There is value in observing the masses and doing the opposite.
Landlords contact us all the time to get our perspective regarding what rental strategies they should implement. However, it is always a refreshing surprise (and compliment) when previous customers reach out. In this particular case, an owner had enjoyed notable success over the years in self-managing their property. It was a furnished property, so she had jumped on the Airbnb bandwagon as well as leasing her property through a large franchise real estate agency.
Being homebound during COVID-19, her existing tenants became laser-focused on purchasing a home which eventually resulted in them terminating their lease 3 months early. The relationship between the owner/landlord and the tenant became uncomfortable and borderline hostile. Simply put, breaking the lease had become expensive for all the parties involved.
So here she is, in the middle of the pandemic with an empty fully furnished luxury property and international travel/migration severely constricted. To say that she was concerned and did not have faith in real estate professionals would be an understatement.
After negotiating the early break lease of two weeks’ rent, we had three separate offers for the property within days without anyone walking through the property. One from a local family who were looking to buy in the area and two corporate families. This is at the height of the pandemic when people are losing their jobs and confidence is low. In the end, the Landlord settled on an executive family who had relocated to Sydney for the next 2 years of work and signed a lease for 24 months at a rental increase of 31% (from $2500 p/w to $3600) when the rental rates in the COVID market were declining.
This plus 2 weeks additional rent from the vacating tenants with only 3 days of vacancy for the landlord. After this whole process we handed back the property for her to manage, the whole exercise took only 3 or 4 touchpoints between the client and agency and no public marketing (i.e. no realestate.com.au or domain) just through positioning ourselves in the market and building the relationship we were able to achieve all this just through our contacts and database.
Needless to say, this was a stand-out result considering the challenging market conditions.
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Don is a Canadian native who has been living in Sydney since 2000. His career started in advertising/media working with a host of multinational brands. Evolving from marketing, he held a senior leadership position for a number of years at American Express. In 2010, he founded Property Providers, Sydney’s most flexible residential rental agency. He now leads a passionate team which has become recognised as experts in managing and marketing Sydney’s finest property to the most discerning clientele. Don is driven by the guiding principal that all long-term partnerships have a foundation of mutual respect, mutual commitment, mutual investment and mutual risk. Don is a proud father of 3 boys and is passionate about Skiing, Mountain Biking and Kayaking.