A family-owned Toowoomba real estate business is expanding with 500 new rental properties added to its portfolio as the local property market hits record highs. Qld Hot Property has taken on the former Century 21 rental portfolio and has added three new staff members to help with the expansion.

Founder and director Leon Carlile said it was an exciting time for Qld Hot Property which now manages almost 1300 rental properties in addition to its sales and auctions. “We’re ready to continue growing the business; we have the systems and processes in place to ensure there is a smooth transition,” Mr Carlile said. As it prepares to celebrate 20 years of buying, selling and renting in the Toowoomba region, Qld Hot Property is growing all aspects of the business including systemisation, training and upskilling team members.

Mr Carlile runs the company with his son Jacob and it will now expand to 16 staff. “The Century 21 portfolio suits our business and we’ve taken on three Century 21 staff members who will be working from our offices at 9 Railway Street, so from the property owner’s perspective, nothing will change and they will still talk to the same staff members,” Mr Carlile said.

Almost all the rental properties are in the residential sector. Mr Carlile said the local market was “ridiculously good” at the moment. “Everything that is reasonably priced will sell very quickly,” he said. “The rental market is very tight with under 1 per cent vacancy rates. This is the busiest I’ve ever seen in 24 years in real estate. People are still looking for value, even in a market that’s hot, but it’s not uncommon to get $30,000-$40,000 over the asking price for some properties, which I’ve never seen before.” He said there was pressure on rental prices and multiple applicants for every property, allowing landlords and agents to select good quality tenants.

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