Top tips for tenants in Perth – how to stand out in the crowd
It’s a tough time to be in search of great properties to rent in Perth, with queues at inspections in my local area of expertise Mount Hawthorn often extending beyond 50-metres. You need to stand out and prove that you’ll be an exceptional tenant. So, here are my best tips to successfully renting in Perth – I’ve got your back!
Be prepared
First in, best dressed is sage advice in this current market. Get ahead by treating the inspection like a job interview (for a job you really want, too). Be punctual, polite and dress well. First impressions count because you’ll probably only get one – so dress like a tenant who will look after the investor’s property like their own.
Complete the application in full
If the property manager has to chase you to fill out an incomplete form, they probably won’t! It could be the difference between you and another good tenant – so go through your application thoroughly and answer every question. No gaps. All the words. Complete application gets the destination… we even made you a rhyme. Now you know how important it is. Fill out ALL of that form.
Disclose everything
We get it, it’s not ideal you adopted Brutus the Rottweiler just weeks before your current rental gave you notice (we hope it was just a coincidence, poor Brutus). However, being dishonest to score your next home will not end well for anyone because if they discover your secret, you’ll find yourself in hot water and potentially breaching your contract. Be upfront and ideally, consult with a respected property management expert (call me 0402 888 550) so I can help find the right place for you (and Brutus).
Prepare and provide verifiable references
Here’s where good friends, family and workmates come in. Line up your most trusted, loyal and well-spoken friends who will vouch for you when the property manager calls for a reference. Personal and employment references should be lined up and prepared for the call well in advance, so you’re on the front foot when your ideal property comes up. Pro tip: Do not enlist the help of your mate who ‘never answers the frigging phone’ while your dream property lands into the lap of the next prospect.
Find a trusted Perth property manager
If you want to really jump that queue, put your name down with local rental property experts who know what’s available, what’s coming up and want reliable tenants like yourself on their books. Give me a call or email me to talk through your options.
Good luck, the right property for you is out there but it might take some more effort and better connections right now.
On the flipside, it’s an excellent time to have an investment property in Perth, especially suburbs surrounding the city centre. If you would like to add to your property portfolio and find a place tenants will queue for miles to rent, contact me and I’ll share more on my local property management expertise.
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Apr 3, 2024
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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Beat the competition when investing in Perth
It’s no secret that Perth has become the go-to Australian city for property investors. Locally based buyers now have the added headache of competing against people from all over the country and even around the world in what is already a tight market. If you want to beat the competition and buy property either as a home or as an investment, you need professional support on your side. Perth’s property price trajectory Since the pandemic, Perth has built its reputation for affordability and growth. It experienced several sluggish years but is now catching up to the rest of the country. Throughout 2023, the city’s property prices rose a whopping 15.2 per cent, comfortably above the next highest performer Brisbane at 13.1 per cent. However, despite the growth, median house prices in Perth sit at $660,754. Compared to Melbourne, where the median is $780,457 or Sydney, where it’s a whopping $1,128,322, Perth remains reasonably affordable. Being cheaper than other capitals has made Perth an obvious target for investors who are now competing with interstate and overseas buyers. The added challenge is a lack of stock; while developers and construction teams are building new properties, there is a shortage of quality homes and investment units in the most popular parts of the city. Your secret weapon for a faster Perth property purchase Because of the lack of stock and increase in competition, buyers are finding they need extra help, in the form of a buyer’s agent. This expert is a real estate professional who gives buyers the edge over the competition by acting on their behalf. When you work with a real estate agent, their primary client is the seller. They will give you some advice but their main interest is to achieve the best price possible for the owner of the property. On the other hand, a buyer's agent works only for you. Their job is to help you nail your ‘brief’, find a home and make it your own, sooner rather than later. According to Perth buyer’s agent Ray Chua, when you want to buy property in Perth, a buyer’s agent will help you to “save time in the research phase and get your weekends back. This expert will save you money by using strong negotiation techniques, while helping you to avoid the amateur mistakes that someone who doesn’t transact much in property may make. Most importantly, your buyer’s agent will help earn greater returns by selecting a better quality asset than you may otherwise have done by yourself.” How to stay a step ahead of the competition Buyer’s agents know the Perth market inside and out. They have the right knowledge and the right industry connections. One of the major benefits of working with a buyer’s agent is they have access to off-market listings. This means they can get you in to see properties that have yet to be widely advertised. As Ray explains, “There’s nothing wrong with looking at online listings since they are generally genuine sellers, but there’s a large pool of discretionary sellers, who would sell but have chosen not to, mainly due to not having enough certainty around where they would move to. Buyer’s agents can create mobility by working with a seller who isn’t really being proactive about moving on from their home. We give them more time to find their next home, and create a buying opportunity for our existing clients.” Your buyer’s agent will keep you that step ahead by staying connected with a network of real estate agents. They can find out what’s about to come onto the market before it does, helping you access the property ahead of the first home open. They can also negotiate on your behalf. “We ask the right questions and use our rapport and relationships with local agents as leverage to get a better deal,” says Ray. Make a smarter investment Perth may be booming now, but anyone who has followed real estate in the West knows that the market has clear high and low periods. The last thing you want is to buy property and end up with an investment you can’t lease out for the long term. A buyer’s agent has the skills to ensure you buy the right property in the right area so you will always find tenants and keep your rental income flowing. The final advantage of a buyer’s agent (and one that is similar to having a good property manager) is the network of professionals they are connected with. Ray explains that his business has “the benefit of trialing and testing various companies and keeping the best ones for our clients to use. This includes accountants, financial planners, mortgage brokers, property managers, building inspectors, reliable tradesmen and conveyancers. Property investment is like a team sport, and you need to surround yourself with the right team members to win the game.” Need a buyer’s agent to help you finally secure a place in Perth? Contact us today Already made your purchase? D Residential can provide quality property management tailored to you Find out more.