One of the first questions a client asks when they want to sell their property is: “What will the marketing campaign cost, what is involved, will you use social media and what impact will it have on the final results?”
One of the first questions a client asks when they want to lease their property is: “How quickly can you find tenants and what is the recommended rental price?” There are not many times we have been asked to explain how we will market a rental property.
So is property marketing just a costly and unnecessary expense? Does it make sense to market your property only when selling, or is there a benefit to better marketing for rental properties? Our answer is simple – property marketing is necessary for both sales and rentals and can have a significant impact on the financial returns received in both scenarios.
Better property marketing for RENTALS can:
- generate more interested tenants and applicants, which ensures we select only the cream of the crop for your property.
- attract good tenants who look after properties and reduce wear and tear on furnishings and therefore have fewer maintenance issues.
- enable us to potentially list your property at a higher weekly rental price.
- reduce the number of days of vacancy between tenants.
- attract tenants that want to stay longer in their rented home, reducing turnover and associated costs.
All agents need to attract new tenants at the point when you assign the management authority to them, or when your existing tenant gives notice to vacate.
Agents generally list your property on realestate.com.au and maybe put up a ‘For Lease’ board. Photos used to ‘highlight’ your property are not usually taken by professionals but instead, are taken on iphones and tend to have poor lighting and bad angles. Or, agents sometimes re-purpose old images from several years ago. Both options do not adequately reflect the current and best features of your rental property and will therefore be less appealing to tenants.
Tenants are required by law to attend an ‘open for inspection’ of a rental property before applying for tenancy. Imagine if the photos used in your listing make the home seem dark, make the rooms seem smaller than they really are, or mis-represent the layout, ie is the toilet really next to the kitchen? With photography like this, you will certainly be missing out on prospective tenants.
Or likewise, imagine if the photos used in your listing, show the property from 7 years ago, when the gardens were newly landscaped and the outside of the house had been painted a lovely blue with white trim? Only to be disappointed when they arrive for the open for inspection, to see the gardens more sparse and the outside less vibrant? Houses do weather, but a tenant will dismiss a property if they feel like it has been falsely advertised or if they have a sense of disappointment when viewing it.
So how is LongView marketing rental properties differently?
We want to present our client’s rental properties in the best possible way; attract the best possible tenants, reduce the days of vacancy, list for the best price and ensure properties are well cared for.
So we are working with a number of professional suppliers, to put together marketing packages specifically for our landlords. These suppliers offer photography shoots across Melbourne, can assist with retouching and editing images, can ‘virtually stage’ an empty home to help a tenant imagine living there, and produce floorplans to give prospective tenants a real understanding of your home’s attractiveness to their stage of life and lifestyle, before they come to inspect the property.
We have been trialling some of the effects of great marketing on rental properties where we have provided a Guaranteed Rent contract. An example of this is a rental property that we launched with standard marketing – photos, realestate.com.au listing and a For Lease board at the front of the property.
After the initial first-day flurry of views, the property received an average of 25 to 50 views per day for four weeks. We received no applications and very few attendees at the inspections.
We then arranged for the photos of the property to be virtually staged with furniture so that tenants could imagine living there and the home seemed more personable. We also included a floor plan. We saw an immediate spike on realestate.com.au with between 50 and 100 average views per day (see the graph below).
Views per day on realestate.com.au over the campaign
Before and After shots of the property
We believe property marketing is extremely beneficial in both sale and rental listings and are working to finalise some great value packages which will be available to all our clients regardless of whether they are selling or leasing their property.
If you are interested in better marketing options for your rental property next time it is vacant, please let your property manager know. For more information on this article or Property Marketing options please contact Ursula Drake, Head of Marketing on firstname.lastname@example.org or Ruby Ellery| Head of Digital Marketing on email@example.com.