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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:
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.
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.
We provide expert investment property management in Newcastle and Lake Macquarie. If you found this article helpful or enjoyable, please subscribe or share it with someone else who may benefit.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Newcastle real estate agent offering expert property management across Newcastle and Lake Macquarie.
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