Property Management – Managing High End Properties

Marshall White’s highly skilled Property Management team love the fact that they get to look after some of Melbourne’s most prestigious rental properties.

But what does it take to broker a lease on a high-end rental? How do you find the ideal renter? How do you make sure that the property will be well looked after? What about extras like swimming pools and gardens? Or unusual lease conditions? It’s all in a day’s work for the Property Management team at Marshall White.

Grace Morley, Business Development Manager at the Stonnington office explains how the team recently leased a luxury 4-bedroom South Yarra family home with a swimming pool and glorious gardens for $4,500 per week.

“We initially received an ‘off market’ offer at $4,250 per week, but after discussions with the owner, we placed the property ‘on market’ and leased the property for $4,500 per week in under five days,” she explained.

Grace said the successful applicants, a West Australian family looking for a quality family home in Melbourne, had been on the Marshall White database, via a relocation agent, for about six months.

“Even though their budget was broad, between $2,000 to $6,000, stock for these types of homes is very limited. Once this property became an option, I immediately contacted the relocation agent and arranged a private inspection. The renters have young children, and this beautiful home offers a family-friendly floorplan with Como Park at your doorstep. We received an application the same day”.

Grace said that for properties of this kind, there are often unique lease requirements that need to be negotiated, to ensure that both the renter and owner have peace of mind and that the property will be well looked after.

“This 12-month lease has a unique clause which allows for the renter to break the lease after six months with no penalties. It also included fortnightly pool and garden maintenance which is paid for by the owner.”

“We do our due diligence in reference checks to ensure the applicant will by the right renter for the property. We also offer the owner a routine inspection at the three-month mark of the tenancy for peace of mind, rather than 6 months.  It is vital to retain relationships with relocation agents, even if you may not have the property to offer their client at the time,” Grace explained.

Paula Matlock, Director, Property Management said that this home, which had also been recently sold by Marshall White, is a good example of how the entire Marshall White team work together to look after their clients and their properties.

“We sell some of Melbourne’s most high-end properties, so it makes sense that we lease them as well. It’s all about the relationships between our sales agents and business development managers, knowing what our clients’ needs are. It may be a buyer who has purchased a property but needs somewhere to rent while they renovate. It could be a vendor who has sold, but not yet repurchased and wants to rent in the same area so that kids don’t have to change schools. Or an owner may need to relocate for a year for their job and wishes to rent out their property whilst they’re away,” Paula explained.

“Our clients know that the Property Management team will look after them and their property, from finding the right renter to making sure the tenancy runs smoothly and beyond. They are able to advise property owners on the legislative requirements relating to disclosure, compliance, and minimum standards.  Basically, we are holding their hands through the process to ensure everyone is informed of their rights and responsibilities.”

The following recent review from a new rental provider, regarding our Boroondara Property Manager Bonnie Waterfield sums it up.

“I’m a first-time landlord, and the service from the team at Marshall White has been great. I would like to make special mention of Bonnie Waterfield, who is great to deal with, has a good understanding of the market and is an excellent communicator with both me and my tenants. The rapport Bonnie has established with both parties results in efficient dealing with any issues that may arise. Her common-sense approach is a breath of fresh air.”