Award Winning Property Management from Perth’s Leading Specialists
Property management is our thing at Rentwest. It’s what we specialise in. Where most agents dabble, we focus solely on our passion – providing property management services across the Perth metro region, personalised for property owners and tenants alike. We have a proven track record in maximising rental returns, especially on investment properties.
What is property management?
As an investment property owner it’s very likely that you’ve heard the term property management before, but you may be unsure what it means. Put simply, property management is a combination of the day-to-day care of an investment property and long term planning for capital and income growth. While some investors initially choose to self-manage their property, they quickly discover that there is more to the task than just collecting rent. That’s where property management specialists like Rentwest Solutions come in.
What is involved in property management?
There are numerous tasks that fall under the umbrella of property management and they can be broken down in three main areas: collecting rent, managing tenants, and overseeing the ongoing care of the property. Performing each of these tasks well is integral for the success of any tenancy.
Property management tasks – collecting rent
Collecting rent is one of the most important property management tasks. It involves carefully defined internal processes that catch and remedy arrears, and the education of tenants about the possible long-term repercussions if they fall behind in their payments. Collecting rent also involves having an understanding of the factors that influence rental returns. Aside from just collecting rent, property management companies must also:
- stay up to date with current market conditions and set the appropriate rent;
- know when to adjust rent to suit market conditions;
- be able to justify the reasoning for their rent price decisions to the property owner.
Property management tasks – managing tenants
Happy tenants are loyal tenants; if tenants’ needs are met, they are more likely to stay in a property for longer. Property managers are directly responsible for nurturing this relationship. Over the course of a tenancy a property manager will:
- Advertise for new tenants.
- Receive and review tenant applications.
- Screen potential tenants.
- Supply a list of potential tenants to the property owner for their final decision.
- Be available should the tenant require assistance.
- Deal with issues or problems quickly and efficiently.
- Conduct regular property inspections.
- Follow up rent arrears if they occur.
- Renegotiate new rental agreements.
- Conduct the final property inspection and manage the return of the bond.
Property management tasks – overseeing maintenance and repairs
All investment properties will need maintenance and repairs at some point. Maintenance involves co-ordinating contractors to carry out seasonal services such as, gutter cleaning and annual air conditioner service as well as periodic maintenance like oiling a decking. Maintenance focuses on keeping the property in peak condition. Repairs, on the other hand, focusses on a particular issue such as fixing a broken toilet or a leaking tap.
It’s crucial that repairs, in particular, are carried out quickly to meet legislative obligations and to maintain a positive relationship with tenants.
How do I change property management companies?
If you are unhappy with the property management services you are currently receiving, it’s your right to change. It is a straightforward process that involves three simple steps:
- Check on the terms and conditions of your Exclusive Management Authority contract that you signed with your current agency. If the contract period has expired, you can nominate a new property management company.
- Contact Rentwest and request a new Exclusive Management Authority contract.
- Rentwest will provide you with a Transfer Letter to lodge with your current property management company. Once that is submitted, the transfer to your new property management company can begin.
What should I expect from my property management company?
When you partner with a property management company like Rentwest, you can expect certain deliverables to be met. These include the following.
Listing your property
What to expect: A comprehensive report will be taken prior to listing your property. This involves a property manager attending the property to make detailed notes of condition making recommendations that will enhance the property further. Professional photographs will be taken and the property manager will then write the advertisement and list it with several of the most popular real estate websites.
What to expect: A property management company will organise a number of home opens for prospective tenants to view the property. If your property is currently leased, your property manager will liaise with the current tenants to organise showing days and times that are convenient.
Handling property applications
What to expect: Prospective tenants will be directed to complete an application online. Upon receiving an application, the leasing team will perform the necessary checks on tenancy databases, as well as contacting referees and verifying the applicant’s details and ability to care and pay for the property.
Choosing a tenant
What to expect: Your property manager will provide you with a list of vetted prospective tenants for your approval. We will contact the successful applicant and offer a formal lease.
What to expect: The successful applicant will be asked to sign the lease and pay two weeks’ rent within 24 hours to secure the property. Tenants will then attend a handover where are shown through the property and given the Property Condition Report and keys to the property.
Property condition reports
What to expect: Property condition reports are vital for the long term care of the property. The first report will occur during the listing stage, when the leasing consultant will make notes very detailed notes about the property’s condition. These notes become the Property Condition Report and are supported by numerous photos. Upon letting, new tenants receive this Property Condition Report and use it as a benchmark for their care of the property. When the tenants vacate, the property management company uses this document to assess the property prior to requesting the return of the bond.
What to expect: Routine inspections are carried out during the tenancy and are essential for the ongoing care of the property. The first inspection is carried out 6 weeks after the commencement of the tenancy and then every quarter. The property manager will assess how the tenant is caring for the property as well as identify any repairs or maintenance required. The owner receives a copy of the report with any recommendation, the tenant is also advised of the outcome of the inspection.
What to expect: Repairs to rental properties must be attended to quickly in order to ensure that the property is safe for tenants and meets legislative guidelines. In order to make the process quicker, property owners may nominate an expenditure limit for repairs to be carried out up to without the owner having to be contacted. Your property manager will seek your approval before organising repairs if this limit will be exceeded.
What to expect: Maintenance is different to repairs in that maintenance generally includes works that keep the property performing in peak condition. Your property manager will notify you of proactive maintenance to undertake and why they believe it is important.
What to expect: The property management company will contact you prior to the tenancy ending with rent review recommendations based on current market conditions. You will need to give formal approval for a new lease period being sought. As the tenancy period draws to a close, your property management company will touch base with the tenants to determine whether they will be renewing the lease or vacating.
- If tenants are vacating – the process to find new tenants will begin immediately in order to minimise potential vacancies.
- If tenants are staying – a new lease will be signed with the possibility of a rent review.
What to expect: Your property management team will conduct periodic rent reviews to make sure you are receiving the highest possible rental return. Rent reviews take into account current legislation and current market conditions.
What to expect: Your rental income will be deposited into your nominated account as per your management agreement. If repairs or maintenance are conducted, you will be provided with all necessary invoices. Outgoings, such as water usage and council rates, may be paid on your behalf provided that funds are available.
What to expect: Staying on top of this fast-paced property industry is vital not only for property management companies but for investors too. With this in mind, Rentwest will provide you with regular industry updates that include practical examples of how this information is relevant to you.
Partner with property management experts – choose Rentwest
Every investment property owner wants to get the best return on their rental property. To achieve this, it’s important to work with experts who take over the management of your property. Here’s why you should consider partnering with Rentwest Solutions:
- Our property management team has extensive experience managing investment properties in Perth.
- Our sole focus is on property management – it’s all we do.
- We guarantee that you’ll receive outstanding customer service.
- We perform comprehensive checks to ensure we match the best tenants to your property.
- We foster strong relationships with your tenants to ensure longevity in their tenancy.
- We offer free landlord insurance.
- We’ll make sure you have the right financial advice.
Enquire today, and we can speak about how to best manage your property.