When we talk with our clients about what they expect from us, the number one request is “make sure you get me trustworthy tenants”. So this is a passion for us. And, as you might expect from LongView, we approach this with a mix of art and science – using a combination of industry insights and data skills to ensure we get it right.
What do we do differently?
We match open for inspection schedules to the needs of potential tenants
Depending on the property and the ideal tenant, the number and timing of inspections will vary. For example, in the Jewish community neighbourhoods in North Caulfield or East St Kilda, we may focus on Sundays. Alternatively, if our ideal tenant is a working professional, it might be best to host one inspection on a Saturday and one in the evening mid-week.
We then capture and analyse attendance and application data from all of our opens to constantly improve our ability to match the open cycle to the needs of the market for your property.
We like to think of the weekly dance of tenants and properties like a game of musical chairs. And the best tenants will probably get offered any property they apply for so it pays to (1) make sure they visit your property; (2) make sure we give them an offer before any competing properties/agencies. The good tenants get in first!
As tenants have other properties and things in life to deal with, they often cannot make it to the single open most agents provide for a property. By opening at the optimal times, we significantly increase the number of potential tenants who inspect it.
We do a positive screen first
What does that mean ? We first do a quick run through to determine if there is an outstanding applicant and chase them immediately, even before we complete screening all possible applicants. If we can find a great tenant on the Sunday or first thing Monday morning, and call them straight away, we can complete reference checks and other critical due diligence after we’ve got them on the hook to take your property.
These are just two of the ways we do things differently to ensure you get trustworthy tenants. In future blogs we’ll explain:
- How we use statistical data from our tenant history files to get better predictive accuracy on who the best tenants are
- Why some of the tenant groups many agents instinctively reject can sometimes have the best profiles (do you think sole parents might stay for longer average lease tenures than other ? or that disability pensioners might be more stable rent payers than casual and part-time workers ?)
- How to align lease terms with school, University or corporate calendars to maximise tenant availability; and
- How we use social media data to increase tenant screening accuracy.