I'm self-managing and have placed an ad for my IP. Roughly how many enquiries would be reasonable to expect in the first week of running the ad (Sydney)?
Really depends on how well you priced it, what it's condition and position are like compared to others on market.
It's impossible to answer - there are soooooo many factors at play. Price, location, type of property just to name the obvious few.
What day did your advert go live? This can also have a big effect on the initial number of hits. An ad placed on Monday will very quickly drop to number 10+ once all of the agents put their ads up on Thursday when tenants start planning their weekend inspection schedule.
8-10 enquiries a week is the benchmark we use. That is enquiries that have been called or emailed through to our office, not stats at the back of realestate.com.au reports. You would expect 4 - 6 groups of tenants through an open inspection. If enquiries are lower than that, we feature ad it, if low enquires over a weekend period or no one attended inspection, we suggest price reduction to landlord. If enquiries are much higher, ie 50 per week and 40 groups of tenants through an open inspection then it's under priced (has happened once or twice). We then take that listing down for a day then re-market at a higher price. 8-10 is normal benchmark. This is using re.com and domain.com advertising, I don't have a benchmark for the self managing websites but hope that helps anyway. First 3 weeks of your ad campaign are important to future results.
Thanks everyone! That's been really helpful. I had only one enquiry in the first couple of days of listing it and so I lowered the rent slightly. The first open home was today. 2 groups through and 1 interested (1 application out). I believe the rent is appropriate, so I will hold it at that level for now. It is advertised on re.com.au and domain etc (pvt landlord).
Congratulations! So you are self managing, have you completed a thorough inspection report and inventory? with pictures and asked the tenant to co sign? Have you taken the bond and lodged it where it needs to go? Not sure if you have 7 or 10 days grace to get it in? In NSW a bit of night time reading may well be Landlord and Tenant act, just to keep you ahead! Go FirstIP!
I think that only the deposit has been taken so far. Happy to help with specific answers if required too.
Thanks everyone! Very much appreciated SeafordSunshine, I have done a thorough condition report with photos; the tenants have 2 copies and 7 days to return their copy. I've taken a bond and have 10 days to lodge it - I have the bond lodgment form from Fair Trading. Thanks also to Nick
