An Introduction to Property Management
Property management has become a specialised field with vast legal implications.
The need to have your property managed by a professional property management team is now more important than ever. The Residential Tenancies Act has complex rules and regulations relating to property management. It places immense responsibility on whoever manages the rental property to comply with these guidelines. Failure to do so can attract harsh penalties to either the owner (you) or the owner’s nominated managing agent (us).
Agents involved in property management (and owners who manage their own properties) must possess a thorough working knowledge and understanding of this Act, as well as other Acts of Parliament.
Our staff are always thoroughly informed and fully trained in all aspects of the relevant legislation to provide peace of mind to you the owner. Ray White Real Estate gives you our assurance that we will be acting in your best interests – legally, ethically and financially, at all times.
Advertising is the most effective way of attracting prospective tenants. Ray White Eight Mile Plains will advertise your property in the Courier Mail and signage at the property as well as promoting your property in our window display. Your property will also be listed on the following websites:
www.raywhite.com; www.realestate.com.au; www.property.com.au; www.domain.com.au
To complement this form of advertising, our office is open from 8:30am to 5:30pm Monday to Friday as well as Saturday 8:30am to 4pm. We do not hand out keys and do not allow tenants, access to your investment unaccompanied. Our prominent position enables prospective tenants to view the property during working hours, which means that tenants come to us first and our clients have the best choice of tenants.
Everyone else gets “seconds”.
We are particularly discerning when it comes to maintaining the quality of tenants for our managed properties We will not compromise our reputation of providing our clients with the most suitable tenants to lease their properties. Our philosophy is to always be critically selective with tenants because our aim is for you to have a worry free tenancy.
Our detailed screening process aims to establish that tenants can meet the responsibilities of the General Tenancy Agreement. Tenant selection is in accordance with laws covering discrimination, residential tenancies and privacy.We keep you informed of applications, so you can take part in the selection and decision process.
As a member of the Tenancy Information Centre of Australia, (an Australia wide database providing information on defaulting tenants) we source up to date prospective tenant’s previous rental records.The centre has proven invaluable in cases where a tenant has chosen not to include the correct information on their application. This is just another service we provide to protect your property and give you a worry free tenancy.
Regular inspections are a major part of how we care for your investment property, ensuring that you achieve continual occupancy and maximum return. To achieve this, the property must be presented and maintained in the best possible manner.Prior to each tenant’s occupancy, a condition report is prepared that thoroughly details all aspects of the property, including an inventory if applicable. Routine inspections of your property are made regularly depending on your needs and legislative requirements.Following each routine inspection, you will receive a comprehensive report on the overall condition of the property.
The purpose of the inspections are two-fold: Firstly to bring to your attention any immediate maintenance needs and secondly, to inform you of any preventative maintenance or refurbishment that may be beneficial. Owners can then forecast and budget accordingly, for any upgrading work suggested in the report. Neglect of minor repairs can often lead to major expenditure and the loss of a good tenant. Our attention to maintenance will ensure that problems are resolved quickly, by qualified tradespeople and at a reasonable price with a limit determined by you.
When tenants vacate the property we carry out a final inspection ensuring that they leave it in an acceptable condition. Bonds will not be released until all parties are satisfied.
To help maximise your rental return, we ensure payments are forwarded to you promptly each month. Each month, we forward you an itemised statement showing all rental income and payments made on your behalf. Monthly statements will have copies of invoices attached. Council rates, body corporate levies and landlord protection insurance premiums are just some of the accounts that can be paid on your behalf from received rental monies.
We also encourage and educate the tenants to pay the full rental amount when due, to ensure that your investment is working for you. However, should tenants fall into arrears, we know about it the same day, because of our daily arrears management routine.Prompt action follows in accordance with the Residential Tenancies Act, with the property managers keeping you informed throughout the process.
We want your investment working for you.That’s why your tenancy agreement is closely monitored to ensure you gain full advantage of current rental market trends.Our property managers constantly monitor the rental pricing market and review the rental prior to the expiration or renewal of each Tenancy Agreement. This allows us to apply increases in line with the current market ensuring that the yield from your property does not lag behind its potential.
We want to ensure that you achieve the highest return possible on your property investment.Our staff will contact you on these occasions to present the options available and make a recommendation that is best for you and your property.
To talk about the numbers on your property, call Ray White Eight Mile Plains on (07) 3340 1999.