Hello I'm Karen Simpson and welcome to your Property Management Update for the month of November. During October we saw a softening of the rental market across the Illawarra with the volume of available properties on the market has increased. Traditionally rental markets cool from around the last week of November however I've not seen this pre-Christmas increase in stock this early for many years. October saw a 27% of rental stock being leased at below the initial list price and a drop of around 20% of prospective tenants viewing properties.
Should your property become available for lease now or over the coming months? We will be making suggestions to maintain the listing rent at present level or apply a moderate increase in the rent in which if the property is not attracting enquire within seven days, a rent adjustment will be made to meet the market conditions. Your property manager may also make suggestions to improvements to the property to increase its appeal to prospective tenants. To maximize your viewing opportunities and lease your property quicker we have increased the number of open inspection times including prospective tenants being able to register for inspections at times that are convenient to them.
Additionally, we will be trading business as usual in the lead up to and during the Christmas and New Year period to attract the highest number of tenants and to minimize the vacancy period on the property on the market. So until next month bye for now