There are a lot of numbers to digest in our profession. Addresses, contact numbers, appointments, valuations, prices, bedrooms, dimensions, average rates, average levies, and the dates of work colleagues’ birthdays! But there are some other numbers that are just as important that we track very carefully here at Morton and they are equally interesting.
Leasing. It is the engine room of residential property a fact was clearly demonstrated earlier this year as a result of the financial implications of COVID restrictions. The strength of the rental market is a key driver of the investment and sales market so Morton monitors activity very closely.
And boy has our leasing team been busy.
In August, the Morton team received and responded over 3200 enquiries. That’s a lot of emails and phone calls from people actively looking for a property in which to live. From those queries the team hosted 925 inspections and received 497 applications to rent.
The final number of properties leased in August by Morton was 187. That’s significantly up on what has been our traditional average of 30 new tenancy agreements secured per week.
With that average set to rise Morton has been actively expanding our Leasing team to ensure we can continue to deliver fast, efficient, effective management of the properties we manage on behalf of clients.
Obviously bringing more people onto our team is a long-term commitment which some might find unusual given there remains significant uncertainty about the state of the economy and therefore the residential property market.
Yes, we have seen a downturn this year. Yes, it has been tough for our business and yes there is a risk of a further downturn. But. The numbers we are seeing highlight the reality that people will always need somewhere to live, that they are seeking practical, informed advice and support when looking for a home and owners want a team who will seamlessly and efficiently manage their investment.
That in turn highlights the strong underlying value in the Sydney property market that sustains ongoing investment. That’s our view and the expansion of our team is a very clear demonstration of our confidence in the market into the future.