 318 to chat about your options.
Click here to see to learn more about our property management package.