Independant Property Broker - Leasing a property

Marketing a property for lease is governed by the same age old principles of marketing as everything in life being marketed.

Marketing is about getting the right message, to the right people using the right media.

Most businesses are very careful where they spend their marketing dollars when they are the ones with their hands in their pockets. Marketing dollars are handled very differently when it’s your money being spent, not theirs.

Real estate, whether it be leasing or selling, is one of those rare industries which has the benefit of boosting their own profile by using their clients’ money to assist with their own marketing.

When landlords market a property for lease it can become unnecessarily expensive to market property on all three main web sites, erect a board and pay two weeks rent as a letting fee. If tenants change over annually this can be a very expensive exercise.

The trouble with most estate agents is they all want to be seen as the most popular agent in the area. For them to succeed at this they need you to spend your marketing dollars advertising your property with their logo on it in as many places as they can find whether it’s effective for the owner or not.

For example. A $500 per week property at two weeks rent letting fee is $1000 letting fee, three web sites at approximately $200 each comes to $600 and a board for around $200 comes close to $2000 inclusive of GST.

Marketing. Effective & Cost Effective

Let’s look at where the money goes and from an industry point of view how effective it is.

Internet Advertising is King

Do you really need to be on all three major web sites? Or do agents advise this because every other agent is doing it and they need to be seen to be doing the same to keep their competitive advantage.

One Site is Enough

Realestate.com.au aka REA, is king in Melbourne and where Victorians go when looking for property. Domain is working hard to increase their market share in Melbourne but have nowhere near the popularity of REA. Domain is king in Sydney where it is more popular than REA. Realestateview.com.au is owned by the REIV and the principal purpose of this site is as an industry results tracker. Its main purpose is to collect data on sold and leased properties for the REIV sales and rentals data base which many in the industry subscribe to. It has very little popularity amongst consumers.

 The Internet Has Made Boards Redundant

When it comes to leasing property, for lease boards are as useful as an ejector seat on a helicopter.

Anyone can make up statistics to justify their cause. Estate agents are no different, in fact they are up there with the best. If an agency receives one call every month from a board they will tell you that it’s an integral part of their marketing and if you don’t have one you are missing valuable opportunities and you need to cover all bases just in case. That one enquiry, if they are looking to lease a property would not just be walking the streets looking for lease boards would they? They would be on the internet daily searching where they can see all the available properties that meet their criteria in one hit.

Time On Market

The average time for a rental property on the market is about 17 days. Our average time on the market is 7 days. We are able to achieve this without for lease boards and by marketing our client’s properties solely on realestate.com.au

The Cost Comparison

Our clients, on a $500 per week property, incur a letting fee of $500 equivalent to one weeks rent and $200 for marketing their property on realestae.com.au. From the above example you can see the average leasing and marketing spend is less than half of what other agents charge and our average time on market is far less. Effective, cost effective marketing.

Take Action

The next time your property comes up for lease tell your agent you wouldn’t mind pulling back on the marketing expenses and trying something different. If they insist you need to continue with old fashioned marketing and won’t take no for an answer call us to discuss how we can help you save valuable marketing dollars and achieve a better, faster result.
Be careful where you are being advised to market your property. 80% of the money being used to promote your property is benefitting the agent, not you.

Call us to discuss how we can help you save money and get better results faster leasing your investment property.

GET IN TOUCH

If you would like to engage us to buy a home, an investment or to manage a property,
or learn more about our services, we’re ready to hear from you.

1300 472 289

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