Property Management Information
At the present time, demand for all types of rental property continues to strengthen. So much so, that we are currently experiencing a near NIL vacancy factor and are relying on new listings and tenants vacating to satisfy the demand. In line with this, rental returns are starting to improve as demand exceeds supply and rents being achieved are on the increase.
Due to the various current taxation regimes applicable to the holding of rental investment properties, which are biting hard on net returns, Property Investors have fled the NSW market to invest in other states and territories. This is resulting in fewer new investment properties being purchased and offered back into the rental market. As demand continues to grow and supply dips due to many investors both leaving and forsaking the property market, tenants are finding the cost of renting is on the increase, leading to further upward pressure on inflation within the community.
However, investors now have a lower entry cost into the property investment market due to the softening of sale prices. As such, with increasing returns, now appears to be great time to purchase a rental property with the probability of higher returns both on a Capital Gains and rental basis.
The success of our property management is a result of team work. Thorough attention to detail in all aspects of day to day activities, ensures an efficient operation. All staff keep up to date with market trends and are completely up to date with legislation. Our clients can relax and leave the hard work to us.
One of our key success factors is to keep clients well informed on the management of their property through regular inspections, reviewing the rental market and maintaining a professional relationship with your tenants.
Our Property Management Department is dedicated to providing the finest property management service available.
We currently have over 750 properties in our portfolio worth in excess of a quarter of a billion dollars under our day to day management from our Randwick office.
Your property, located wherever it is in the Eastern Suburbs & surrounding districts, is considered to be in an excellent high demand rental area being easily accessible to most amenities and being well serviced by public transport.
Our Property Management staff are all competent and certified experts in the rental market and most importantly are passionate about what they do.
So why not eliminate your worries and entrust your valued investment to our team? We won’t let you down!
Our straight forward approach to the management of your property will focus on three areas:
- Promotion and Advertising of your property in the market place to achieve the correct market rental within the shortest time frame.
- Processing of tenancy applications and ensuring the correct selection of a suitable tenant
- Ongoing supervision of the tenancy agreement including regular inspections of the property
1. Marketing and Promotion of the Property
(a) NEWSPAPER ADVERTISING
Advertising will be placed in the Sydney Morning Herald and Southern Courier newspapers as & if required.
(b) OUR WINDOW DISPLAY
Information regarding the availability of the property will be prominently displayed in our window, which constantly generates tenant enquiries. Rental lists are printed daily for potential tenant distribution showing all available properties for rent.
(c) INTERNET
Placement of the property on a number of internet sites indicating its availability & relevant property details & rent levels. These sites generate huge enquiry.
(d) OPEN FOR INSPECTIONS
We recommend “Open for Inspections” be conducted on a Saturday and/or mid week to co-ordinate with the newspaper advertising. This provides easy and efficient access for suitable tenants to view the property.
2. Processing Tenancy Applications
(a) Prospective tenants are qualified as to their suitability by checking current and past employment together with personal and financial references.
(b) An application will not be processed prior to receiving from the tenant two written references, photo ID and more.
(c) The applicant’s previous history of leasing is also sought and references obtained.
3. Ongoing Supervision of the Management
The following procedures form part of our ongoing supervision of the Residential Tenancy Agreement:
(a) An initial inspection report is completed and signed by both the tenants and ourselves, showing the condition of the property upon taking up occupancy.
(b) Processing of bonds with the Rental Bond Board.
(c) Collection of Rent.
(d) Regular contact with tenants is maintained in relation to the handling and supervision of repairs and maintenance.
(e) An efficient re-letting procedure, helping to minimise any loss of rent due to vacancies, unless in unforeseen circumstances.
(f) Regular monthly statements are provided to you detailing all income and any items of expenditure. Your funds are deposited automatically into your nominated bank account at month end. The statement is forwarded to you in the first few days of the following month.
(g) Arrangements can be made for us to attend to payment of the following items: council rates, water rates, strata/company levies, insurances and tradesmen’s accounts.
(h) Reviews of rent are attended to automatically on a regular basis. This is obviously important in order to maximise the rental return from the property in line with existing market conditions.
Landlords Rights
- To have the rent paid on time and in the way outlined in the tenancy agreement.
- To have damage that has been caused by the tenant or the tenant’s guests paid for by the tenant.
- To have the tenant abide by the terms of the tenancy agreement.
- That the premises are not used for any illegal purposes.
Landlords Responsibilities
- To ensure the premises are clean and fit to live in at the start of the tenancy.
- To provide the tenant with reasonable peace, comfort and privacy.
- To ensure reasonable security and provide a copy of all keys to the tenant.
- To pay all charges, levies, premiums, rates and taxes payable for the premises.
- To ensure compliance with laws regarding the health or safety of persons using or entering the premises.
- To maintain the premises and inclusions in good repair.
- To keep any common area clean (where the premises include such an area).
Maintenance
An investment property, like any other asset, requires periodic maintenance. If you have a property manager, she or he will advise you of any repairs needed to maintain the value of your investment - both the capital value and the rental return. Landlords must maintain rental premises in a reasonable state of repair, considering the nature of the property. A poorly maintained residence does not encourage good tenants. It reduces rental returns and devalues the property in the long term. Also, repairs and maintenance can be a deduction for taxation purposes - this matter should be discussed with your accountant.
Because of the legal requirement that rented properties be 'fit to live in', you are obliged to organise a qualified tradesperson to carry out urgent repairs - such as leaking roofs, or any fault or failure of the gas, electricity or water supply - as soon as reasonably possible. A breach of your duty of care to provide safe premises may mean you are sued for negligence.
Insurance
It is critical that your investment property is adequately insured, at least in order to cover the worst kinds of disaster. The three most important kinds of insurance you should have over residential premises are buildings insurance (if an apartment/unit this is normally covered by your body corporate), contents insurance (kitchens, bathrooms, blinds, curtains, light fittings& fixed floor coverings etc, as applicable and landlord protection insurance (non payment of rent, accidental or malicious damage caused by tenant etc). Please refer to your insurance company for further details and information or talk to us about where to obtain the best coverage.