Owners – Frequently Asked Questions
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How will I know what my property will rent for?
How long will it take to find a tenant?
How do you go about finding tenants?
– Realestate.com;
– Domain; and
– Rent.com.au.
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 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?
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?
How do I know my property is being looked after?
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?
Can I charge the tenant for water usage?
What if I want to sell my property whilst it is tenanted?
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 on a specific property once every 12 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 can help in arranging a formal valuation on your property from a registered valuer, 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!