Landlords Greatest Concerns
How do I know what my property is worth?
The best gauge on what your property is worth, is knowing what other properties similar to yours have leased for in the area. The rental market plays a large role in determining what amount of rent you will achieve. Your agent can assist you with comparisons.
What time frame should my property be leased in?
In our experience properties should be leased within a 2 - 3 week span at most. If it hasn't leased within that time frame, then there are a number of factors that could be hindering it - presentation, photographs or the pricing.
How do you find a tenant?
We start off by contacting our extensive database as those clients have already been qualified and reference checked. We make contact with corporate and relocation agents. We install an onsite "For Lease" sign board. We advertise your property on the internet and social media outlets.
How do you select a tenant?
When applying for a property we ask all applicants to fill in an application form. With that we also ask them to include one form of photo ID, proof of income, current wage slip, letter from the employer on a company letterhead, and a print out of their current tenant ledger. If the applicant is currently in their own home, then we ask that they provide us a copy of their recent council or water rate notice. If self employed, account references and certificate of registration. If the applicant isn't an Australian citizen a copy of their passport and visa is required.
We also check their details against a variety of national tenancy databases.
This is all to ensure the best quality tenant has been selected for your property.
What happens when my tenant doesn't pay rent?
Arrears can cause heart ache to the landlord if not dealt with correctly. We conduct a daily arrears check across the whole portfolio. If there is a tenant who is late, notifications will be sent out according to the Residential Tenancy Act.
Do I need Landlord insurance?
We highly recommend that every owner take out an insurance policy per property. It will protect you in the event of a tenant not paying rent, damage to the property over and beyond the rent bond and public liability.
When will I receive the rent money?
We find all tenants pay rent at different times of the month. So we have tailored two disbursements to landlords a month. One mid month, usually around the 15th day and the second on the last working day of the month.
The funds will be electronically deposited into your account you will receive a statement via email and a full statement at the end of the month with attached invoices.
What happens if my tenant wants to leave?
If the tenant decides to vacate at the end of their tenancy they are required to give 14 days notice. If the lease has expired then they are required to give 21 days notice. Once a tenant has advised us of their intention to vacate, you will be notified immediately.
At that time we will discuss the current market conditions, revise recommended weekly rent and propose our marketing plan.
What happens if I want to sell?
Prior to any new lease being signed "under the new law" landlords are to disclose to the tenant of any intent to sell the property during the lease period. If this is not disclosed prior to signing the lease the tenant has the right to vacate the property within a 14 day period even though they are under a lease term.
How do I change my Managing Agent?
It's easy. You need to notify your current agent in writing of your wish to terminate the management agreement. Everything else will be taken care of by us. We will ensure the collection of the property file from the previous agent, notify the tenant of our new contact and payment details. We will also notify council, strata & water of the new billing address.
