Tom Cruise’s character Jerry Maguire famously had a client yell “Show me the money!” at him as he tried to get him to sign up. While none of our clients have done that, we’re aware that the potential weekly rent of an investment property is the most significant number that a landlord needs to know.
That said, it’s not a good idea to select a Property Manager and Real Estate Agent solely on the promise of high weekly rent or a higher sale price than Joe Bloggs at McGrath. ‘Promising’ the money certainly isn’t the same as ‘showing’ the money!
We prefer an upfront and realistic approach when it comes to putting figures on a sale or rental property, which comes from many years of experience in the market.
We also believe that there are plenty of other numbers that a Property Manager should be able to share with you to prove their credentials. The same for a Real Estate Agent if you’re buying or selling:
1. Days on Market. This is from the moment the ad goes up to the lease being signed. If the property is empty, each day could be costing you hundreds in lost income. We’re proud to say Elevate’s average is 15 days compared to the industry average of 38 days.
2. Days vacant. Not quite the same as the above, this is the time between tenancies. So, when one rent payment stops and the new one starts. Again, this is lost revenue you will never get back, and Elevate’s average is a very low eight days.
3. Vacancy rates. How many properties on your Property Manager’s books are empty right now? We’re happy to say that at time of writing all of Elevate’s properties are occupied!
4. Auction clearance rates. Is there anything worse than your property not selling at auction? Elevate is at a 94% clearance rate and you should ensure your Real Estate Agent is above the current industry average of 76%.
5. Days on market. Like the rental figure, every day on the market costs money, so the lower the better. Elevate’s is just 21 days, and recent statistics indicate that 90 days is not unheard of in Sydney.
We’ll leave you with two more numbers: 81 and 4.9. They are the number of Google reviews we’ve received and our average score out of five. These are simple numbers to check for when you’re on the lookout for a Property Manager or Real Estate Agent.
Want to find out more about Elevate’s services for landlords? Contact Daniel on 0414 203 264, firstname.lastname@example.org