Property Management in Perth is currently in the middle of a touch market with properties having high vacancy rates and achieving lower then usual rents. A lot of properties that have previously been renting are experiencing a 10 – 20 % drop in rent when they come available for rent again in our local area. While we are fortunate enough to have our clients accept the market, I can’t help but feel that we also have a “market responsibility” to be conservative when reducing rents too low. The minute an owner in the area lists their property for a ridiculously cheap price, then all the other homes similar to this may have to follow suit as this will be setting a precedence and we will end up with a whole lot of houses in South Perth rented out for $300 per week ! So what are we doing as agents in this tough market to get your property leased out as quickly as we can ? We ensure that all marketing methods are exhausted including a for lease sign, all major websites are being used for advertising, we have invested in an online booking program which allows tenant to book in their own inspection time and constantly checking the market to ensure we are priced fairly in the market without going too low. My advice to owners with vacant properties is to be flexible with accepting pets when you can as this opens you up to a whole lot more enquiries, while the property is vacant take the time to attend to little tidy up jobs such as a fresh coat of paint, new tapware, possibly new blinds or carpet. With so many choices of rentals for potential tenants they can afford to be a bit fussier so we are noticing that the properties that are presented well are leasing out quicker then the older ones. Finally, accept that the market changes, we have had a lot of good years and we may have a few low years, but at the end of the day, it will always bounce back so hang in there !
