How we achieve top rent for Inner West investment properties
At Vogue Property, we like to achieve the maximum possible rental return for our clients who have Inner West investment properties. We can do this more effectively because we understand the market and know what prospective tenants are looking for.
Here are three ways our property managers achieve top rent for our clients.
1. We use great marketing
We know how to make your investment property stand out when it comes to finding the best new tenants. To achieve a great listing, we take professional photos of all the rooms and try to incorporate as much daylight as possible. There are tricks of the trade that we use to make every room look as inviting as possible, like taking photos from a corner of the room rather than from the side.
As well as great photos, we include a detailed description of your property in every listing. We make sure to include all the features that your property has to offer. We also like to include information about the neighbourhood so that prospective tenants moving from elsewhere know exactly what to expect.
This is just the first step to attracting good long-term tenants who are willing to pay top market rental prices.
2. We understand the local market
At Vogue Property, we have an in-depth understanding of the local market. We know the areas that are in high demand and the type of tenants who typically search for properties in these areas.
We also have in-depth knowledge of current rental trends and what the market will bear in terms of rental prices. You may be aware that rents have increased considerably over the last number of months as demand is high and supply is tight in a number of areas.
This simple equation of demand versus supply means that we can ask for more rent and still have excellent tenants lining up to view your property. Currently, we’re noticing high demand in areas like Randwick due to the health precinct and also suburbs like Glebe and Chippendale because of their close proximity to universities.
3. We have strategies for raising your rent without losing tenants
We understand that you as the landlord may be hesitant to raise the rent, especially if you have excellent tenants in place. However, you have to understand that your investment property is a business and so you don’t want to lose money on your investment. While it’s more important to retain good tenants, you don’t want to lose money on your investment.
There are many ways that we can achieve an increase in rent without upsetting your tenants. For some properties, small rental increases every 6 to 12 months work better than a large increase every few years. Most good tenants understand that a rental increase is imminent when their lease comes up for renewal.
You might even consider allowing your tenants to have a pet. Demand for rental properties that allow well-behaved pets is growing and this could set your property apart from the rest. Sometimes, this allows us to achieve higher rents plus a higher bond.
We also understand that just one or two minor improvements might allow us to increase the rent and keep your tenants happy at the same time.
Why choose Vogue Property management services?
Our property managers are experts in achieving high rents with excellent tenants for your investment property. We know the area well and understand exactly what prospective tenants are looking for.
We also pride ourselves on the way we communicate with our tenants to ensure that everything is running smoothly and that they are happy. And as you know, a happy tenant is a long-term one. This ensures that you will have a steady rental income both now and in the future.
Free Property Management Advice, talk to an expert now!
Are you a landlord looking for advice? Do you have questions about these uncertain times? Changes to the rental market or anything specific to Property Management? Book a one-on-one, obligation-free, consultation with Jaime Pratt, Head of Property Management at Vogue Property Managers.
Book your session now:
With over 20 years of property management experience, Jaime will openly provide advice on improving rental return, enhancing your property, attracting quality tenants, and finding ways to alleviate your expenses.