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Leasing Properties Sight Unseen

Leasing Properties Sight Unseen

Think Property & Co are always seeking new and accessible means of making the leasing process #BetterForEveryone. Our property management team recently began engaging Little Hinges to host our property walkthroughs and 3D tours. Prospective clients were also provided a detailed floorplan to better inform their decisions. We are pleased to reveal that we’ve received fantastic feedback – especially from renters regarding the simplicity and efficiency of the process and how it has elevated their leasing experience. Having moved beyond just a ‘lockdown thing,’ this latest Think Property & Co blog unpacks the benefits of leasing sight unseen for both renters and rental providers.

As an example, check out one of our East Melbourne properties here!

According to Little Hinges’ latest Sight Unseen buyer trend reports (based on over 200,000 inspections!), the number of people inspecting Melbourne properties from interstate rose to 17.6% from 10.5% in 2022. During the month of July, 8% of customers using the platform were from overseas. If that’s not untapped opportunity, we don’t know what is!

How are renters capitalising on renting sight unseen?

Renters are busy people! They don’t want to spend entire weekends attending inspections only to find the home was only deceptively spacious in the photos, or said photos were shot years ago and wear-and-tear and has truly taken over. Showcasing homes sight unseen has been a valuable addition to TP&Co’s services, allowing us to help both our local and interstate renters! Moving to Melbourne? By experiencing a 3D digital tour ahead of your move, you’ll be able to properly shortlist properties that suit your needs.

Additionally, many renters consider their rental property their home, especially if home ownership does not align with their immediate values. 3D tours, walkthroughs and floorplans can help ‘tick the boxes’ of everything required of a home, before committing to an in-person inspection. And if inspection times don’t align with a client’s schedule, TP&Co have always been proud to accommodate, offering digital alternatives to grant all prospective clients an equal opportunity at viewing a property.

How can rental providers capitalise on leasing sight unseen?

It’s never been more important to fine-tune your property listing and ensure it stands out! As renters are doing their due diligence and attending inspections fully informed, you’re likely to meet serious applicants who have prioritised your listing above others. This is where an investment in modernising your property will prove valuable, as well as engaging professional photography to present a high-quality asset.

Your property manager will be able to guide you towards creating this stand-out listing with improvement recommendations that will help your asset generate value! As mentioned earlier, inspecting a property sight unseen can be attractive to people beyond your locality and allow you to expand your portfolio opportunities. TP&Co regularly communicate with our renters, and can provide feedback on the success of your marketing campaign.

Both renters and rental providers can benefit from leasing sight unseen. For renters, it’s always advised to collate what a ‘dream rental’ includes, and keep this checklist front of mind when researching listings. Rental providers, on the other hand, can leverage these tools to differentiate their property to others in the market, minimising vacancy periods and securing quality tenants. Whether you decide to engage these services, the TP&Co property management team would be delighted to offer our insights and determine the appropriate next steps for your property journey.

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