Hopefully by now we don't have to convince you that online property search portals have long been the number 1 way to advertise your rental property since newspapers were overtaken by digital news and ad space over the past decade.
Most landlords are aware that sites like realestate.com.au and domain.com.au are the industry standard for advertising rental properties, showing beautiful photos of your precious investment and making it easy for potential tenants to apply and contact agents.
One thing many landlords may not be aware of is the revolutionary new tactic that Steadfast utilise to fill houses quicker than the competition: advertising price ranges.
We've seen houses occupied with great tenants in days rather than weeks when using this tactic, even in some of the hardest locations around Adelaide and the Hills!
So, how do price ranges work?
Most traditional real estate advertising is rigid when it comes to advertising rental prices and doesn't allow for market dips and peaks; the ever-changing supply and demand of the Adelaide property market.
By offering a small price range (no more than 10%), we allow tenants to choose how much they feel the property is worth to them when they apply. They may base this on their budget, how many people (or furry friends) they are applying with, and the demand for similar properties in the area.
For example, after consulting the landlord and comparing with similar houses in the area, we may recommend a property should be advertised around the $400/week range. In our unique price range method, we would advertise this property in the range of $380 - $420.
If the property is in high demand, we'll often get tenants offering in the higher bracket of the price range and landlords are pleasantly surprised with the better return on their investment.
On the other hand, if the market is slow, accepting a tenant who has offered in the lower bracket of the range to fill the house and avoid a long vacancy period also works out to be a great financial option for the landlord!
We can't believe the success we've seen by implementing this innovative method to fill houses quickly and provide a better return for our South Australian landlords!