When is the best time to commence marketing a property that’s becoming available to rent?
Many property managers get stuck into it straight away – when a tenant gives notice that they’re going to vacate or when they receive a completed Authority to manage a new property.
But are these the most effective times?
A large number of prospective tenants looking for a property to rent have their favourite websites set up so that they are alerted when a new property that fits into their criteria of the property they are looking for hits the site. They want action now and want to view that property.
If it’s a property that is to be re-let, the property manager generally uploads images and copy of the last time the property was listed for rent. This sometimes brings about some pretty interesting images as some of them are date stamped and it’s not unusual, when scrolling through available properties to find images date stamped some two or even more years previous.
If it’s a new property in a new subdivision, the property manager will upload an image from the developer’s site. Alternatively, they race out to the property and take an image of the exterior only as in many cases, they receive the Authority to manage the property prior to the handover from the builder to the purchaser.
Both of these practices are fraught with danger – the danger of losing the best opportunity to attract the largest pool of prospective tenants.
With a property to be re-let, the enquiry might come flooding in before the property manager has had an opportunity to make arrangements with the outgoing tenant. Not every tenant is willing to have strange people wandering through their home as they are preparing to pack up and leave and in some States, there is a legislative restriction as to when the property can be shown. In Victoria, this is the last 2 weeks of the tenancy.
When it’s a new property in a new subdivision and the handover has not taken place, prospective tenants will not wait. They will view and probably rent those properties where access is immediately available.
Getting the best bang for your marketing buck is the key and in the case of property management, that’s getting your property to the top of the list of available properties in the area but only when it can be viewed by prospective tenants.
For more answers to frequently asked questions, visit us at True Property Victoria.