Rent Choice Case studies

First Time Investors

1 property

Kenwick

Background

At Rent Choice, a key focus is helping owners maximise their rental revenue. To do this, we assist with getting the property ready for tenants and providing market insight into what Tenants are looking for in their next rental home.

By viewing 7 Belaring Place from a tenant's point of view, we realised that there were improvements to be made. Likewise, we reviewed the property for compliance and safety so the owners knew their investment property was in tip-top shape before advertising.

Rent Choice coordinated the quotes, works and repairs so that the Owner could start receiving a rental income on the property. 

Another key focus of our property management team is to handle the headaches involved with property investment so that owners can prioritise other areas of their lives, such as family.

Summary
  • Our team started working with these owners at the start of 2022
  • They recently had a baby and were time-poor.
  • The owners had issues sourcing reliable trades and getting quotes, with many no-shows or non-responses from enquiries.
  • The owners had so many other items to focus on this was not their top priority but needed to be sorted fast.
  • Rent Choice stepped in to handle the renovations.
  • Rent Choice leveraged its trade contacts so that the owners could focus on their families without the stress or headaches of coordinating everything.
  • Rent Choice was able to rent the property with minimum downtime.

Challenge

The property required some renovations for it to be ready for tenants. We made the below property improvements:

  • Replacing the floor coverings to bedrooms and lounge
  • Replacing broken window treatments and creating a more modern look throughout the home
  • Giving the patio a makeover and removing an old pond for safety and upkeep
  • Compliance checks on the smoke alarms and safety switches
  • Maintenance work to the ducted air-conditioning system to stop leaks and give tenants cooling over the summer
  • Full vacate clean
  • Removing unwanted items from the property
  • Fixing trip hazards that had occurred from tree roots to paving areas
  • Upgrades to locks to ensure compliance with the Residential Tenancies Act

Solution

Our team arranged quotes for the above items and ensured we completed the projects promptly. Our priority was ensuring the property owner was happy with the improvements.

Once quotes were obtained and approved, we arranged for the work to be completed promptly; this included the installation of new carpets and blinds throughout the property, repairs to the patio paving and structure, installation of deadlocks and restoration of damaged flyscreens.

Step 1: We assessed the property to see if it appealed to the tenant market.

Step 2: We arranged quotes for the required home improvements.

Step 3: As the works got underway, our property manager became the head of the Owner's project management team and, with the help of technology, collaborated with the contractors to provide up-to-date information on the works schedule.

Step 4: Bring to market a tenant-ready home that would attract stable long-term tenancies.

Results

We conducted multiple home opens before the works were completed to speed up the leasing process, which resulted in one hundred and nineteen (119) tenant enquiries and fifteen (15) applications for this property. Our tenant selection process not only focused on leasing the property quickly, but we also considered the owners' objectives - being that we find a quality, long-term tenant. Using this process, we leased 7 Belaring Place within one (1) month of being on the market.

Our team ensured the property advertisement received the correct exposure by putting it on various real estate portals and advertising on Facebook and Instagram.

Through our team's experience in mediating issues, we managed to avoid the following:

  • extended vacancy period;
  • excessive re-leasing expenses; and
  • project delays

Our team isn't just a property manager focused on collecting rent. We work with the owners and their team to ensure the Owner has been looked after. In this example, it was the Owner's builder we worked alongside to finish the project.

*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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