Rent Choice Case studies

Tenant-Come-Investor

Own Home

Baldivis, Rockingham

Background

Mr S met Rent Choice as a tenant in 2016. In 2018 he decided to purchase his own home. His ideal home, similar to the rental, had to be near the coast. After months of searching for properties, his new home was secured, and he proudly gave us notice to vacate. Only two months after settlement, his work advised him to relocate.

Summary:

- Owner met Rent Choice as a Tenant;

- Purchased own home; and

- Had to rent out home due to work relocation.

Challenge

Our challenge starts a bit different because Mr S met Rent Choice as a tenant. It is not easy to keep everyone happy when the Rent Choice team values, "firm but fair" property management.

We conducted inspections professionally and regularly. When maintenance/cleaning slipped, our team kept on top of him to complete all jobs required to maintain the rental.

When he vacated the property, the responsibilities on him to make-good included patching up walls and tidying up gardens. Despite the firm but fair property management style, Mr S appreciated the professionalism of this approach.

Fast forward to once he purchased his new home. He had started to re-paint, planned to install air-conditioning and considered a new dishwasher. The property's garden was a blank canvas. He had started various projects and had plans for many more. But now that he had to leave.

As he was attached to his home, Mr S wanted to make sure he got the right tenant. Having some bad experiences as a tenant, he wanted a property manager that had mutual respect for all parties. Ultimately he wanted the property to be well looked after!

Summary:

- As a tenant: inspections conducted regularly & repairs followed-up;

- His new home had a range of works which needed to be sorted; and

- Wanted a property manager who could find the right tenant.

Solution

Planning for the relocation, Mr S met Clare from Rent Choice. It was suggested by Clare to meet up two months before vacating so Rent Choice could help to prepare the property for lease.

After the initial meeting, Clare provided Mr S with a schedule of critical projects and nice to have renovations to maximise rental income and minimise vacancy.

Adding to the complexity, a marketing plan needed to be tailored around an upcoming vacation. As the deadline for relocation was fast approaching, Rent Choice stepped in to assist with:

  • Installation of air-conditioning
  • Garden tidy-up
  • Professional vacate clean
  • Professional carpet cleaning

The marketing plan included mid-week and weekend home opens and a competitive pricing strategy. As it was a soft market at the time, bi-weekly home opens would allow the maximum amount of parties to view the property, and a competitive price would entice prospective tenants to apply sooner - minimising vacancy.

Summary:

- We provided advice on renovations;
- Rent Choice took over completion of works for fast turn around; and

Results

The property was launched online on March 11, 2019. The first home open was conducted just 2.5 days later! Overall nine home opens were completed with ten groups viewing the house. We received three applications, vetted all prospective tenancies thoroughly, before accepting a tenant that the owner felt comfortable would appreciate his home almost as much as he does! Ultimately Mr S wants to move back into his home once he returns to Perth.

He was monumentally stoked by our efforts and had some very kind words to say...

*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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