Victorian-based group hockingstuart has launched a rental magazine designed to bring a new level of professionalism to the property management arena.
According to the brains behind the idea, Scott McElroy principal at hockingstuart Carlton, Brunswick, Northcote and North Melbourne, the magazine offers tenants a comprehensive tool to assist them in finding a property, often outside of where they are first looking.
“We have had many instances with the magazine where people have looked beyond the postcode they first thought they were interested in,” he told Residential Property Manager.
“It is also shows we treat our tenants as important clients and service them the same way we would service a buyer.
“This concept is already offered for the sales side of the business, so now it is time for the property management sector to present properties in a professional manner as well."
Mr McElroy has been running the magazine with his own offices for the last 15 months, but dreamed it would become a brand-wide initiative.
Now, 14 hockingstuart offices will be involved in the magazine, Red Rental, which will be available weekly at open for inspections, along with sales publication Red Magazine.
“We have been offering our clients a point of difference for over a year and I always wanted to do it across the network,” he said.
“Now more and more offices want to be involved.
“It is a great listing tool to show that we lease properties faster and offer a more professional service."
Mr McElroy said it is a cost effective way of advertising a rental property.
“It is very cost effective - we charge $45 per week for a photo,” he said.
“Our days on market on average are 17 to 25, so normally by the time a landlord invests $100 for two weeks, the property will be leased. And you are reaching proactive tenants across neighbouring suburbs.”
According to Mr McElroy Red Rental is the first of its kind in the market.
“We are breaking new ground with this magazine, I don’t think anyone is doing it,” he said.
“In the first 12 months it was costing us money but what we have spent on the magazine we have picked up with new properties.
“This magazine really shows our landlords that we are doing everything we can to get their property leased."
Over 3,000 copies of the publication were printed and distributed last week. Red Rental is also available online.