We are property letting and management pros. We work for you, the owner, and one of the easiest ways of ensuring your return is maximised is by having a happy, well-qualified, tenant. When this is achieved the rest of the process is a lot less complicated.
The property management landscape is always changing. It is for this reason that we do not consider a property let until the lease is signed and the full bond + rent in advance clears our trust account. Even after this, challenges can appear, but generally, tenants are fully committed at this point.
Our overheads are low and we like to pass these savings on to you. We work both smart and hard and as a result, have an industry-leading low vacancy rate as well as one of the highest weekly rental returns. For this reason, our break-lease numbers are low and when we do encounter this situation are able to work seamlessly towards not disrupting the owner’s income stream.
Below are 10 Factors we Utilise in Letting your Property & Ensuring that your Rental Income is Maximised
1. Understand the Market.
Speak with your trusted real estate agent and property manager. They know the market best as they are on the ground and know exactly what tenants are looking for. Do not overprice your property. This is the single worst thing one can do to ensure that it does not let in the shortest amount of time. We see properties stagnate on the market for months when overpriced. Listen to your agent and know if the market is appreciating or depreciating and price accordingly.
2. Presentation is Key.
When you enter a home you know if you love it or not, correct? So do tenants! This is their soon-to-be new home. Make them feel as if it already is. We recently let a property in 48 hours. This is what we consider to be ideal meaning that we achieved the highest price possible in the shortest amount of time and our owner/investor’s revenue stream will begin as soon as the new tenancy commences. We couldn’t be prouder when we achieve this!
3. There are Going to be Ups & Downs.
You employ us as your property manager to minimise inconvenience to yourselves and decrease risk. We strive to achieve this as well. We work tirelessly to provide you with a seamless experience and allow you to enjoy the fruits of your investment while we do the heavy lifting. Despite this, there are unforeseen circumstances and we work towards resolving these, however, we always consult our clients first and make sure you are in the know.
4. Not all Tenants are the Same.
You entrust us with your asset so that we find you the best tenant. We conduct background checks on all potential tenants and have a rigorous approval process we use to determine if the applicant is best suited for your property. It is extremely difficult and often painful to evict a tenant, so we like to nurture a smooth process where rent is paid on time, the tenants are happy and everyone benefits together.
5. Are you going to Furnish the property or leave it Unfurnished?
This depends, do you have a budget for furniture? And is it of value to you to be able to depreciate the furniture over the life of the investment property? If yes, then furnish the property. Corporate tenants love walk-in, walk-out. They generally shift from interstate or overseas and love hotel-like amenities and feeling special. They usually spend little time in the property and eat out so there is low wear and tear on your investment. Their employer pays the rent so it is mostly paid on time and in advance.
6. Get Landlords & Contents Insurance.
For about $360 p.a. you can get landlord’s insurance which covers you in the event of damage or a break lease situation, sometimes up to 16 weeks. We have several landlords make claims recently as tenants can sometimes be unpredictable, have a change of circumstance, or simply change their minds.
7. Utilise the Technology Available as a Resource.
Property Management has become very tech-savvy in the last few years. All of our systems are now cloud-based and our management systems have the ability to grant owner access. We share income statements with our owners and they can be downloaded with the push of a button. You can see maintenance requests, give your accountant access, or simply check on the status of your property through our portals.
8. It Could Take a While to Rent.
Markets fluctuate and Perth is a boom-and-bust town. We have seen vacancy rates hover around the 7% mark for the last several years, however, have seen a sharp decline to 2.5% in the last 12 months. Why did this happen? The economy is starting to turn and people need homes, but not all homes are equal. There are well-presented homes, properties with little or no sunlight, etc. If your property has not let you, then ask us for our advice, we have been doing this for a while in Perth and have a few tricks up our sleeves.
9. Use Professional Cleaners.
Cleanliness is next to Godliness, correct? We only hire cleaners who subscribe to this mantra. Our cleaners are the best and are paid accordingly, however, they pay acute attention to detail. They know the climate in Perth. What needs to be taken care of and what potential problems there may be? For example, we had a couple of very nice university students rent a property from us. Knowing they are young and busy with school we wrote into the lease that they would have a bi-monthly cleaning of their apartment and they were happy to accept. The owner was happy knowing her investment is well looked after and the tenant will have a greater chance of receiving their whole bond back when the lease ends.
We’ve got you covered! You’ve employed us as your property manager for a reason. We are industry professionals with nearly a century of experience. Trust us to do our best for you and diligently work towards maximising your return. This is a simple equation and is oftentimes made more complex, unnecessarily. We like to have fun and enjoy ourselves and our clients appreciate your enthusiasm and professionalism.
Above are just a few things you should know about renting your property in Perth. We have many ways to ensure that your property is best looked after. We take extreme pride in our professionalism and knowledge. We run a small, boutique agency and would love for you to see the difference. If you are interested in lower servicing fees as well as a premium property management service, feel free to contact us so we can sit down for a coffee or tea and have a chat.