FAQ

At Norwest Select Property Group, we quote to give you the most accurate price representation of your property, not the highest. We aim to provide the most realistic market estimate possible and examine every comparable sale to provide you with factual information before recommending a price guide to competitively market your property.

Throughout the campaign, open house inspections will be held on consecutive Saturdays, while mid‑week inspections can be arranged when required with your prior consent. Saturday is the most popular day for buyers to inspect most properties. The first open home is the most important as it is the first opportunity the market has to inspect your home.

It is essential all marketing for your property is professionally presented and pitched correctly in order to attract the maximum number of attendees to open homes and inspections.

In our experience, property campaigns that achieve the greatest success use a proven formula for attracting interest. By following our proposed campaign your property will not only reach your target market but also provide your property with unrivalled coverage in the real estate market. The combination of these factors will help achieve the best possible price for your property.

We guarantee that any unused marketing money is refunded and also share with you the benefit of the positive relationships we have with our suppliers by passing any discounts back to your campaign.

 

The time of year that your property is either vacant or due for a lease renewal can have a considerable impact on the demand for your property and, therefore, the return on your investment (ROI).

 

January – February

This is the busiest season in the rental market and the time of year that people are most on the move. Their reasons typically include transferring for work, settling the kids into a new school, students starting university or simply renters who want a change in location or lifestyle.

 

June – August

This is the second busiest time of the year in the Sydney rental market. New university intakes are occurring and six-month tenancy agreements are due for expiry, so this is another optimal period to maximise demand for your rental property.

 

Key Takeaways:

While it is not impossible to find a suitable tenant at any time of the year, these two peak periods provide investors with more: more selection of suitable applications, more demand, more quality applications and more potential for the optimal rent to be achieved.

A common misconception about tenancy agreements is they should be either six months or 12 months. This is not a legal requirement in New South Wales and if you are an investor who has a tenancy agreement due to expire in any other time of the year, it is wise to consider aligning your tenancy to end in any of the peak seasons.

Some tenants might find it odd that a lease being offered to them is not for a typical six- or 12-month period, so your property manager should communicate clearly the benefits to the tenant of ending a lease in a peak rental season.

For landlords, finding the right tenant is crucial to the success of your property investment. The right tenant is one who pays their rent on time and takes care of your property as you would. It’s important to remember property features that appeal to a tenant are not necessarily the same as features you would look for yourself. Therefore, you must consider the type of tenant that is suitable to your property and market it accordingly.

Factors that may affect the type of prospective tenant who applies for your property may the time of year, presentation of the property, advertised price and the systems and processes in place to handle enquiry to qualify each enquiry.

Once you have secured a suitable application, a thorough tenant screening process should always be conducted including full rental history, tenancy database checks, references, rent payment history and condition of their previous rental properties during routine inspections.

 

Key Takeaways:

When it comes to applications from prospective tenants, quality is better than quantity but you can certainly have both by looking at the factors above.

It’s the questions every investor wants to know. While starting with search of comparable properties on sites like realestate.com.au or domain.com.au is great to see what similar properties are being advertised for, it’s should not be the deciding factor of how your property is priced when going to market.

The agency you appoint to manage your property should have access to property data software that provides them access to produce a Comparative Rental Analysis (CRA) prior to your property being advertised for rent. A CRA will show exactly what similar properties rented for and how long they took to rent.

More importantly this report will show any difference between the original advertised price and the price it eventually rented for which can sometimes be quite a gap.

 

Key Takeaways:

While current rental listings provide a view of competing properties to yours, they should not be the only source of data for how you price your property for rent. How much a property is advertised for is not always the price it rents for and sometimes the difference can be quite significant. It is important to also consider how long comparable properties are taking to rent, especially if your property is vacant.

Combining the data from a Comparative Rental Analysis (CRA) that your property manager has provided along with current rental listings is key to pricing your property to rent for the maximum amount the market is prepare to pay for it at that time.

We know property. With more than 10 years of experience working with thousands of property investors our market knowledge is second to none; you can profit from our knowledge. We know that by exceeding your expectations we too will succeed.