The Impact Good Communication Can Have On Your Investment

Real estate is a people-focussed, relationships-based industry so communication – especially in property management – is crucial.

At Rentwest we believe there is a strong relationship between great communication and great results. Let’s talk about why communication is the cornerstone of property management, as well as how we do things differently.

Bringing trust and peace of mind

The relationship between landlord and property manager is critical for any investment property. As an owner, you’ve invested significant amounts of money and potentially made some sacrifices so you can reach your financial goals. Then you hand over the management to a third party. We understand that this is a very big decision.

It’s also one of the reasons we focus on top-quality customer service, prioritising your needs and keeping you truly informed at every stage so you know exactly what’s happening with your investment property at any given moment – without being a nuisance, of course.

Looking after tenants (and retaining them)

Great property managers know that the landlord isn’t their only key stakeholder in a lease arrangement. It’s really a three-way set-up between property manager, owner and tenant, where the tenant’s needs and priorities need to be factored in, alongside the landlord’s. After all, the landlord may own the property, but it’s the tenant’s home.

When we were creating our award-winning communications strategy, we often heard from tenants that they were made to feel unimportant when they’d rented properties in the past. It’s why we treat tenants as equals, communicating with them as frequently and openly as we would with their landlord. To make sure they feel truly informed and respected in the process, we do a thorough handover at the property when it’s time to move in, plus we have regular tenant surveys and “tenant of the month” awards.

We care about the wellbeing of our tenants, but it’s also worth noting how this affects landlords’ financials too. Losing tenants means going through the process of advertising your property and finding a new tenant, taking time and money to resolve. When vacancy rates are high, which they have been in Perth over the past decade, turnover can also have an enormous impact, as the property sits empty waiting for a new occupant. While the Perth market has a vacancy rate of around 2.3% as of January 2020, making sure the tenant is truly satisfied in their home can help with any turnover risk.

Maintaining your investment’s value

Prompt repairs and maintenance are a big part of keeping your property in prime condition, helping retain its value and avoid major issues in the future. But did you know that this all comes back to communication too?

A report from 2018 showed that 44% of Australian tenants feel worried about reporting maintenance or repairs, for fear of being evicted from the property. In addition to creating a toxic culture with the tenants, it also means preventable repairs are being missed because tenants don’t feel able to report them.

By communicating respectfully, professionally and proactively with tenants, your property manager will create a sense of trust that will show tenants that they can raise these issues without consequences. We do this by attending to repairs immediately and keeping tenants across the repairs at every stage.

Striving to create a better experience for you and your tenants

When we created our communications strategy, we took it very seriously, because we truly want to transform the experience for investors and tenants. We evaluated all of our communications and conducted surveys at every stage of the process to identify areas for improvement. We were thrilled with the result – 96.3% of owners and 97.2% of tenants would recommend us. We also won the national communication award from the Real Estate Institute of Australia.

We’d love to apply what we know about communication to creating a successful tenancy with you. Get in touch today to find out more.

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