Owners – Frequently Asked Questions
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How will I know what my property will rent for?
We conduct a comparative market analysis report for you, which gives a recommendation on likely rental to be achieved in the current rental market. This means we compare your property with similar properties nearby that have rented and are currently for rent and determine expected rental. Note that the rental market is constantly changing so rental value can fluctuate based on the current status of the rental property market. Our objective is always to secure the best possible tenant for our owners and their property at the best possible price in the given market circumstances..
How long will it take to find a tenant?
We aim to secure a good tenant for the property as soon as possible. In our experience, a well presented, well priced property will go relatively quickly. Factors such as rental vacancies in the area, property features, owner expectations, condition of the property, presentation and price will all contribute to the time a property is on the market.
How do you go about finding tenants?
We advertise your property on 3 different mediums.
– Domain; and
Our use of professional photographs and in depth detail will help your property stand out from the rest and ensure a higher number of interest than competing properties.
Through these websites we receive enquiries and book potential tenants in for inspections. Once the property has been inspected, we begin accepting and processing applications which we then put forward to the owners along with our recommendations for them to make their final decision.
We also keep details of prospective tenants looking into properties that we have had nearby so that we can contact them.
How do you assess/qualify tenants?
We start off with a thorough identification check where all applicants are required to provide 100 points of ID. From there we request rental references from their current agents/landlords to assess what they are like as a tenants and determine whether there have been any issues throughout their tenancy.
We then send out Employment Checks to confirm their employment and ensure they have the financial capacity to commit to the rental payments and any other monies that will be required under the tenancy agreement.
We conduct a detailed tenancy database search to ensure the prospective tenants have not defaulted on payments, had any tenancy disputes or caused any damages to previous properties.
What happens if my tenant doesn’t pay rent?
Our rental payments are processed and checked daily, with immediate action been taken should a tenant fall behind in their rent payment.
If a payment has fallen behind by more than 4 days we contact the tenant requesting immediate payment. If payment is still not received after 8 days the tenants will receive a Notice to Remedy breach for not adhering to the terms of the tenancy agreement. Under the relevant legislation, we are required to allow a further 7 days for this to be remedied, after which the tenant will receive a Notice to Leave for breaching their contract.
Should I get landlord insurance?
We recommend that all our lessors invest in landlord insurance not only for the peace of mind that their property is protected against damage (caused by mother nature), but also for rental defaults and damages caused by tenants.
How do I know my property is being looked after?
During our routine inspections we compile a detailed inspection report including photographs outlining the condition of the property and note any preventative maintenance that is required and any damages that have occurred. You will receive one of these every four (4) months.
We always update our owners on how the tenants have treated/cared for the property throughout their tenancy when it comes to lease renewal.
When maintenance has been addressed at a property we discuss with our tradesman what has been done and ensure that all work completed has been completed so to a satisfactory standard.
How often do you conduct inspections?
We conduct routine inspections every 4 months. This can alter to be more or less frequent depending on the condition of the property during previous inspections.
Can I charge the tenant for water usage?
Yes, if the property is individually metered and has a Water Wise Compliance Certificate, (which we will always acquire), the tenant will be charged for the water usage at the property.
What if I want to sell my property whilst it is tenanted?
Once you have advised us of your intentions to sell you will need to engage a sales consultant to sell your property. They will need to work with the tenant and gain written approval for inspections and photographs that will be needed. The sales consultant will issue all the relevant notices that we will sign. We will then notify the tenants that we are here to help in any way possible.
Can I increase the rent during a lease period?
No, the rent can only be increased once the current agreement has expired and an increase can only be made once every six months. Should you wish to increase the rent for a renewal, at least 2 months written notice must be given to the tenant.
Can you provide advice on how much my property is worth or how to add value and increase rental yield?
We are not licensed valuers we cannot conduct a formal valuation. We can, however, help in arranging a valuation on the property or alternatively provide you with guidance from our Buyer’s Agent team on expected pricing of the property in the current market.
Through our Comparative Market Analysis we can gauge an estimated pricing and estimated weekly rental return based on the how the current market is performing.
We can make recommendations on ways of making the property more appealing and potentially provide greater rental yield. We can suggest basic improvements that we know to be in demand, but as the rental market fluctuates so frequently, we can provide guidance but not guarantees!