Rent Choice Case studies

Experienced Investor

1 Property

1 MacKay Place Cooloongup

About the Client

An avid property investor with properties all over Australia, the client decided to swap agents to Rent Choice in April 2021. With a wealth of experience in property investing, our client knows the fundamentals of property management but values the knowledge and expertise our team brings to her Perth portfolio.

Client’s Needs

Recognising the importance of preserving the appeal of a rental property to attract and retain high-quality tenants, our team established a close partnership with the client to know how she wants her tenancies to be managed.

We identified her critical areas of concern and provided recommendations based on the requirements and preferences of the property's target audience. It became apparent that a dual strategy was necessary: essential repairs to address prior structural issues and cosmetic upgrades to align the property with potential tenants' expectations. 

This approach also aimed to minimise future costly repairs through proactive maintenance.

Challenges Faced

  • There was a necessity for addressing prior cosmetic and structural damage.
  • A water ingress issue at the property made it challenging for inspections, and it became evident that preventative measures were inadequate. Therefore, extensive work was proposed to resolve the problem and prevent its recurrence effectively.
  • A strict timeframe to minimise vacancy and rental income loss. 
  • Given the extent of the required work, a review of the warranty and workmanship aspects was of utmost importance to ensure a satisfactory result and to reduce re-occurring.

The Solution 

Our team formulated a strategic plan to ensure a successful outcome for the client and complete the substantial renovations and repairs. 

To minimise vacancy and adhere to the strict timeframe, it was imperative that our team meticulously managed the end-of-lease process while managing the scope of required work and scheduling the trades appropriately.

We followed this six-step process to achieve our objective:

Step 1: We initiated the restoration process by involving the client’s insurance company and all required tradespeople to assess the damage and provide quotes before the tenant vacated. This was done to accurately access the damage and generate a scope of work list. 

Step 2: Priority was given to treating the most critical issues first. This involved removing affected hard flooring, carpets, and the bathroom vanity and allowing adequate time to dry the water-affected areas.

Step 3: Interior renovations commenced once the property was thoroughly dried. We coordinated replacing the bathroom vanity, laid new carpets and floors, and completely repainted the interior. The shower grout was redone, and the bath was expertly resurfaced. Simultaneously, outside work was initiated, including replacing gutters and eaves, a reticulation box, and a thorough garden tidy-up. 

Step 4: Once the property was presentable, we organised professional photographs and commenced marketing the property for lease. Utilising our extensive existing tenancy database, we contacted potential previous applicants who missed out on other similar properties. 

Step 5: We commenced conducting home opens with our first home open, which attracted over 30 interested viewers, and the property was successfully leased from this initial viewing, proving the effectiveness of our restoration efforts and marketing strategy.

Step 6: With the property restored and presentable, we were able to secure a long-term tenant for our client with our team managing the tenancy and reducing the ongoing maintenance costs.

Results Achieved

Rent Choice is committed to delivering a long-term solution for the required repairs. We upheld consistent communication with the trades to reduce repair timelines and lessen vacancy periods. 

Our objective was to ensure the property was presented in its optimal condition for viewing. Our proactive marketing strategy, expansive database and rigorous tenancy screening enabled us to secure a tenant from the first home open. 

Consequently, the client experienced an increased rental income and long-term tenancy due to the enhancements executed throughout the process.

Promptly addressing maintenance issues allowed our team to prevent further property deterioration and potential structural damage from moisture throughout the home. Keeping on top of regular maintenance not only ensures a well-maintained property but also helps avoid additional expenses on future repairs.

Our proactive approach to property management has led to a positive outcome for both the owner and tenant, providing peace of mind for both parties with a well-maintained home.

Are you an investor needing expert support for property repairs and maintenance? Allow us to assist you in enhancing your property’s appeal and strategically manage your potentially costly repairs. Learn how we can help you here.

*IMPORTANT: The hypothetical examples above are not actual figures of the case study. These figures are an opinion held by Rent Choice and have not been independently verified. The above examples intend to give the reader an understanding of the cost of the above scenarios which did not happen, but may or may not have possibly occurred should a different path of action by the property manager take place.

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