Managing Days On Market

#1

Hey Guys,
Like a lot of agencies as the market softens we are beginning to see days on the market creep up on our rental properties. I am interested in discussing what strategies and processes you have in your office to keep days on the market as low as possible without compromising on tenant quality and still ensuring maximum return for the landlord. For those that are holding weekly landlord meetings are you using feedback reports? What does your typical weekly landlord meeting agenda look like?

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#2

We have experience this time in winter and just on Christmas. This is our approach:

  1. Awesome Photos: We start strong with great photos. Good visuals grab attention and get potential tenants interested.

  2. Open Communication: If the market softens, we keep landlords in the loop. Sometimes, we might suggest a slight rent adjustment in the first week to fill the property faster.

  3. Swift Feedback Response: We listen to what people say during showings and tweak our strategy based on feedback. This helps us address concerns and make the property more appealing.

Simple and proactive – that’s how we roll. Keen to hear what others are doing!

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#3

Thanks @Eden_Marsters great insights, When it comes to helping landlords understand that the market has shifted do you have a process or a system around that? What are you discussing/showing them to help them better understand?

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#4

We manage expectations of landlords explaining our usual time it takes to rent a house and with Christmas / New Year break how most people are focused on family and holidays so the time taken tends to be a bit longer. We reassure them we are still on call 24/7 (even Christmas Day!) so we are doing our utmost to get their property rented as soon as possible.

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#5

Excellent answers Eden! We also try to be as flexible as possible when it comes to making ourselves available for viewings.

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