I won’t dwell on lockdowns in Victoria as I’m sure you’re tired of hearing about it, especially if you live here! If you have any kind of investment in Victoria, whether you live here, have loved ones here or an investment property here you would be aware of the crisis we’re facing.
The rental market enquiry level has dwindled over the last month. We’re seeing trends of properties dropping well below their previous asking prices, landlords offering 50% off rent for the first 3 months and properties sitting vacant for weeks- something that as property managers, hurts our hearts and our heads!
So, where does that leave our landlords? While we believe it’s better to have someone in their properties than an empty property, we must think about the people we trust to live in our investment properties. Ensure your property manager is checking backgrounds of your potential tenants to make sure their employment is secure and what their rental history looks like. Under the current moratorium laws in place, credible reference checks are more important than ever.
An unresponsive property manager is often the tipping point to whether a tenant will renew their lease. The ongoing management of your investment property is crucial to having happy, obliging & long-term tenants and that, is the ultimate dream!
Is your property manager doing the best they can? Are your tenants happy? Like all things in life, a tenant/landlord relationship is about give & take so you need someone on your side to ensure that all parties are well looked after! Contact our Property Management team for a free appraisal and an insight into how we do Property Management differently!
Some examples of leased properties throughout COV-19.
313/179 Boundary Rd, North Melbourne Vic
Previous Agent had an empty property for over a month, we took over and had the new tenant commence within 48 hours of the property being in our possession.
206/68 Latrobe Place, Melbourne, VIC 3000
Previous agent had had a vacant property since March 2020. (empty seven months)
We took the property over 8th October – 7 days later we had leased the property for the asking price.
4/79 Yarra St, Abbotsford VIC 3067
Had been vacant for a number months with another agent, we leased in the peak during Lockdown to a lovely couple.
8/86 Hotham St, East Melbourne VIC 3002
Leased in the middle of Lockdown to fantastic tenants
6/27 Moama Road, Malvern East
Apartment was vacant for several months with another agency, we took over and leased within 2 weeks of takeover, during lockdown to a beautiful past tenant of GPRE. Property was in dire need of maintenance, including new windows due to water ingress and a repaint that the landlord was not informed about.
217B South Road, Brighton East
Townhouse was vacant for over a year with another agency who hadn’t even advertised. We leased within 2 weeks of takeover, during lockdown at our 2nd private inspection.
Get in touch with our rentals division to see how we can help with your property management needs. Alternatively call Cheryl on 0 413 462 312