Open Letter to our Valued Clients
To all our valued clients,
It’s been another interesting but busy fortnight for our team, so I thought I would provide you with another update.
First of all, I want to say thank you for all of the feedback you sent through from my previous letter. I understand many of you are uneasy about the challenges ahead therefore if I can alleviate some anxiety by providing you with honest and current information about our business and the market, then I will continue to do so.
Since Monday, 6th April we have received more than 1000 buyer enquiries on our properties. From those enquires, our team has taken 210 serious buyers through private property inspections and 35 properties have gone under contract. A further 31 have gone unconditional and 55 more properties have settled – congratulations to all those buyers and sellers!
Interestingly, half of our buyer enquiries have come through in the past 48 hours which indicates a significant surge in buyer interest compared to the past three weeks, which I am confident will translate into more sales this weekend.
Property Management Update
Our property management department has had an extremely busy week due to the proposed residential tenancy changes from the Queensland Government and what they meant for our landlords. Needless to say our phones have not stopped ringing. The Minister for Housing, Mick de Brenni, announced at 4pm this afternoon a revised framework of changes that is fair for BOTH tenants and landlords and offers protection for all parties affected by the COVID-19 Pandemic. We will provide another update on this shortly as more information comes to hand.
Jodi Ford, our Property Management Director, has been working through each financial hardship request case by case. We are doing everything in our power to come to a suitable arrangement for all involved.
In regards to how the rental market is performing, we’re still seeing strong demand from tenants. We’ve received 1732 enquiries, conducted 492 private inspections and received 405 applications resulting in 87 properties being rented since 1 April, 2020.
Our New Business Team also recorded a PB month in March with 102 new managements signed, with quite a few of those previously being listed as AirBnB properties. Due to the current travel restrictions in place, the short-term rental market has taken a massive hit so our team has been working with many AirBnB owners to find them a long-term tenant.
Our team of mortgage brokers have also seen a decline in new home loan business however have been inundated by the number of owner occupier and investors looking to refinance their loans and take advantage of the historically low interest rates (some as low as 2.09%) and cashback opportunities. One lender is offering a $4000 bonus cashback (subject to eligibility) for clients who refinance before Sunday so there are many opportunities to not only save money, but also earn it.
To finish, our team is available 7 days a week for you. We’re here to help you by lending an ear, offering honest and current information or assisting you with your property.
We’re all in this together, and we will make it through this challenge together.
Take care and stay safe.
Managing Director of The Coronis Group