How does a property manager assess the value of a rental property?
A professional property manager will provide an appraisal of your property by analysing recent comparable leases, current market listings for rent and the property’s overall condition.
As a landlord, will I need to take out landlord insurance?
To protect our landlord’s best interests, we highly recommend all of our landlords take out landlord insurance in addition to building and contents insurance.
Are real estate agency management fees payable if my property is vacant?
Landlords are not liable to pay management fees whilst the property is vacant. The agreed management fee is deducted from the monthly rent.
How to change my managing agent?
All we require is written advice of your intention to switch your managing agent. We will help facilitate the process for you. We will also notify the tenant on your behalf as well as arrange for the keys to be collected from the previous agent.
How long will it take to lease my property?
In our experience, properties that are clean, well presented and appropriately priced in line with market conditions will help your property to stand out from the crowd and it is critical to reducing your days on market, minimising vacancy periods and will aid in attracting a quality tenant faster.
What will happen if my tenant doesn’t pay their rent on time?
At Ray White Gordon & St Ives, we monitor tenant arrears on a daily basis. Our property management team will work with the tenant to establish why the rent is late and if it can be paid so we can accurately update the landlord and proceed to next steps. If the tenant has a legitimate reason, then we can always set up an agreed payment plan. After 14 days, if the tenant has not paid their rent and the landlord is not satisfied, then as per Office of Trading, we are well within our rights to serve the tenant with a 14-day termination notice.
How do you check references?
We have implemented a number of internal processes that we undertake prior to a prospective tenant being accepted for your investment property. These include job references, pay slips, previous rental references, 100 points of identification and checking their profile on the ‘National Tenancy Database’. During the qualification process, we consider the tenant’s ability to pay the rent, previous references as well as their ability to maintain the property in good condition. The applicant’s information is then presented to the landlord to gain instructions on whether they are accepted for the property.
How and when will I receive the rent money?
Rent money can be deposited via electronic funds transfer into your nominated bank account together with your statement including disbursements. Our landlords are paid on a monthly basis per property.
How will repairs and maintenance be handled on my property?
Any major repairs that need to be carried out on the property will be discussed with you prior to engaging the services of one of our reputable tradesman. Issues relating to burst water services and no power need to be acted on immediately. Every attempt will be made to contact you and to keep you well informed of progress.
What is the process if I decide to sell my property?
You are eligible to sell your property whilst your property is tenanted. Our established relationships with the tenant, landlord and sales agents enable us to seamlessly market the property and to gain access in accordance with the Residential Tenancies Act. Please note that 14 days’ notice is required from the first open inspection.
How am I protected if the tenant damages the property?
The tenant is required to pay their bond at the move-in stage to minimize the risk of tenant damage. A thorough ingoing and outgoing inspection is conducted both at the move in and move out stage. The report includes written documentation of the property condition together with images. If the tenants leave the property owing more than the bond, they will be billed accordingly. If we are unable to recoup funds, than the owner may choose to pursue the tenant for damages.
What happens if the tenant leaves before the end of the lease?
A tenancy lease agreement is a legally binding contract. If a tenant breaks a lease, they can incur significant costs. According to a normal lease agreement, the tenant is responsible for the rent for the duration of the lease. If the tenant violates the agreement before the end of the lease, they will be accountable for the rent until the property is re-rented, break lease fees and advertising costs. In these circumstances, we will work pro-actively with the landlord to re-lease the property as soon as possible.