As a landlord, your choice of property manager is the most critical choice you’ll make – and never more so than now.
The COVID-19 pandemic has brought a level of uncertainty to the rental property market, placing financial pressure on landlords and tenants alike.
Now is the time to ask if your property manager is up to the task and whether you need to change agencies.
Perth property in the pandemic
The COVID-19 pandemic is expected to have a prolonged economic impact across every sector in our economy.
According to CoreLogic’s national data “a sudden, sharp slowdown in housing market activity is already apparent.”
While Perth’s housing market will be impacted, there are some encouraging signs.
Figures from the Real Estate Institute of Western Australia (REIWA) show Perth’s market remained relatively stable in March despite increasing restrictions on economic and social activity.
In addition, Perth does not have the oversupply issues affecting other city markets, while government interventions should further cushion the economic effect.
REIWA President Damian Collins says: “We are hopeful that the government packages announced will keep the economy going and property prices will hold.”
Is your property manager up to the job?
Landlords will require astute, experienced property managers to navigate these challenging conditions.
A good property manager will help deliver strong tenancies, maintain positive relationships and maximise asset performance.
In this environment, your agency should provide:
- Timely and informed advice
- Positive owner and tenant outcomes
- Experienced property managers
Staying on top of a changing market
There has been a lot of adjustment in the property sector in recent months, both in terms of market conditions and legislative change.
The WA Government has introduced a range of measures to protect landlords and tenants at this time.
These include the Residential Tenancies (COVID-19 Response) Act 2020, which places a six-month moratorium on evictions and rent increases, and the provision of residential rent assistance payments of up to $2,000.
Your property manager must have a clear understanding of these packages and their implications for owners and renters to effectively navigate the market on your behalf.
As active participants in the Real Estate Institute of Western Australia, Rentwest has advocated for these measures to provide more security in these uncertain times.
It’s all about relationships
A good property manager understands tenants are pivotal to a well-performing investment property portfolio.
These times require particularly sensitive management of owner and renter needs, to ensure properties are tenanted, well maintained and delivering strong rental returns.
With rising unemployment impacting owners and tenants alike, property managers must provide effective communication channels, proactively manage emerging financial issues and minimise tenant turnover at this critical time.
Rentwest regularly surveys owners and tenants and has very high levels of satisfaction among both groups.
Experience counts for everything
As a landlord, your property portfolio is likely to be your biggest asset, so you need to be sure it is being managed by an experienced team.
The property management industry attracts many new people and staff churn is one of the biggest pain points for owners.
Rentwest’s experience is a stand-out feature of our service offering. Our long-term staff have extensive property backgrounds, both in property management and in industry groups like REIWA.
If your property manager lacks these credentials, it may be time to change.
Speak to us today about your property needs.