Your Property Manager
- Negotiating rents and leases;
- Completing all documentation as required by legislation;
- Attending to maintenance issues, arranging quotes and paying contractors on your behalf;
- Undertaking routine inspections of your property;
- Disbursing funds to you either monthly or twice monthly;
- Completing final inspections when tenants leave; and
- Providing financial statements of rental funds.
It is a good idea to meet with a few local agents to find the one that best suits your needs. As an REIQ accredited Real Estate Agent our aim is to provide you with peace of mind that your property management is handled by a professional, who is committed to adhering to best practice, values and service.
All agents must be appointed to act in writing using a Property Occupations Form 6 – Appointment and reappointment of a property agent, resident letting agent or property auctioneer. This form is signed by you and the agent when you engage their services to let and manage your investment property.
- Fixed Term Agreement – This has a start and an end date; and
- Periodic Agreement – This has a start date but no specific end date.
It is common for most tenancies to commence on a fixed term agreement for either six or 12 months (although a fixed term agreement can be for any time period, provided it has a start and an end date).
Once your property manager has found a suitable tenant, it is best practice for them to require the tenant pay a rental bond and the first two weeks’ rent, prior to occupying the property. The rental bond can be no more than four times the weekly rent if the rent is $700 or less per week. If the rent is higher than $700 per week, then there is no limit on the bond that can be charged.
The rental bond must be forwarded to the RTA within 10 days, as per legislative requirements. When a tenant leaves, provided the rent is paid up to vacate date and the property is returned in the same condition as it was found, as documented in the Entry Condition Report (less fair wear and tear), the rental bond has to be refunded.
Tenants will be required to pay their rent in advance. However, you cannot request that they pay more than one month’s rent in advance for a fixed term agreement or more than two weeks in advance for a periodic agreement.
- Must maintain the premises that is fit for the tenant to live in;
- Must maintain the premises and inclusions in good repair;
- Must ensure any law dealing with issues about the health or safety of persons using or entering the premises is complied with;
- If the premises includes a common area, this must be kept clean;
- Attend to routine repairs within a reasonable timeframe;
- Emergency repairs must be attended to immediately. Emergency repairs include the following:
- A blocked or broken lavatory;
- A serious roof leak;
- A gas leak;
- A burst water service;
- A dangerous electrical fault;
- Flooding or serious flood damage;
- Serious storm, fire or impact damage;
- A failure or breakdown of the gas, electricity or water supply to the premises;
- A failure or breakdown of an essential service or appliance on the premises for hot water, cooking or heating;
- A fault or damage that makes the premises unsafe or insecure;
- A fault or damage likely to injure a person, damage property or unduly inconvenience a resident of the premises; and
- A serious fault in a staircase, lift or other common area of the premises that unduly inconveniences a resident in gaining access to, or using the premises.
The advantage of having a property manager is that they will arrange for these repairs to be carried out on your behalf, using suitably qualified contractors.
This document has been prepared as a guide only and is subject to change at any time. This guide should not be considered professional advice or a substitute for professional advice. You should always consider seeking independent legal, accounting and financial advice before entering into an agreement or arrangement in respect of real property. A failure to seek appropriate advice may result in unforeseen legal or financial consequences. The authors of this guide and their agents accept no liability whatsoever for any inaccuracies or errors contained in this guide, which the authors confirm has not been prepared to take into account any person’s financial circumstances, situation or objectives.