How to attract low quality tenants and poor rental returns?

Recently, a friend of mine contacted me as she was looking for a home to rent. She had a huge list of questions & also forwarded me several links to properties she was interested in for her & her family. When I looked at the properties she’d sent me — I have to be honest I couldn’t come up with another word to describe what I saw — I was appalled how the properties were being advertised…

Here’s what I saw:

  • Bad, blurry, upside down &/or limited number of photo’s
  • Long Grass, cars in yards & Weeds
  • Presented Untidy & Dirty
  • Limited Property Descriptions

In some instances, I thought that the PM’s should have not even bothered putting up the listing…..

This all got me thinking…..What is the Fundamental Role of a Property Manager / Leasing Consultant / BDM?

Put Simply, Our Role is to….

“Present & Maintain the Property in its best light to ensure that we get the best possible Rental Return in the shortest possible time to the best possible tenant.”

So, Question for you….if you are marketing a property with crappy photos and description, what you will get?

Now, if you answered:

  • Longer Vacancy Rates
  • Less Desirable Tenant
  • Lower Weekly Rents

YOU ARE ABSOLUTELY CORRECT!!!

Why do these things happen? Well, what kind of tenant do you think you will attract to a property?

Another Question…What happens whilst a property sits vacant? We’re not collecting Management Fees….and What happens when we achieve lower Rents? We receive Lower Management Fees. What happens when we attract Poor Quality Tenants? MORE HEADACHES & STRESS!!

And in addition to all of this, we will have a less than happy Landlord, just adding another layer of pressure and stress to our already hectic workload….

Now I know that we can struggle at times to fit everything in & convincing Landlords to invest in Quality Marketing….

However, taking the time to:

  • Get GREAT Photo’s
  • Write a GOOD Property Description

Will ultimately save you time in the long run – REMEMBER: You only need to do it ONCE (unless major changes to the property)

I used to feel like getting marketing money from Landlords was tough, BUT once I developed my ‘3 Point Strategy’ on how to get landlords to agree to quality marketing this not only saved me time but also had landlords LOVING US!!

For more information give me a buzz.

Until next time…

Loretta Morgan
0417 748 200
loretta@realestatedominance.com.au

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