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Property Management Case Study
Como, Perth - Western Australia
- 15 apartments;
- The owner plans to renovate and sell the units; and
- Initial plans were to terminate the existing tenants.
- Frustrated tenants;- A change in the owner's plan; and- We advised on a strategy to keep the apartments rented while the staging renovations.
The apartments had various leases in place when our client settled on the property. Another real estate agency managed these rentals before settlement, and a lack of communication irritated the tenants. Starting with grumpy tenants put us on the backfoot to help our owner.
Despite being cosmetic renovations, the works were significantly more involved and costly than our owner initially thought. Market conditions for apartment resale worsened. The compounding of issues meant a change to the owner's investment strategy was unavoidable.
Postponing the renovations was not an option and having a vacant property was very costly. Rent Choice suggested a tricky proposal to keep some of the apartments rented while staggering the renovations.
Step 1 - We started by salvaging the existing tenants and getting them on board with the owner's plans to renovate. We worked to break the mould of the previous agent through open communication. Allowing us to build trust and set clear expectations with the tenants around the renovation works.
Step 2 - We adjusted rents and priced any vacant properties competitively. Over a multi-month period, we worked with the new and existing tenants on a staggering of lease end dates.
Step 3 - As the works evolved, our property manager became part of the owner's project management meeting. With the help of technology, we collaborated with the owner's team to provide up to date vacate information into the project management schedule.
Step 4 - We coordinated with tenants in unrenovated apartments to move into the completed units. Logistically this was very tricky. The tenants were much happier about the clear communication and us working to follow through on meeting their expectations.
- Rebuilt trust with tenants;- Salvaged frustrated tenancies;- Worked around the builder by staggering the lease end dates; and- Moved tenants around the complex to prevent vacancy.
Through our team's experience in mediating issues, we salvaged various tenancies saving the owner:
Our team isn't just a property manager focused on collecting rent. We work with our owner's team. In this example, it was the owner's builder. But we have a range of examples where we have assisted owner's accountants on tax queries.
The icing on the cake for this owner was our ability to move the tenants around the complex. Each week of a renovated apartment being vacant would have been $300 per week of missed rent.
Hypothetical example of owner's savings*
1. Fully vacant: 15x apartments x $300 per week x 20 weeks of renovation = $90,00
2. Loosing 5 tenants at the start: 5x apartments x $300 per week x 4 weeks to re-lease + letting fee = ~$9,000
3. Two weeks of project delay: $4,000,000 debt * 0.06% interest / 52 weeks * 2 week delay = $9,200
*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.
Real Estate services provided by Rent Choice Pty Ltd T/A Rent Choice (ABN 46 161 592 990) Licensed Real Estate and Business Agent in WA (RA66242).
Marketing Your Property
Rent Choice will only be able to offer your property to the market if we have a signed management authority, We offer a three month satisfaction guarantee for your peace of mind.
In the event that the management authority is terminated, Rent Choice will hand back the property without charging any penalties or exit fees.
For avoidance of doubt, the three months is calculated as at the date of signing the agreement to the same date less one day, three months later.
Any fees received by Rent Choice during the three month period for services completed will not be refunded (for example: leasing fees, inspection fees etc.)
On expiry of the three month guarantee period, the landlord will waive the benefit to the guarantee and all other conditions of the management agreement will stay intact.
The management agreement must be entered into in good faith and be for a minimum term of 36 months.
1. Rent Choice is committed to complying with its obligations under the Privacy
Act, 1988 and the associated Australian Privacy Principles (APPs).
Application of the APPs to this Real Estate Agency
2. We are bound by the APPs either as a consequence of being an organisation
with an annual turnover of more than $3 million or due to the fact that we
derive a benefit, service or advantage by the collection or disclosure of
information and opinions about individuals whose identity is apparent or can be
3. We will not collect personal information unless it is reasonably necessary for, or directly related to, one or more of our functions or activities.
4. Our designated Privacy Officer is:
Name: Clare Christiansen
Telephone: 08 9435 3915
5. We, through our Privacy Officer, are happy to provide further details as to the
extent to which we are required to comply with the APPs should any person
wish. Alternatively, further details of the obligations imposed upon
organisations under Australia’s privacy laws can be obtained directly from the
Office of the Australian Information Commissioner (Commissioner) or by
reference to the APPs and the Commissioner’s associated guidelines at
The types of information held by this Real Estate Agency
6. The type of personal information held by us includes the following:
a) names, email addresses, other contact details, residential and mail
addresses, gender information, occupation details, and other personal
information provided by individuals to the real estate agency or our
service providers in acquiring, using or subscribing to our services;
b) financial information such as assets and liabilities, income and expenses,
credit reference information and credit card/banking details;
c) property valuations and details of properties obtained to make, analyse
and/or assess those valuations;
d) databases of comparable sales of properties and/or businesses in order to
appraise the value of other properties and businesses and in order to
assist in the marketing of those properties and businesses;
e) information used with respect to the marketing, sale and/or leasing of
real estate properties and/or businesses;
f) information from sellers, buyers, lessors and/or tenants and potential
sellers, buyers, lessors and/or tenants of properties and/or businesses;
g) details of properties, owners and tenants used for the purpose of
managing the leasing of both commercial and residential properties;
references associated with tenancy applications;
h) photographic identification;
i) data obtained from third parties regarding lease applicants’ rental
j) data obtained from third parties for use when marketing, selling and
leasing real estate properties and businesses;
Ways in which this real estate agency collects personal information
7. This real estate agency collects personal information:
a) wherever reasonably practicable, directly from the individual with respect
to whom the information relates;
b) from our associated company, Clear Property Management Pty Ltd, its agents and
c) from individuals, agents and representatives (eg lawyers, settlement
agents, accountants, financial advisers, banks);
d) by buyers, sellers, lessors, tenants or other users of our services or,
alternatively, by potential users of those services;
e) through our website;
f) through publicly available information services (eg social media, local
councils, Landgate, telephone white pages, internet records);
g) when we are required to collect the information by virtue of legal or
regulatory requirements (eg the provisions of the Real Estate and
Business Agents Act, 1978);
h) when individuals participate in competitions or surveys conducted by the
real estate agency (or third parties, on our behalf) including, but not limited to, surveys relating to the quality of our services provided and surveys relating to real estate matters;
i) from data bases kept by third parties regarding individual’s rental
j) from other real estate agents (eg when the agency is involved in a
conjunctional sale of land or when we act for a buyer in a transaction).
The primary purpose for which this real estate agency holds information
8. We hold the information referred to above for the purpose of enabling us to
conduct the services that we provide to our customers, sellers, buyers, lessors
and tenants, to enable us to market the provision of those services and to
conduct our business. In particular:
a) we collect information to enable us to provide services in connection with
the sale and/or leasing of properties and/or businesses;
b) we collect information to provide advice to customers and prospective
customers with respect to real estate and/or business agency matters;
c) we obtain information from Landgate, to assist us in the valuing, selling
and/or leasing of properties and/or businesses;
d) we collect information to assess applications for residential and
e) we obtain information to assist us with marketing the services of the
f) we collect information to enable us to advise our clients of additional
information or services supplied by us (or by third parties) that may be of
interest to them;
g) we provide personal information to our contractors, who provide us with
services to assist us with conducting our business;
h) we collect information to enable us to efficiently manage our business;
i) we collect information to assist with our delivery of services via the
j) we provide information to the Real Estate Institute of Western Australia
(Inc) and other providers of real estate internet services to enable us to
market properties, promote our services and conduct our business
through the internet;
k) we collect information for research and statistical purposes.
Disclosure of personal information to overseas recipients
7. It is likely that we will disclose personal information to overseas recipients (eg
data storage services), when that disclosure is consistent with the purpose set
8. The countries associated with the overseas recipients are, potentially, but not
limited to the following: United States of America, Philippines, India and
Right to gain access to personal information held by this real estate agency and our complaints handling processes
9. Information that is stored by us about an individual is stored in a reasonable
state of security.
10. Pursuant to the APPs, persons have certain rights to obtain access to personal information held by us with respect to that individual. Subject to the relevant exemptions contained in the APPs and subject to an individual providing sufficient proof of his or her identity this real estate agency will provide access to information that it holds relating to an individual. This real estate agency reserves the right to charge a fee for the provision of this information based on the administrative cost of supplying the information requested. Further details as to these costs and the ability to access information held by us can be obtained by contacting our Privacy Officer.
11. This real estate agency requests, for the purposes of clarity, that any requests for access to personal information be made in writing addressed to the agency's Privacy Officer.
12. We will generally provide access to information by providing to the individual
concerned copies of relevant documents. Where, for reasons of volume or
otherwise, providing copies of documents is not practical, we will make arrangements for the individual concerned to attend at our offices to carry out
a physical inspection.
13. Wherever possible, we will provide copies of documents or access to the
information that we hold with respect to an individual within 14 days of the
receipt of the relevant request. In the case of more complex requests we will
endeavour to provide access to the information within a period of 30 days.
14. If individuals believe that information held relating to them is incorrect they are entitled to request, by contacting our Privacy Officer, that we correct that
15. Should we believe that we are entitled to refuse a request to access information or to make corrections we will provide written reasons for our decision.
16. If you are dissatisfied with the manner in which we deal with your personal
information or should you wish to make a compliant regarding our compliance
with privacy laws, please contact our Privacy Officer in writing.
17. Should any person wish to obtain further information with respect to the type of personal information we hold, the purposes for which we use that
information and/or the way in which we manage that information, please
contact our Privacy Officer at the contact details set out above.