North

When we obtained management for Turquoise Drive, the owner had recently purchased it, and like any investor, their expectation was to achieve the best possible rental return.

At the time the property was purchased in mid 2022, the market indicated the rent sat between $350-$380 per week. To achieve a rent that met our owner’s expectations, it was vital to generate competitive interest and demand for the property. The property was launched onto our Early Release platform and was directly marketed to the 97 registered members who were actively searching for a similar property in Salisbury and surrounding suburbs. A number of enquiries and applications from potential tenants were received, and as a result, this property was leased off market for a price 23.6% above the estimated rent.

The agency leasing the comparable property provided their owner with a less desirable outcome. The property’s high days on the public market meant their client lost $1,411 in potential rental income, along with paying advertising costs of around $319. The significant difference in rent per week has placed our owner in a better long-term financial position. They will receive $4,693 more over a 12-month lease term than the comparable property’s owner.

South

We acquired the listing for the Duncan Street property in July of 2022, at which time no property had achieved a rental price above our listing price of $530, including the comparable home on Sturt Street. No comparable home in the previous year had reached this rental amount, in this suburb. The rental estimate was low to mid $400. We knew listing this property for $530 per week would be ambitious, but not unachievable.

To make sure that our owner’s price expectation was met, we published this property as a premiere listing on realestate.com in preference to a standard listing. This meant the property appeared higher up in the search results, resulting in 4.5 times the number of enquiries. This generated a strong interest and an application was accepted at the listed price.

Our owner will achieve $9,385 more rental income over a 12-month lease term than the comparable property.

East

Frank Street, St Morris is an executive home, and it was important the rental price reflected this. Professional photography was imperative, as this allowed us to the showcase the property in its best light.

Once the images were obtained, we launched it onto our Early Release platform and not to the public market.

At the time we had a database of over 170 renters actively looking for a similar home in St Morris and surrounding suburbs. By promoting this property on our internal platform, we engaged directly with these people. This proved to be very successful, as a number of enquiries and applications were received, and the property was leased off-market. Our owner was happy to have saved the cost of traditional advertising.

According to rental data for St Morris, none of the comparable properties including the Williams Avenue home achieved such a successful result.

We achieved $10,428 more in rental income over a 12-month lease term for our owner in comparison to the agency leasing the Williams Avenue property. They cost their client $2,900 in rental income due to the property being 16 days on market.

West

Our property manager responsible for leasing the Swan St property, manages over 17 properties in Grange and the surrounding suburbs, and is well versed in the market trends for the area. He understood that although the estimated rent was $580-$630 per week, he was confident the property could reach a higher price.

The strategy to achieve this was through testing the market at a price higher than the estimated rent and to adjust once feedback was received from potential tenants. For this to be successful, competitive interest and demand was required. The decision to promote this property to over 220 active renters registered on our Early Release database, in addition to using a premiere listing on realestate.com allowed the property to be viewed 1.5 times more than a standard listing and resulted in numerous enquiries. Open inspections were held at suitable times both during the week and on the weekend.

Our high number of applications afforded us the ability to reach a rental price 11% above the market average. In contrast to the agency leasing the comparable home, we earned our client $3,650 more rental income over a 12-month lease term.

* All comparable properties were on the market within 12 months of the TOOP+TOOP properties being listed.

https://toop.com.au/propertymanagementinsights/our-results-in-the-north

https://toop.com.au/propertymanagementinsights/our-results-in-the-east

https://toop.com.au/propertymanagementinsights/our-results-in-the-south

https://toop.com.au/propertymanagementinsights/our-results-in-the-city

https://toop.com.au/propertymanagementinsights/our-results-in-the-west