Finding tenants
As most of you reading this article are well aware it is getting harder to find tenants in Brisbane.
Not only in the CBD though, vacancy rates have been climbing over the last few years in some outer suburbs as well. According to SQM Research, vacancies have almost doubled in Brisbane since January 2013 to 3.2 percent in September 2017.
This is why finding tenants is more important than ever. As potential tenants are utilising online websites more to find vacancies, property managers need to get the most out of their online marketing. Over the years, I have established some basic methods that have helped in this matter, some of which you may find useful.
- Features and benefits. Rather than trying to rent based on price, try to sell the features and benefits that make your property desirable. Most properties have something that sets them apart, whether it is features such as extra parking or air-conditioning, or location and transport. This can best be done in the main header of an advertisement, as well as in the body of the advertisement.
- Multiple advertisements. If you have multiple vacant properties to fill, try to keep each advertisement different, even if this just means having a different header and lead photo for each property. This gives potential tenants more chance to engage with your properties rather than skim multiple advertisements that look the same.
- Photography. An important but basic tip is to use professional photography. Unless you have the right camera and training, professional photography is usually far superior to those taken by property managers. The images portrayed on your advertisements are an essential key to first impressions of your property, and you have to ask what your photos are saying about your property.
- Keep it simple. Keep advertisements simple to read and to the point. Most viewers will skim through advertisements quickly and you want to get the main points of your advertisement across quickly and elegantly. I find that bullet points can assist in this matter, but usually after a lead paragraph. Finding the balance of enough information without too much information is important too.
All of the above will depend on your individual circumstances and property types, and a lot of it is trial and error to find what works for you. Hopefully some of my experiences may help you to find those elusive tenants too.