Professional Property Management
Property management is so much more than just collecting the rent!
Advertising your property for rent to reach the maximum potential tenants, setting the correct rent, choosing suitable tenants, checking references, agreeing on the lease terms, compiling a property condition report and bond lodgement are just a few of the initial tasks required to properly lease a property. Add to this list the ongoing handling of repairs and maintenance for the property, ensuring the rent is paid on time, conducting periodic inspections, paying insurances and other outgoings and, most importantly, complying with the complex and ever changing residential tenancy laws in WA.
Most landlords underestimate the amount of time that goes into managing a property. If a dispute arises, say if the tenant defaults on rent or requires eviction, things can become difficult and expensive.
In WA the majority of landlords choose to have their investment properties professionally managed. Recent REIWA statistics indicate that the percentage of properties under professional management in WA is growing.
The most important role of a Property Manager is to act as a professional link between the landlord and the tenant. This ensures that the landlord will not be exposed to uncomfortable and difficult situations, while at the same time ensuring the tenant does not have to confront the landlord directly with issues.
Because we are a boutique agency, we offer you exceptional levels of personalised service. A dedicated Abode Property Manager will look after you, your property and all of your property management needs.
No Obligation Rental Appraisal
It is important to have your investment property appraised by a reputable Property Manager. At Abode we would be delighted to provide you with a no obligation rental appraisal of your property. Our Property Managers have specific local knowledge of the current rental market in the Western Suburbs. After inspection you will be provided with a comprehensive Property Management Appraisal Pack including a comparative market analysis of your property and its current estimated rental value.
As a landlord, you will need to understand two essential contracts:
- Exclusive Management Authority for Residential Premises - this is a written agreement between you (as the owner) and Abode (as the agent). Once signed, the Management Authority authorises Abode to act as Property Manager on the owner’s behalf in accordance with the owner’s specific instructions.
- Lease of Residential Premises - this is a written agreement between you (as the landlord) and the tenant. Abode signs the Lease on your behalf as your agent. It is our responsibility to fully explain the Lease document to the tenant and ensure they understand their obligations before signing. It is also our obligation to you to ensure the execution of a comprehensive and legally binding lease to protect your interests as landlord.
Marketing Your Property for Rent
Our Property Managers all have industry specific skills and extensive knowledge of how to market your property effectively to expose it to the maximum number of potential tenants. Upon listing your property Abode will adopt the following marketing strategy to maximise your return:
- Internet - online marketing is now the most effective source of potential tenants. Your property details and photos will be displayed on the popular real estate rental websites, including realestatewa.com.au, reiwa.com.au, rentfind.com.au and our own website on aboderealestatewa.com.au.
- Database - Abode’s extensive database of prospective tenants will be the first place we look for a tenant, sometimes properties are leased prior to marketing to the general market.
- Signs - An Abode ‘For Lease’ sign will be erected in front of your property in a prominent position to attract passing traffic.
- Office window - your property’s details and a colour photo will be included in Abode’s office window display.
- Home Opens - Your Property Manager will show potential tenants your property either at Home Opens or by individual appointments. We do not hand out keys.
- Brochures - We will produce a full colour brochure detailing the features of your property and other relevant information.
Your Property Manager will ensure that you have a reliable tenant by personally checking each one of the potential tenant’s references (current and past tenancies, employment history and referees) and scanning the National Tenancy Database to confirm the applicant has an acceptable tenancy history. After evaluating all Applications your Property Manager will discuss their recommendations with you. Of course, the final selection of tenant is up to you as the owner.
Property Condition Report
A Property Condition Report (PCR) is one of the most important documents in Property Management. A PCR is a comprehensive report detailing the property internally and externally, supported by photos. Both the landlord and the tenant are given a copy of the PCR. The tenant must sign and return the PCR. The PCR is then used at the end of the tenancy to establish the original condition of the property and forms the basis on which the bond is refunded.
Collecting rents and accounting to landlords for money collected and disbursed on their behalf are two of the most crucial services performed by our Property Managers. Prior to signing a Lease, tenants are informed as to their obligations as to ongoing payment of rent by the due date. Abode offers tenants several methods of payment. Our Property Managers pride themselves on exceptionally low levels of arrears compared to accepted industry standards.
Property Maintenance and Repairs
It is a requirement at law that properties are in good condition at the start of a lease and that a landlord keeps the property maintained. Generally, your Management Authority will specify an expenditure limit for maintenance and your Property Manager will carry out work on your behalf as required. You will be contacted for any work required above this limit. Abode has access to an extensive pool of skilled and licensed tradespeople to conduct all necessary repairs and maintenance.
Routine inspections are essential to ensure the upkeep of the property by the tenant and to confirm that the tenant is looking after the property properly. Your Property Manager will conduct the first routine inspection 6 weeks after the start of the tenancy and then every 3 months. A written report with photos will be provided to you immediately after each inspection.
Insurance cover by landlords is very important because of the potential for tenants to cause damage to the property or cause injury. Landlords must maintain their own building and public liability insurance. Tenants should insure their own contents. Abode strongly recommends specific Landlords’ Protection Insurance is taken out by the landlord to cover many of the unique risks associated with a rental property.
Abode charges a percentage of weekly rent as our Property Management fee. There are additional fees for selecting a tenant, inspections, providing financial statements and other tasks. A detailed list of our fees can be provided to you at our no obligation rental appraisal. All management fees are fully tax deductable as part of your investment expenses each financial year.
Changes to the Residential Tenancies Act - How will you be affected? - READ MORE HERE
There are many online resources available to provide landlords with additional information, tips, and answers to frequently asked questions related to renting out properties.
reiwa.com.au REIWA is the peak body for the real estate industry in WA and represents the interests of members and the consumers who use REIWA agents in property transactions. The REIWA website provides a host of information including market reports and suburb profiles and well as a property search feature.
realestate.com.au This is considered one of the most popular real estate search engines in Australia. They also provide neutral third party information for landlords and tenants.
rent.com.au This is a website with a 'properties for rent' search engine. It also provides information for both landlords and tenants.
“Renting a Home in Western Australia: A Tenants Guide” - Department of Commerce (WA). This publication is an easy-to-read guide that explains your rights and responsibilities as a tenant.
“Renting Your Property: An Owners Guide” - Department of Commerce (WA). This publication is an easy-to-read guide that explains your rights and responsibilities as a private property owner.
“You and Your Property Manager” - Real Estate & Business Agents Supervisory Board (REBA). This is an in-depth publication providing information on fees; negotiating with an agent; and other necessary facts.