Property Management Newcastle: What We Did Differently to Lease A Challenging Property in Just 10 Days

In this article we'll be taking a look at a recent Newcastle property management request we serviced, specifically looking at the unique challenges presented and how we overcame them to the delight of this first-time landlord. 

Background and Property Management Challenges 

We were initially contacted via email by the landlord, as were several other Newcastle real estate businesses. We were the first to respond to the enquiry and first to meet with the landlord in person at the property, a 2 bedroom apartment located on Shortland Esplanade opposite Newcastle Beach. 

To the unfamiliar, this may seem like a listing with few challenges. A dream property, beachside in the heart of Newcastle. However, this is a highly-competitive rental area containing several contemporary apartment complexes, all offering similar levels of appointment, beautiful beach views, off street parking, and with many apartments fully furnished. 

Indeed, the apartment immediately next door had been listed on the rental market at $800 per week for 6 weeks, before being dropped to $775 per week. Our prospective landlord's listing had a lot of nearby competition, and the market did not appear to be fast-moving. 

Adding to the challenge, the landlord still wished to enjoy the property at key times of the year, so the desired lease period was just 4-8 months. The challenge this creates is that the period of availability is not as long as many tenants would wish for (many seeking 12+ months). 

In discussions of the rent, the landlord had a desire to aim at the higher end of the market, supported by the fact that utilities would be covered within the rental amount. The desired rent was more than double the median rent for 2 bedroom properties in the suburb, and 25% higher than the apartment next door BEFORE their asking rent was dropped.

To summarise the challenges of this unique Newcastle property management opportunity:

1. Property located in an area with a lot of rental competition
   
2. Properties in the same building were on the market for more than 6 weeks
   
3. Rent was being dropped in existing listings in order to secure a tenant
   
4. The lease period of 4-8 months would be unsuitable for many and limit the pool of applicants
   
5. Desired rent was at the high end of the market, approximately 25% higher than similar nearby properties

How Our Unique Approach Overcame These Property Management Challenges

​The landlord and ourselves were very pleased with the result - the property was leased for the full asking rent, to a fantastic tenant, within 10 days of the listing going to market. 

While we don't want to give away our "secret sauce" and reveal exactly how this was done, there are some fundamental differences in our approach to property management in Newcastle which lead to this result. 

1. Availability to meet the landlord - we were the first to respond to the landlord's initial email enquiry, and the first to follow-up with a meeting in person at the property
2. Clarity of our offering - our approach to property management was clearly documented in the proposal we discussed with the landlord in person, including transparency of our property management fees
3. Speed to market - on the day the management agreement was signed, we took high quality photos and video to ensure the property was listed in a very engaging and appealing way, as quickly as possible. The property was listed the day after the management agreement was signed
4. Unique methods of promotion - unlike many other Newcastle property management agencies, we have extensive in-house digital marketing experience and ability (at no additional cost to a landlord). Beyond listing on realestate.com.au and domain.com.au, the property was promoted via video on YouTube, search and display advertising on Google, as well as social media organic and paid advertising. We also reached out to our network of Newcastle-based professionals across various sectors including workforce mobility, HR, education, legal and banking industries, to maximise awareness of and interest in the property. 
5. Flexible inspection times - while many other rentals listed alongside ours invited applicants to "Contact the agent" to arrange an inspection time, we promoted inspection times inside and outside of business hours to suit the broadest pool of potential applicants. As it happened, the tenant who rented the property attended an unscheduled private inspection with us on a Thursday, but needed to wait until the following Monday to compare it to another property he had shortlisted. The agency managing the other property was not available to show this Sydney-based applicant the home until 5 days after he enquired for an inspection. 

Newcastle Property Management - Our Approach

​Our approach to every Newcastle property management opportunity is the same. We respond quickly to all enquiries, whether landlord or prospective tenant. We enjoy meeting landlords in person to understand their needs and desires. We do everything we can to have every property listed quickly to a very high standard, and leased within the shortest possible timeframe.

Whether a premium 2 bedroom beachside apartment in Newcastle, a 3 bedroom renovated cottage in Toronto, a newly-built 4 bedroom home in Fern Bay, or a granny flat in Charlestown... our level of care and professionalism is the same. 

Contact us today to discuss property management for your investment.

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