How to choose the right Perth property manager
If you own an investment property in Perth, you’re in a prime position to maximise your rental yields and capital growth in this market. To ensure you’re capitalising on this opportunity, it’s crucial to enlist the services of an experienced property management team.
Here’s a guide to selecting the ideal team for your investment success:
What makes a good property manager?
Before committing to a contract, make sure your new property manager ticks the following boxes:
- They have industry knowledge: A property manager should eat, breathe and sleep Perth real estate and have a wealth of experience. This depth of understanding is crucial as it ensures that they have a clear understanding of the legal requirements of leasing a property and be across updates and changes to regulations. Understanding the law can make a big difference between a positive and a costly experience as a landlord, which is why it’s essential to work with an experienced property manager.
- They know the area: A quality property manager’s knowledge also needs to be local. When they’re familiar with the postcode your property is in, they can provide a more accurate price estimate and they know what to highlight to potential tenants. Mount Lawley, for example, is a great spot because it is close to the city, ECU and home to the popular Beaufort Street shopping/restaurant strip.
- They can identify a quality applicant: You should be able to rely on your property manager to vet applicants for your rental property and lock in reliable tenants. This means reviewing all aspects of an application and doing due diligence by speaking with employers, checking references and following up social media profiles.
- They are always responsive: The best property managers don’t leave you waiting days for a response, especially if there is an urgent situation. Their commitment to timely communication extends to your tenants, fostering a relationship built on respect and reliability. This translates into longer tenancy durations as tenants feel valued and cared for.
- They will be a master of documentation: A lot of paperwork is involved in rental housing, especially at the beginning and end of a tenancy. A quality property manager will ensure everything is signed and held securely. They will also contact you ahead of time as your rental contract comes to a close so you can make decisions about your investment property. When you work with an expert, you’ll also be kept up to date with strata fees, water and council rates and other costs, and be provided with detailed statements to share with your tax accountant at the end of the year
- They care about your outcomes: Many property agencies overload their property managers, which results in a lack of service as they find themselves stretched thin to meet the basics of their job. Working with a boutique agency like D Residential Group we ensure there is time to manage your property successfully offering a customised approach to suit your investment.
How to find the right property manager in Perth.
In early 2024, rental vacancy rates in Perth sat at around 0.7 per cent. This means property investors have a good opportunity to find tenants willing to pay a premium, especially in popular suburbs in and around Mount Lawley, Mount Hawthorn, West Perth and North Perth.
To share some snapshots:
- Mount Lawley’s rental vacancy rates are around 0.95%, and 29.86% of its occupants live in rental accommodation.
- Mount Hawthorn’s rental vacancy rates are around 0.44%, and 23% of its occupants live in rental accommodation.
- West Perth’s rental vacancy rates are around 2.24%, and 46% of its occupants live in rental accommodation.
- Mount Hawthorn’s rental vacancy rates are around 0.91%, and 26.3% of its occupants live in rental accommodation.
If you’re looking for a property manager in one of these areas, ask your shortlisted candidates about the local market statistics. Check how many properties they look after in the area and talk to them about the kind of tenant they will let the property to. Have a discussion about the amount of rent they believe your investment can achieve and how you could potentially increase this now or in the future.
Check your Perth property manager’s reviews on Google and look out for what tenants say as well as investment property owners. This will give a clearer picture of the overall experience they deliver.
Do you need a property manager for your investment property? Contact D Residential today.
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