If you’re a landlord who is managing and / or growing a property portfolio, your rental strategy should not ignore the potential of acquiring property close to rental hubs. Here’s just the tool to help.
The Propertywide travel time feature allows you to pin point a key institutions and transport links such as a university, train stations or hospital and identify properties that are within a defined commute radius.
Clearly this has a swathe of useful applications, most noticeably the ability to source properties that have a high potential for rental demand. The tool can be used to determine the viability of travel from home to significant workplaces and educational institutions. Using such a tool would reduce the risk of purchasing a property that nobody wants to rent or where the rentals and margins are going to be significantly lower than desired. Alternatively, you could use the tool to market your property, enabling you to sell the property on its location attributes and give potential tenants accurate information which they can verify for themselves using a hyperlink that you could provide to the tool.
Don’t forget that hospitals and universities are full of folk who, for one reason or another, are not ready to be home-owners. So you might use this system to target students or lecturers, nurses or doctors.
In a nutshell, this very versatile tool should enable you to boost your occupancy rate. And, moreover, it could well reduce churn and all of the costs that involves. Some tenants might be happy to temporarily accept an unnecessarily long commute, though they will be constantly aware that extra mileage costs them time and money, money which could be better spent on more luxurious digs instead of fuel or public transport.
You’ll find this facility is simple to use and self-explanatory. And you’ll realise that, commutes apart, it is also a great way to locate new properties. That could be timely. Because if your properties are full and your business model is sound then you should be on the constant look-out to extend your portfolio.