Low housing supply is driving up rental prices, with the biggest increase in Perth according to MRI Software.
Rental Management Australia (RMA) has now implemented MRI Software’s AI-led PropTech to digitize many of its property management services and improve efficiency. Western Australia’s largest residential asset manager, with offices also in Victoria and Queensland, RMA deploys MRI PropertyTree and MRI Plus interview to stay ahead of the record demand for rental properties.
RMA went live on PropertyTree and Maintenance Plus nationwide from September 1, 2021, with all 80 RMA employees now trained and actively working on the platform to process and manage all financial transactions and invoicing , lease renewals and rent reviews, and connect tenant maintenance requests with premises. contractors, among others. The MRI PropTech mobile platform is being introduced to homeowners, owners and contractors in a phase two rollout later this year or early next year.
Transferring several thousand property and tenancy records and associated financial data “safely and smoothly” to the cloud-based IRM platform was a top priority for RMA’s chief financial officer, Chris Weise.
“More than 30% of our tenants are under 30 years old. They grew up with technology, where many owners are older and less dependent or digitally savvy and prefer to pick up the phone and have a conversation. So, with our best people in the industry, and now MRI’s best PropTech, RMA can continue to provide the best residential asset management services in the future through the medium that best suits our clients.
“Having MRI be a global leader in real estate software with all the governance and experience that comes with that gave us 100% confidence in trusting them to securely handle our data transfer from a legacy software provider. It was done seamlessly,” Weises said.
Andrew Graham, CEO of Rental Management Australia, said: “At RMA our sole focus is property management for which we have received over $4 billion in residential assets. The decision to integrate MRI’s world-class real estate technology aligns with our intention to make people-centric real estate management our top priority. MRI solutions are extremely user-friendly and we wanted an advanced experience,” he said.
This goal was achieved: over 80 RMA employees were up and running on MRI Property Tree and MRI Maintenance Plus in just over a month, from decision time to active use of the platform. The software gives RMA property managers more time to focus on the human interactions that make a meaningful difference for landlords, tenants and contractors during these unprecedented times.
Stress from Perth’s record 18.4% rise in weekly rent since pre-COVID
Proprietary MRI software rental transaction data indicates Perth has seen the biggest percentage increase in median weekly rental prices in houses and flats of any urban residential area in Australia since before COVID hit – meaning demand pressure across all types ownership is particularly high for Perth-based property managers like RMA.
MRI Property Tree tracks real-time transactions from most property agencies across Australia, now including RMA. National rental property data from MRI shows that a distinct two-tier market pattern has emerged thanks to COVID from January 2020 to now, where demand for homes has increased, along with rental prices, while demand and prices for apartments fell by about the same degree, causing a net zero effect for most states and territories.
This trend is particularly different in Perth, according to Josh Symons, director of residential real estate for MRI Software in Australia, where MRI data shows house and apartment rental prices rose 18.4% (houses up 17 percentage points and apartments up 14%) from a median of 380 $ per week in January 2020 to $450 per week end of September 2021.
“The human experience behind these numbers is that landlords and landlords are more anxious, and financially and emotionally stressed tenants expect top quality property management services and facilities for the abnormally high rental prices that “they pay. RMA came to us for PropTech solutions to help measurably improve that reality for their staff and customers,” Symons said.
Source: HJ Consulting