Landlord FAQ
FAQ'S
Yes. Provided you haven’t recently engaged an agency via writing to market and secure a tenant, you are able to nominate a new managing agent. (despite any initial or existing agreement)
Yes. Provided the relevant notices and courtesies are shown to tenants during their occupancy of your property, you are able to sell your property at any time.
Landlords have a duty under the Residential Tenancies Act 1997 to ensure their tenanted properties are in reasonably clean condition upon commencement of a lease and that they are kept in good repair. Urgent repairs must be carried out within 48 hours. During business hours Ristic can be contacted on office hours, while after hours we provide an emergency maintenance phone line, monitored by the on duty property manager. Ristic arranges repairs and maintenance on behalf of landlords, whilst always contacting owners and providing quotes from reliable tradespersons if required.
While it is optional, Ristic strongly recommends you take up Landlords Insurance if you own or are about to own an investment property.
For a reasonable and tax deductible amount per annum, it can safe guard your rental income as well as protect the condition of your property.
Ristic offers choice. Because every property is different and every need is different, we have a selection of packages that our property managers would be glad to elaborate on depending on your requirements. Call us today to discuss.
With the time involved in managing a property to a high standard, collecting rent, staying up to date with current legislation, recording/reporting inspections, managing maintenance, as well as finding, screening and communicating with tenants, many landlords don’t have the time and resources to complete these tasks in an effective and efficient manner.
Our highly skilled team, strict procedures and up to date property management software, you can be assured that every situation will be dealt with in a quick and professional manner, which all our current clients can attest to.
The changeover process is quite simple and can be done without impacting the existing tenants and their lease agreement. Once a decision is made to change, you must notify your current agent (generally in writing about your decision). Depending on the agent, the time frame for changeover will vary ( normally 30 days) . Once this has occurred the rest is in our hands. We will arrange all the necessary documentation, notify the tenants and transfer the bond etc., so the process is hassle free for you. Please refer to “Transfer to Yuan Property” page in Property Management section .
There are several things that need to be considered before preparing your property for rent to find the best possible tenants in the shortest time frame. Here at Yuan Property, we believe in the simple idea that owners should present their property in a manner that they expect the property to be kept during the tenancy.
Although this idea is different for each individual landlord, you should ensure that the property is thoroughly cleaned, which might include:
Steam cleaned carpets
professionally cleaned the property
Clear out garage, sheds and storage spaces.
All of these options we can provide for you, taking the extra work off your hands. Refer to “Prepare your property for tenant” page in Property Management section
Landlord Insurance covers you for tenant-related losses. Things like loss of rent due to a tenant breaking their lease or being evicted, or damage caused to your contents by tenants, like drink spills on carpets. Other insurance may not cover these events, and very often, the bond won’t be enough to cover the associated costs.
Important for owners to maintain the following insurance:
Contents Insurance
Landlord Protection Inc. Public Liability Cover
We recommend all landlords protect themselves with landlord insurance, as from time to time things could go wrong. Landlord Insurance may cover you when a tenant is not paying the rent, vacating the property early, malicious damage or severe neglect. For the relatively small cost of landlord insurance, it is definitely a wise investment for your investment.
The time to find a tenant depends on:
The season (often you will see an increase of enquiries during the middle of the year, though during the holiday period this can at times be slower)
The local real estate market
The condition of the property itself
The rental market can fluctuate on a consistent basis, impacting on the asking rent. If you prepare the property, present it well and set the asking rent in line with the market, you will generate higher demand, resulting in shorter vacancy periods and a greater return from your investment.
At Yuan Property, we advertise all properties for on Websites such as realestate.com.au, domain.com.au and rent.com.au. We also utilise WECHAT to capture this rapidly growing market, and we believe this provides us with a unique competitive advantage. Research has shown that internet marketing is the most effective way to advertise your property. Unlike other property management agencies, who charge an initial marketing fee to promote a property, we do not charge anything additional. We realise that having your business into the future is far more important.
All potential tenants go through our selection process and have to meet certain criteria. A tenant’s application for a property is based on previous rental history, employment/income and character references. All applications we receive are only processed if the tenant has viewed the property or has had someone to view the property on their behalf. The final decision is up to the landlord themselves, but we also offer our opinion based on our experience in the property management industry.
We pay money to owners out of Trust at the conclusion of each month, after we have conducted our monthly balancing procedures. This will be completed on the first working day of the month, and all money owing, transferred by no later than the 3th day of each following month. End of year statements will also be provided to the owner for tax time.
A tenant’s ability to pay rent is a heavily weighted criteria when deciding on a suitable tenant. Should a tenant fall more than 4 days behind in their payments, we will notify them with an SMS, email and a phone call asking that they rectify the arrears immediately. However we must understand changes to a tenants circumstances can impact a tenant’s ability to pay rent. At this stage the owner, will also be contacted to keep them informed. If not paid within a period of 7 days, we will issue them with a Form 11 notice of remedy breach.
We are able to carry out all minor repairs that may be required in your apartment and aren’t classed as building defects. By having resources on site to carry out these minor repairs, we save our clients significantly by not having to call tradespeople or handyman each and every time. Our rate of $40 per hour plus GST is free of call out fees and charged in 15 minute increments to ensure you don’t pay more than you have to. Of course any repairs exceeding the limit you specify in the POA Form 6 will be confirmed with you, prior to us commencing or arranging any repairs.
Any repairs and maintenance undertaken by us, less than 15minutes is done so FREE of charge to you and included in our Management Fee
Air Conditioner
It is important to service your air conditioners per the manufacturer’s recommendation.
We will arrange this for you to best avoid any unwarranted breakdowns.
Pest Control
This is generally carried out by the Body Corporate annually and the appropriate notice will be given to all residents, tenants and guests prior to the activities commencing.
Fire Alarm Testing
This testing is compulsory for buildings to ensure the safety of all residents, tenants and guests. You will be notified with appropriate time, if these inspections are going to take place, and if access to your dwelling is required.
The alarm is required to be tested every 12 months or at the change of tenancy agreement we can arrange the contract to come through and provide the certificate. Prices subject to vary.
Prior to the approved tenant entering the building, we will conduct a full entry condition report . At the end of a tenancy we will conduct a full exit condition report ensuring that no damage (excluding fair wear and tear) has occurred. During a tenancy, we conduct routine inspections every 13 – 14 weeks.
The length of notice a tenant needs to provide is dependent on the type of lease they have signed.
Here at Yuan Property we encourage all of our clients to have a Fixed Term Residential Tenancy Agreement for 6 – 12 months. Because time is of the essence during this time, we ask 8 weeks prior of this agreement ending we will contact your tenants enquiring their intentions. If they are seeking another 6 – 12 months agreement, we will seek your approval prior to agreeing (unless stated otherwise). In some cases a tenant will inform us they no longer would like to reside in your property.
In this case they will need to give a minimum of 2 weeks written notice within the dates of their lease that they will be ending their tenancy.