PROPERTY MANAGEMENT GUIDE

Transcription

1 PROPERTY MANAGEMENT GUIDE Renting your Investment Property with Ph. (07)

2 Real Real Estate Yeppoon is an exciting, fresh way of buying, selling, and renting Real Estate on the beautiful Capricorn Coast. Proving their dynamic approach is achieving the best results possible for their valued clients every Real Estate Yeppoon is an independent agency delivering the highest standard of personal and professional service to buyers, sellers, investors and tenants alike, by combining the best of modern resources and old fashioned service. The experienced team Real Estate Yeppoon pride themselves on providing a customer focused, honest and transparent approach to Real Estate so their valued customers will have a unique experience and benefit from proven Real Estate Yeppoon knows that their clients are not all the same and provide individualised property solutions. Natalie Gesler, Troy Gesler, Jodi Schofield, Emma Parry and Natalie Twidale are all proud to be part of Real Estate Yeppoon success and growing Capricorn Coast community.

3 Real Estate Yeppoon embraces technology and understands the importance of providing their clients with current, and relevant information on the Capricorn Coast Real Estate market. Clients benefit Real Estate Yeppoon cutting edge technology, though advanced internet and social media marketing, buyer and tenant matching, meaningful communication, advanced reporting including tracking interest, Matching tenants with home matching technology and land lord portal with online access in real time to their important documents, photos and much much more. Social media has also proven to be a helpful method of building relationships as well as marketing. As such this young company has invested heavily in utilising market leading technology wherever possible, reinforcing their vision of creating long term professional relationships and being market experts on the Capricorn Coast. Real Estate Yeppoon specialises in sales and rental management for; Residential Homes and Units Residential Land and sub divisions Acreage and Rural Properties Industrial, Commercial Business for Sale Whether you are looking to purchase, sell or just like to keep up to date with the property market, please Real Estate Yeppoon to receive the monthly newsletter, and follow the blog. Ensuring you stay up to date with local property news including, market updates and news, developments, current rental and investment data along with hints & tips on presenting your home for sale. You can be one of the first to know what properties are new to the market by registering for our alerts, Real Estate Yeppoon can either send all properties, specific styles of homes, particular locations or price ranges that interest Real Estate Yeppoon aims to provide you with as much information as you would like, so you can make those important decisions regarding your property investments. Qualification and Real Estate Yeppoon are proud to be a REIQ (Real Estate Institute of Queensland) Real Estate Yeppoon are proud to be a part of the Capricorn Coast Rental Incorporation. Our Sales Agents and Property Manager are all fully licensed and qualified, and engage in regular training and professional development. The team Real Estate Yeppoon enjoys sharing their passion for property and people.

4 @ Real Estate Property Real Estate provides a premium property management service, maximising investors return on investment, asset protection that is convenient and hassle free for both investors and tenants alike. This is achieved through our personalised approach. Your property manager will provide you with their mobile number to call and will always follow through. Our promise consistent communication and contractibility. Property Manager Troy Gesler is welcoming, down to earth and easy to talk to. Combined with his vast property knowledge and experience, Troy is ideally suited to personally assist landlords in Yeppoon, Emu Park and the Capricorn Coast to get the best return on their investment. Troy has 20 years experience in buying, selling, investing, renovating, building and developing property. In addition to spending the last 12 years operating not only his property development business, he also owned and operated a successful finance business. It has been a natural progression for Troy and his partner Natalie Gesler to Real Estate Yeppoon as a leader in Real Estate, in the Capricorn Coast market. Troy s thorough understanding of the investment market along with his dedication and passion for real estate has earned him a trusting and respectful relationship with his clients.

5 Professional Property Management Verses Private or DIY Rental Unfortunately, we regularly meet landlords that wish they had used a professional P.M. rather than attempting to do it themselves. We have all heard the horror stories, where tenants have done a midnight runner leaving the house a mess, owing rent and the poor landlord is left to foot the bill and clean up the mess. What s worse is often this can be avoided. There are many things landlords can do to protect their investment. Arguably the most powerful protection an investor can have is to hire a professional property manager. Here are the top 8 reasons as to why hire a professional P.M. to protect your asset and gain the highest return on your investment possible; Did you know that many tenants with a poor rental history (such as leaving property in a mess and owing rent) will target private or do it yourself landlords looking to find a tenant themselves? Because these tenants know their past poor behaviour has been registered on various databases that only professional property managers have access to. Unreliable tenants know the system and how to play it. They know private rentals are easy prey as they don t do the same level of checks as a professional property manager. A professional property manager will ensure all paper work is completed correctly and bond lodged properly etc. If you don t have the correct paper work completed from the start you may not only lose many of your rights as a landlord, but may also have insurance claims denied. Your property manager can arrange maintenance for your property, saving you time and hassle. A professional P.M. will maintain a record of all rent paid and related expenses, Real Estate our landlords have access to our online landlord's portal providing copies of all financial records, and routine inspection reports. Meaning this important information is available for you whenever you need it with just a few clicks of a mouse. Routine inspections should be carried out at least every 3 months, a professional P.M. will not only ensure inspections are done regularly but also done thoroughly with photos. An experienced P.M. will know what to look out for. A professional P.M. will ensure investors maximise investment returns by recommending regular rent increases where appropriate, or may be able to suggest improvements to the property that would maximise rental return. Your professional P.M. will ensure you are protected by recommending regular smoke alarm maintenance, general maintenance, insurance and much more. Unfortunately, many landlords that try to save a few dollars by privately renting their properties, can often end up costing them large amounts of time, money and stress.

6 Formula to Maximise your Return on Investment Personal Troy our property manager will give you his direct mobile and address Communication Consistent, clear and straightforward Educate Regular market updates and helpful tips Home Real Estate combines modern technology with old fashioned service. Just one of the features this amazing technology is, tenant matching. This allows our property management to match a tenants' requirement with properties we have for rent. Every tenant we talk to is entered into our database along with their requirements, such as price, location, bedrooms, car accommodation, bathrooms, and much more. This allows our property management team to match tenants with properties that suite them and keep them up to date with any new to the market properties that may be of interest to them. Tenant matching technology is a great advantage to both tenants and landlords. Making house hunting easy and efficient for tenants while landlords can be confident their property is being shown to as many relevant tenants as possible. Tenants can register their requirements on our website or by talking with our property management team to ensure they are the first to hear about new properties to the market that may be of interest. Online Landlord Portal Landlords have access to view up to date financial records, inspection reports, maintenance information, photos and much more online and in real time.

7 Action Plan Get to know you and your property Arrange appraisal inspection consultation o Inspect property o Discuss rental amounts o Set expectations o Compliance issues such as smoke alarms & pool certificates o Fees and service standards o Asset preparation advice o Explain forms and processes o Risk and recommendations o Marketing action plan Complete paperwork Arrange marketing and find tenant o Home match o Photography o Online marketing o Social Media o Newsletters Private viewing Assess tenant applications o Checking their rental history in writing, we ask current and previous agents and landlord s detailed questions. o We telephone their place of employment to confirm their work details. o We check their details against a National Tenant Data Base. This minimises taking on those known in the industry as professional tenants, who know and flaunt the system, leaving a never-ending trail of unpaid rent and damaged properties. Once we have found a suitable application, we will always call you and discuss the tenant before any decision is made. You will always have the final say as to what tenant will occupy your investment property! Entry Inspection Condition Report

8 Periodic Inspections It is essential that inspections are done regularly to ensure that the tenant is fulfilling their obligation to maintain the property. Each property on our rental role is inspected every 17 Weeks. After the inspection has been carried out, you are supplied with an ed written report of the tenant conduct, backed up with photos. A follow up inspection will be booked if the inspection standard is not to our satisfaction. Fees and Charges Our commission and management fee is 8.5% inc GST and a letting fee of one weeks rent + GST. Marketing costs are dependent on the agreed marketing package There are no further charges unless the unfortunate situation should arise, requiring a property manager to attend mediation/tribunal hearing to recover monies on your behalf.

9 Strict Rent Payment Control Any fire fighter knows the benefit of dousing a spot fire quickly before it erupts into a bushfire. Chasing rent is no different. We firmly believe in dousing the problem early without allowing it to become out of control. You can expect: We have a zero tolerance rent arrears policy which we outline clearly to all tenants when they are signing their lease. We will process rent payments daily. We will follow up all late rent payments in accordance with our management agreement and relevant State Residential Tenancy Act. We will contact you to make recommendation and seek your instructions, should termination of the tenancy be an option. We will keep you informed throughout the legal process, should termination be necessary. We will provide you with an annual financial summary (if requested). Therefore, our office follows this strict procedure: Rent 3-7 days late - Personal follow-up & SMS messages. 8 days behind Issue of Breach Notice and personal follow up. Expiration of Breach Notice - Tenant served with a Termination Notice obligating them to pay or further action will be taken (e.g. tribunal and termination). This would not be done without express consent and consultation with the landlord to discuss options. If the problem persists, the matter will be taken to QCAT for an order of payment (or eviction depending on the debt severity at that time). Insurance for Your Rental Income Many landlords know that they must insure the building against damage caused by fire, storm etc. What some fail to do however, is insure against their tenant. No matter how detailed you check out a tenant, they still may not pay. Even a perfectly good tenant can have an unexpected change of circumstances that can result in a rent default. We hear several landlords state- Why do I need insurance when I have an agent? We cannot guarantee the credit worthiness of any tenant, as law disallows us access to this type of information. Further, as all rent payments are purely voluntary, the control of the tenant paying their rent is in their hands. Therefore, like any type of investment, property investment does have a factor of risk involved. As a landlord, you can choose to accept this risk yourself, or transfer this risk to an insurer.

10 Repairs and Maintenance To maximise your return, and ensure a good tenant be attracted to your home, each property must be presented and maintained in the best possible manner. One of the biggest complaints that tenants have with a rental property is its state of repair. We expect that property owners will undertake recommended repairs to their rental property in order to preserve the value of the property, meet legislative obligations and maintain a positive relationship with the tenants. We require tenants to submit all maintenance requests in writing. You can expect: We will not undertake repairs to your property in excess of your nominated amount, without first obtaining your approval. NOTE: This excludes emergencies and repairs that are required to be rectified by law. We will contract a tradesperson within a timely manner for non-urgent repair requests. We will attend to any urgent repair requests immediately. We will only use trades people who are properly licensed and insured to handle the type of work being performed on your property.

11 Turning your Rental Property into a Successful Business Preparing your property for a new tenant is as important as the actual tenancy itself. There are a number of things that are to be completed to help make moving in of your tenant as smooth as possible. General Cleaning The condition and cleanliness of the property is recorded and provides a benchmark for the tenancy. This ensures the required condition and cleanliness of your property when the tenant vacates. Please ensure that the property is cleaned throughout. A landlord is obligated to see that the property is reasonably clean for a new tenant. Your property manager will then, prior to a new tenant taking possession, complete a detailed entry condition inspection and report. Should you require the services of a professional cleaner, please contact your property manager to recommend a contractor? Carpet Cleaning It is compulsory to have carpets professionally cleaned prior to a new tenant taking possession of a property. Your property manager can then record the carpeted areas being professionally cleaned. If your carpets are not professionally cleaned when the tenant vacates your property, your property manager can insist this be done and paid for by tenant prior to any bond refund. Gardening Please ensure all lawns are freshly mowed and edged. The tenant will be required to maintain the lawns and gardens throughout the duration of the tenancy. Oil Stain Removal It is important that driveways, carport and garage floors have any surface oil removed. We can then record these areas as being free of oil. If there is oil present at the final inspection, your property manager can obligate the tenant to remove it.

12 Air Conditioners Air conditioners require filters be properly in place and clean. Termite Checks We recommend that termite checks be conducted. Regular checks help protect your investment from unwanted damage. Payment of Rental Monies You will be paid rent monies collected on your behalf at end of month. This is paid directly into your nominated bank account. Monthly and Yearly Statements You will receive a monthly statement itemising rent monies received, other monies received, fees, charges and repairs. You will receive a financial year statement summary that you can use for taxation purposes. Statements are also available on your landlord portal. Forwarding of Mail It is important that you have redirected your mail through Australia Post. Utilities It is important that you arrange to have all your utilities (eg. electricity) finalised. It will then be the responsibility of the tenant to have all utilities reconnected under their own name. This ensures both the tenant and the landlord only pay for the utilities they consume. Personal Items and Furniture Please do not leave any personal items of value at the premises that are not part of the tenancy. We highly recommend no items of furniture etc. be left for tenant use (with the exception of free standing robes etc.)

13 Smoke Alarms There is legislation in place covering smoke alarms in every residence. We can help you meet the requirements and provide you with further information on the right contractor for this work. Maintaining the standard of your property Your property manager will take photos of the exterior and interior prior to a tenant taking possession. These photos will be used as a reference to ensure your property has been maintained to the same standard throughout the tenancy and on vacating. Water You will need to refer to your Appointment to Act to calculate what you and the tenant are obligated to cover with respect to water charges. In most cases tenant cover excess water consumption only - this is the water usage. As water service departments insist that the water account remain in the owner s name we ask that you pay the account in full. (Please ensure you advise the water department of your change of address). Where the account is related to excess water consumption we ask that you forward a copy to your office. (Please ensure your copy outlines water meter readings usually found on the back of the account). This allows us to calculate what your tenant is responsible to pay. Your property manager will send an account to the tenant. Once paid, your P.M. will reimburse you. Usually the monies will be reimbursed with your normal rent payment. Building & Pest In renting out your property it is essential that the property is compliant and that structurally it is up to standard. It is recommended Real Estate, that Building and Pest Inspection is carried at the premises annually to ensure standards are met.

14 Please feel free to call Troy and the Real Estate Real Estate Yeppoon 20B James Street Yeppoon troy@atrealestate.net.au