Should I Lease My Property Off Market?
Due to the heat in the marketplace right now this is a question we are being asked more often than we have in the past – can you lease my property off-market?
With a vacancy rate of under 1% across the Perth metro area, there just isn’t enough properties out there to cater for the high demand, meaning prospective tenant databases are beefing up! So, the answer is yes, but should you?
There are factors to consider if this is the right marketing strategy for your property.
The traditional approach of going to market presents the opportunity to have as many people as possible view the property, meaning you will have a large tenant pool to choose from to secure the most desirable tenant. If the property is well presented online and upon inspection, this will create healthy competition between prospective tenants potentially resulting in applications being submitted at a higher than marketing price.
On the other hand, with a healthy database of potential tenants, we may have clients we are working with who are already vetted and are considered the ideal tenants. These clients may be willing to pay a premium price to secure something to avoid the competitive nature of the market we are currently in.
There is also the hybrid – where we can reach out to our database in the first instance to see if there is an incredible price there with an equally incredible tenant. If you don’t hit the jackpot there, you would proceed with going to the open market.
The best strategy is the one that will help you to achieve the highest price with the most desirable tenant, and each scenario will be different. We suggest discussing this with your property manager as their experience and understanding of your unique situation will be invaluable in deciding how to best secure your new tenant!