Frequently Asked Property Questions
1. How and when am I paid the rent from my Tenants?
All monies received on your behalf are held in our regularly audited Trust Account. From these monies we pay all authorised payments you request that relate to your Property (e.g. council rates, insurance, repairs and maintenance). Invoices are then sent to you with your monthly statement. We then distribute the rent to your nominated bank account once or twice a month depending on your request.
2. Does somebody keep track of rental payments?
Each business day rent arrears are monitored with action taken. If the Tenant is 4 days in arrears a reminder is sent. If rent is in arrears on the 8th day, we issue a formal Notice to Remedy, as the law allows at this time. If rent continues to be unpaid we issue a formal Notice to leave when the law allows, and send a copy to you. We maintain contact with you until the matter is resolved i.e. rent is paid or the eviction process concludes. We manage the entire process on your behalf.
3. Who holds the Bond?
The Bond is lodged with the Residential Tenancies Authority and held there until the Tenant vacates the premises. The bond is only released after an Exit condition report is completed by our office and we are satisfied the Tenant has returned the Property in the condition it was when they moved in and all rent has been paid. The Bond is then dispersed appropriately.
4. What is the average length of a Tenancy Agreement?
The most common tenancy is a Fixed Term e.g. 12 months. In today’s market less Tenants are requesting 6 month tenancies due to the costs of moving premises and the desire to have security with their home. We know the peak rental periods of the year and will attempt to have the tenancy length altered to suit that time period where we can maximise your potential rental returns. We never sign tenants for a tenancy agreement of less than 6 months.
5. What Insurance is needed for an investment Property?
Before renting a property it is highly recommended to have appropriate insurance cover for both the property and your personal livelihood. ‘Landlord Protection Insurance’ and Public Liability Insurance protect you financially and building & contents protects the property. Our agency can coordinate these policies on your behalf if you desire.
6. Are all repairs done properly?
Work arranged by our Agency for your property is carried out by a suitably qualified and licensed tradesperson. If the work required is covered by a warranty, our Agency contacts the supplier on your behalf, or if the work is claimable under your Landlord, body corporate or any other insurance policy, we can contact the insurer to claim on your behalf. Our Agency has access to a wide range of trades’ people who have met our Agency’s strict criteria.
7. How often can I inspect the Property other than for maintenance?
The Tenancy Agreement specifies that the Tenant permits the Lessor/Agent to inspect the Property during the tenancy provided the Tenant is given notice, as required by the RTA Act. The Act states that unless a Tenant agrees otherwise, entry may not be made less than 3 months after a previous entry by the Lessor/Agent.
8. Can I say I don’t want pets at my Property?
Lessors may choose to specify if Pets are, or, are not allowed in Tenancy Agreements for your Property. Our Agency can provide practical suggestions for your consideration before deciding if you will allow pets or not.
9. Who pays for water?
The Lessor is responsible to pay Council / Shire sewerage and drainage rates. However, if the landlord has a water efficiency certificate, these water consumption costs can be charged to the tenants. Our office recommends and coordinates this service and certificate for all of our landlords
10. Do I pay for the telephone connection?
It is recommended that if the Property is new or has been vacant for a while and a telephone line is not connected to the Property the Lessor pays for a line connection. We recommend the Tenant organises the work and submits the account to us for the Lessor to pay. The Tenant is responsible to pay for the service connection to the line and all services used.
11. How do I build a property portfolio using my current investment property?
ANY ADDITIONAL QUESTIONS?
If you have any additional questions (no matter how big or small), would like a second opinion about a situation you are having or would like to find out more about the services we provide to our clients, please contact our team at PMC Property Management on the following details;