Thank you for the opportunity to inform you about our property management services in relation to your investment property.
With a proud history in the local area spanning over 50 years, Wilson’s are different from other agencies in a few key ways.
Firstly, we do not see property management as a sideline to our business, but as a core component in our provision of real estate services to the local community. Our team is highly experienced; to that end we look at the bigger picture and take into account what you want to achieve out of the lifetime of your investment property – we are not just here to collect the rent.
In line with this, we don’t see ourselves as just property managers, but more as investment managers. Our practices and advice are designed to maximise the potential of your asset, whether it be the short term gain or the long term return. Some of the key areas we focus on to achieve this result are touched on below.
To start with, we look at tenant selection very closely. I view tenant selection as a risk management process – to protect your interests we want to minimize the risk that is being taken as much as possible. Although we know you want to lease your property as quickly as possible, sometimes waiting for the best tenant is the best approach as the wrong tenant can cost you a lot of money in the long run. We have developed a reputation around the Peninsula for being tough on tenants but fair to deal with. A prime example of this is recent feedback through a friend that his brother did not not apply for a rental property through our office because “Wilson’s work more for their owners” – I don’t mind this reputation as that is the essence of our job and the key nature of our Agency-Landlord relationship. Over the years we have had several ex-tenants come back to us as Landlords to manage their new investments due to the way that we conducted ourselves.
During the tenancy we make sure that the rent return is reviewed every 6 months to ensure that you have the information on the current market in order to make informed decisions regarding the future of the tenancy. Two years ago we took over the management of a block of 6 units that had rents ranging from $195 - $250 per week. When I inspected the properties initially I advised the owner they should each be renting for approximately $300 per week. The Landlord had owned the building for almost 40 years and did not want to increase the rents at all as she liked the tenants. Knowing that this was not in her best interests I suggested an initial $20 per week increase per unit was still a long way under market rent, and would equate to $6000 extra in her pocket every year. Since that time we have steadily applied rent increases so that all units are achieving $300 per week; now we are looking at renovating the properties when they become vacant and reletting at current market rate.
This brings me to the last of our asset maximisation strategies, that of recommending when improvements can be made which are a sound investment. We recently coordinated new carpet/paint/blinds for a villa in Ettalong Beach which had been renting to a long term tenant at $350 per week and was in desparate need of a revamp. After the tenant vacated the Landlords spent $7000 to freshen up the property without any major renovation and the property was leased a few weeks later at $450 per week, an extra $5200 for the Landlord in the first year (74% of the improvement investment base). Even factoring in the rent loss for the period during which the work was undertaken as well as the normal “down time” for advertising/reletting, all costs will be recouped in 18 months and the Landlord’s ongoing return on investment will be optimised for several years to come.
The property industry is heavily regulated and every agent is bound by the same laws; there are strict parameters that we all have to follow and to that end the services provided by most agents are on paper the same. It is how the policies and procedures to achieve these services are implemented by the individual agencies that determines their effectiveness and influences that agency’s reputation; our strategies are tried and tested over many years and continually refined by our highly skilled team, and this is one of the reasons we now manage over 550 residential properties. I have found over the years that focusing on managing your property as an investment ensures that it will perform at its’ maximum potential, enticing the best tenants and making your life easier at the end of the day.)
"We would like to thank you for making our time leasing with your business a simple one and will look to you in the future if we are ever in the market to Lease or Buy a house again".
Mark - Tenant / Woy Woy
"I would like to bring to your attention the thoroughly professional, courteous & efficient service that my wife and I have received from your company. From the time we purchased our property about 3 years ago from you to recently when we put the property on the rental market, your company did all the work. I would like to mention the efforts of Vicki Johnson - from the first contact, she met me at the property on her day off, arranged paperwork, cleaning and had the property on the internet the same day. It took 2 days to find a suitable tenant. We couldn't be happier with the service we received and are pleased to recommend."
Chris - Owner / Woy Woy
Vicki has overseen my rental property for over 18 months. During this time she has more than fulfilled her obligations in a profession and friendly manner. She ensured that regular accounts were issued and I received extra correspondence about repair requirements and any other matters relating to my property. Her duties included representing me at a Rental Tribunal hearing which she did with diligence and good humour. I have absolutely no hesitation in recommending Vicki Johnson as a Property Manager or any other position for that matter, as I am sure she will bring her wonderful organisational skills, keen intellect and personable manner to any endeavour she pursues."
Bill - Owner / Phegans Bay