How to make your property stand out in an oversupplied rental market

Recently, I met with the owner of a two-bedroom apartment in Neutral Bay who was struggling to attract tenants. He pointed to the flood of new properties in the area and believed his older apartment wouldn’t be able to compete in an oversupplied rental market.

While an oversupply means renters have more choice and bargaining power, as the landlord, the onus is on you to ensure your property stands out and is worth bargaining for.

Here are seven ways to make your property stand out in an oversupplied rental market to secure a great tenant and fetch the highest rent possible:

1. Create great first impressions, inside and out

First impressions matter when a prospective tenant inspects your property. Inspecting tenants are more attracted and willing to pay the asking price for a well-presented property.

While inside should be tidy and uncluttered, the outside is typically the first thing people see. So, it’s important to take into account the exterior of the property, including the lawn, paths, railings, gutters, and fencing.

If you own a strata unit, you should consider the condition of the common property, such as the foyer, stair wells, elevators, driveways and gardens. Speak with the owner’s corporation to ensure repairs and maintenance are upheld. The state of the building will influence the way prospective tenants perceive your unit.

2. Make it sparkle

Set a high standard of cleanliness. Make sure the property is clean, fresh, and hygienic in your listing photographs and on inspection day. The new tenant will know the condition the property must be in when they hand back the keys.

Consider having the carpets and window coverings professionally cleaned and removing grime and dust from windows and fly screens to allow in more light.

Rid the property of any odours, such as cigarette or pet smells, which can be easily detected by inspecting tenants.

2. Enhance the best features

Use professional photos to capture the features of your property in the best light and from the best angle. Professionally photographed properties stand out online; they grab the attention of prospective tenants, drive more enquiries and can result in getting your property leased faster.

To gain an even greater edge in a competitive market, you may want to consider property styling to enhance the ambience and functionality of your property – virtual stylists are an easy and affordable option.  

Stylists and experienced real estate photographers understand what appeals to tenants and know how to enhance the attractiveness of your property to maximise your listing.

3. Focus on the strengths

Marketing the property with an accurate description is essential but it’s also important to include stand out qualities of the property.

While you must include the essentials such as the number of rooms, specific features and rent cost, your description should also include attractive features that will appeal to a broad segment of tenants. This may include views, family-friendly street, proximity to transport, easy access to shops, schools, hospitals and other amenities.

If you’ve recently renovated, upgraded the appliances, or installed a pet door, make it known. This additional information could set your property apart from the one around the corner.

4. Fix what is broken

Make sure your property – from the front path to the back fence – is in good working condition. Which would you choose if you had the choice to rent a property in need of repair or one in perfect working order?

Fixing what is broken and doing small repairs and maintenance prior to inspection could prevent a bigger, more costly problem down the line. And could also cause less interruption and frustration for the tenant.

5. Tend to the small things

While tenants tend to prefer a new property, well-renovated and well-kept homes are often equally as appealing. Tending to the small, but important aspects of your property can add value.

If your property is tired and dated, interior cosmetic renovations are a cost-effective way to refresh the look and feel of your rental. This could include giving drab walls a fresh coat of paint, replacing well-worn carpet and updating lighting and other fixtures. These small things can add to the appeal of your property and potentially increase rent.

Before beginning any cosmetic renovation it’s a good idea to seek advice from your property manager about which improvements will deliver the best return.

6. Know the rules

Even in a competitive rental market it’s crucial that all aspects of your property meet current regulations, safety guidelines and efficiency standards. This includes pool fences, railings, balconies, blinds, windows, smoke detectors, and electrical and water. It’s important that you make certain all are in adequate working order prior to having new tenants. Ensure that all electrical wiring and power points are safe, including electrical appliances to be included in the tenancy. And be sure to take out comprehensive insurance cover on the property prior to the inspection, including public liability. Your property manager will be able to advise you of the laws relevant to your property.

I’m Brigitte Stills of Stills Properties. Contact me on 0419 426 038 if you’re looking for, or have, a property for let. Or, if you’re an Agent/Property Manager searching for more tips on how to succeed in a difficult rental market with pro-active marketing of the properties on your rent-roll.


Is your property manager outsourcing services?

Australian companies have been outsourcing services for years, especially big brands and large corporations.

In recent years, small business has jumped on the band wagon to use onshore and offshore outsourcing with the aim to reduce costs and improve efficiencies.

Outsourcing is now common across many industries and increasingly in the real estate sector, particularly property management. Some real estate industry insiders suggest it’s the ‘way of the future’.

While the property management sector may well be heading this way, is it necessarily good for the end-customers? You, the landlord and your tenants?

First, let’s look at what outsourcing is

Outsourcing involves a business hiring an external party – individual or company – or using an application to provide services or manage operations that were typically performed in-house. Sometimes this includes engaging the services of an overseas provider or a party closer to home.

Many property management outsourcing companies promise back office support that takes care of the time intensive tasks and frees up the property managers to focus on growing the business.

But outsourcing is not a silver bullet for business pain points. Professional property management requires more than just back office and administrative support. It involves communication to build relationships and trust.

The main concern with outsourcing property management services

Landlords entrust property managers with the upkeep of their investments. For this reason, it’s essential they know who is actually managing their property – the main concern with the increase in agents turning to outsourcing is the lack of transparency.

I’m a property manager, and I’m also a landlord. Recently, I discovered that the property manager for one of my properties located interstate was outsourcing repairs and maintenance services to a third party and using freelance trades to make repairs.

As the property owner, I want to decide who looks after my best interests and that of my tenant’s. It’s the landlord’s decision, so it’s our right to know.

If you’re unsure who is actually managing your property, raise it with your property manager.

If you discover that your property manager outsources or offshores services to a third party, understand what this means to you and know the impacts:

  • Your information may be passed on to a third party – make sure you know who has your information and how it is being used.
  • Your tenants may not know who is managing the property – they may be at a loss to know who to call when they have a question or concern.
  • Your tenant’s repairs and maintenance requests may not be carried out accurately or at the best rate, costing you time and money.
  • The third party may be carrying out non-back-office and non-administrative services such as tenant screening, lease negotiation and inspections. If so, the decisions made by the third party, such as maximising rent, may not be in your best interest.
  • Your property manager may not be properly overseeing the performance of the third party.
  • Your property manager may not be nurturing the relationship with the tenant which may result in shorter tenancies.

Need more information?

Stills Properties has been managing investment properties for Sydney landlords for over 30 years, contact us to discuss your investment property management needs.


Managing you own Investment Property – why would you?

What price a headache?

“Save money,” they say.  “It’s easy,” they say.  “Anyone can do it,” they say.  On the face of it, ‘they’ appear to have a point.  On the face of it!  Scratch the Investment Property surface however and there’s a whole untold story behind those glib statements.

Time is Money

At Stills Properties we get it – property investors want to make money, not spend it.  But how valuable is your time?  The old adage ‘time is money’ never rang more true than when it comes to managing your own investment property, because how much of your family time are you prepared to commit to:

* Dealing with late-paying tenants?
* Evicting a bad tenant?
* Finding a new tenant when the current one leaves?
* Performing regular property inspections?
* Organising necessary repairs?
* Keeping up-to-date with applicable legislation?

Continue reading…


Apartment or House: Which is the better investment?

Buying your first investment property–whether an apartment or house is an exciting time. But how do you know which type of property is the better investment?

As with all investments, it depends.

The best place to start is to first figure out your property investment strategy: are you looking an apartment or house for capital growth or cash flow?

Continue reading…


6 Ways to Become a Confident Property Investor

Australians have long favoured bricks and mortar investment over the stock market.

But with recent lender restrictions, interest rate hikes and talk of property price corrections and a housing crash, Aussies are said to be losing confidence in the viability of property investment.

For a confident property investor, they know not to panic. They understand the market is cyclic and property values fluctuate over time. They ignore the hype and focus on researching the market, gaining knowledge, and having a plan.

Continue reading…