If you’re considering leasing out your property, whether straight to market intentionally as an investment or as a stepping stone transition from the sale market to lease whilst we navigate the currently ever-changing environment, a solid marketing strategy with proactive leasing agents will mean the difference between a quality tenant with minimal loss & an unstable tenancy with a long vacancy period.
The Objective of Marketing
It may seem obvious, but the idea of a quality marketing strategy is to expose your property to as many relevant people within minimal time.
In short, investing in the correct marketing for your property & location can save you money in the big picture as you can avoid the risk of having to pay ongoing mortgage payments and other expenses without revenue coming in and wasting money on ineffective advertising, targeting a too broad of range of people, essentially not seeking your type of property on the irrelevant media outlets (newspaper, websites, social media etc).
Naturally, the less time your property spends on the market, the better.
Marketing should be planned and executed strategically so that your property is viewed and sought by the right appropriate demographics who are genuinely interested in and seeking the criteria your property presents and meets.
How is Marketing estimated?
Marketing costs are never set in stone as it reflects in the provider pricing majority of the time which will change year to year. (Realestate.com.au, domain.com.au etc).
Sometimes costs are baseline, and some are not. Most of the time, if the agent is providing more than one media outlet, you should be able to pick specific services as they suit you/the location of your property. Remember, just because it works in Sydney, does not mean it will work in Brisbane or even specifically speaking, regional areas like Toowoomba, Hervey Bay, Gladstone & Bundaberg operate differently to their target markets as well.
There are also agents will include advertising fees into their commission costs and manage the marketing process themselves. It’s a highly recommended to ask them for a breakdown of the marketing strategy so you know precisely where and how your advertising dollars are being invested – Remember, you are the client, you have a right to know how your money is being spent in your interest and your desired outcome.
(It’s best to ask your agent for a breakdown of the costs for your property marketing campaign if you cannot get one, Opulence Property QLD can provide one for you as part of our landlord packages – Click here to request our boutique asset management options).
What Do Marketing Costs Cover?
As above, what an individual marketing strategy covers is dependent on the agency’s approach, your location & goal (in this case, the target market and “ideal” timeline).
Most should market through their databases and website as well as using online real estate portals, social media and in some locations, print advertising.
At Opulence Property QLD, we use real estate portals along with listing rental properties on our website plus direct campaigning to our database of active potential tenants seeking the criteria your property meets.
Online, our outlets include:
• LinkedIn (48% of our tenancies have been found via LinkedIn users seeking to relocate to the area due to their businesses expanding or their position requiring relocation, with some properties being leased before advertising, saving our clients time and money).
Like most situations, it’s far better to invest in quality to ensure you get your return. Keep in mind that while other agencies can offer lower prices, this often comes at the cost of missing out on an element, or, the quality of service.
In saying the above, we also ask for you to take caution toward higher-priced agents. Just because it's expensive, it does not mean it’s right for you.
It's about Balance, relevance and ensuring the engagement with the agent works for you as the client, the landlord and most of all, your investment strategy.
Marketing Your Rental Property in South East Queensland.
If you’re a property owner who wants to find quality tenants for your existing investment property in SEQ or are seeking to take your property to the market for the first time, speak to the local experts.
At Opulence Property QLD, we use our understanding of the local communities we operate within to achieve the best possible results for our clients.
Get in touch with our Principal, Amanda Turner, directly to discuss how we can assist with your long term investment property goals or, the short term goals through the current change in the market environment, to work toward your goal of selling your property once the property market returns for your sale, whilst still utilising the property for leasing in the interim.
PROPERTY APPRAISAL - Request a confidential and friendly chat about your property.
PROPERTY MANAGEMENT ENQUIRY - Request a confidential and friendly chat about how we can assist you and your investment property goals.