If you are an existing owner in Abian, I’m sure you have seen my marketing either in your mail, on Facebook or Instagram by now. I might have even met you at an open home or an auction recently.
I’ve been working really closely with Abian property owners to try to increase the average rent across the board in the building. There is nothing in the CBD or Brisbane Greater that compares with Abian’s quality and amenities and apartments for lease in the building are in really high demand. This is why it’s more important than ever to make sure that you are pricing your property/ies appropriately. There are several properties that have been advertised and leased well under value recently – sometimes by up to $200-300 per week. Some owners are unknowingly losing out on $10,000 per year in rent!
Apartment 904 was recently tenanted on a 12 month term for $1000 per week. We reached 16,000 people with our marketing and it was leased in 8 days. This should now be the benchmark for 2 bedroom rentals in Abian.
To put this in perspective, at the time 904 was advertised, the identical apartment next door was advertised for $800 per week by another agent who was adamant we would not get more than $800. The difference in those two figures over the year for the owners is $10,400.
If we can work together to increase the average rent, we can maintain and grow the property values in the building over time. It is in everyone’s best interest to work together now and ensure we are leasing our properties for as much rent as we can.
If you would like to find out if your property is performing correctly or if you would like to know how we can help you improve your return in 2019, give me call on 0439 005 705 – no pressure and no obligation.
Where the average rents are currently:
- C-TYPE 2 bed: $600
- D-TYPE 2 bed: $700
- E-TYPE 2 bed: $800
- F-TYPE 3 bed: $1200
- G-TYPE 2 bed: $1100
- G-TYPE 3 bed: $1400
Where the rents should be currently:
- C-TYPE 2 bed: $700+
- D-TYPE 2 bed: $850+
- E-TYPE 2 bed: $1000+
- F-TYPE 3 bed: $1500+
- G-TYPE 2 bed: $1500+
- G-TYPE 3 bed: $1850+
- J-TYPE 3 bed: $2700+
Where I would like to see the rents in 2019-2020:
- C-TYPE 2 bed: $750+
- D-TYPE 2 bed: $950+
- E-TYPE 2 bed: $1200+
- F-TYPE 3 bed: $1700+
- G-TYPE 2 bed: $1700+
- G-TYPE 3 bed: $2200+
- J-TYPE 3 bed: $3000+
- H-TYPE 4 bed: $4000+
How to work with your property manager/leasing agent to make sure you are attracting the best possible rent price and tenants:
- Leverage the issue of supply/demand in the building
- Professional, emotive and eye-catching marketing across as many platforms as possible. Think outside the box here: WhatsApp broadcasts, mailing lists, brochures and personalised invitations
- 7 day inspections where possible
The important questions you should be asking your property manager/leasing agent:
- Is the business owner/director hands on with the property management team?
- The agency property management specialised or are they a predominately sales business with a property management department?
- How many years of experience does the property manager have?
- How many properties do they manage?
- What services do they offer to attract the right tenant and what is their tenant selection process?
- How many people do they reach in the crucial first week of marketing?
My favourite Abian rental success stories:
- AUGUST 2018 – E-TYPE, 2 bedroom, 2 bathroom, tandem car space, 9th floor. Appraised by two other agents at $750-800 per week. Appraised by Ethel & Florence at $1000-1100 per week. Leased to a corporate tenant in 8 days with multiple applications for the owner to choose from. We reached 16,000 people with our marketing in the first week.
- NOVEMBER 2018 – D-TYPE, 2 bedroom, 2 bathroom, 1 car space, 16th floor. Vacant for 6 weeks and advertised with another agent for $700 per week. Leased by Ethel & Florence OFF-MARKET with no advertising. For MORE than the asking price. We have a plan in place with both the owner and the tenant to incrementally increase the rent over the duration of the tenancy agreement to ensure the property is performing correctly.
- DECEMBER 2018 – D-TYPE, 2 bedroom, 2 bathroom, 1 car space, 19th floor. Appraised by another agent at $730-780 per week who had it advertised and vacant for over 6 weeks. Leased by Ethel & Florence in 12 days for $800 per week without the car space (the owner has leased it separately for some extra $). In 12 days we reached 9,500 people with our marketing.
- MARCH 2019 – D-TYPE, 2 bedroom, 2 bathroom, 1 car space, 10th floor. Leased by another agent for $690 per week and the owner was informed by this agent that they should expect to achieve $750 per week in the current market. Management changed to Ethel & Florence and it was leased in under two weeks for $850 per week.
- APRIL 2019 – E-TYPE, 2 bedroom, 2 bathroom, 1 car space, 6th floor. Previously managed by another agent who had told the owner to expect to achieve $800 per week. Management changed over to Ethel & Florence and it was leased for $1000 per week. Previous tenant moved out on a Friday and the owners had approved an application on the Monday. Minimum downtime, maximum rent!
Here is a link to a quick (about 1 minute) survey to help me better understand Abian investors’ goals:Abian Survey
If you would like to sign up to my mailing list for Abian owners to stay updated on what we are doing in the building, please click the button below and complete the information required. We only email periodically to keep you posted on what is happening with the rent prices and we promise not to bombard you with pointless information:Mailing List