If this is your first time as a rental provider, previously known as landlord, you might have some questions about what you’ll need to arrange. Even if you’ve had many investment properties prior to stumbling upon this post, our Established Property Management team has the answers you are looking for. If you are looking to rent a property as a tenant, please visit our renter information page. Here are some of our rental provider’s frequently asked questions answered:
What costs are associated with property management services?
Property managers mainly take the hassle out of the day-to-day management of your investment property. Each agency charges different amounts of recurring management fees. Therefore, it is best to enquire with different agencies regarding the cost of property management services.
Can I change property managers while having a rental agreement in place?
Yes, you can. Changing from your current agent can be quick and at no cost to you. There is no need to wait until the rental agreement has come to a conclusion to change agents or agencies.
What is the difference between a fixed and a periodic rental agreement?
Fixed term agreements have a start and end date. Periodic or month to month agreements do not have an end date. When a fixed-term rental agreement ends, it will automatically turn into a periodic agreement, unless either the Rental Provider or the Renter gives notice to end the agreement or chooses to start a new fixed-term agreement.
As a Rental Provider, do I need any form of insurance?
Yes, it is highly recommended that you have Building Insurance as well as Landlord Insurance.
Building Insurance protects your property against loss or damage caused by fire, storm, etcetera. And legal liability for an occurrence that causes death or bodily injury to other people, or damage to other people’s property within your property.
Landlord insurance is extremely important for a Rental Provider and protects you from loss of rental income as a result of an absconding Renter, defaulting Renter, un-tenantable property, damage by Renter, pet damage, damage to furnishings including carpets & blinds due to storm or fire.
Many insurance providers offer combined insurance which includes both of the above.
When is the best time to start my insurance cover?
If you have just purchased a property, the best time to start is straight away. Especially if the property is vacant and being advertised for rent. This is because there is exposure to liability from the moment you or your agent begins showing potential Renters through the property.
My Renter is on a periodic lease. Am I still covered by my landlord insurance policy?
Some insurance companies only cover you when there is a fixed term Rental Agreement in place. They may not cover Periodic Leases (month-to month). However, the better known insurance companies cover all leases. It is best to check with your insurance provider to insure you have adequate cover.
Can my property manager lodge an insurance claim on my behalf?
As long as the policy holder has added the Property Manager on the Insurance Policy to have authority to deal with the insurance provider, the property manager can lodge a claim on the owner’s behalf.
What can be done if the Renter is not maintaining the property well or has caused damage?
A notice of Breach of Duty can be issued to the Renter. The notice requires the Renter to either rectify the issues specified or pay compensation for any loss suffered by the Rental Provider because of the breach. Should the Renter not rectify the breach after consecutive notices, a Compensation or Compliance Order can be applied for at VCAT, or the relevant Notice to Vacate can be served.
What if a repair is completed, and identified as damage that the Renter caused?
A Rental Provider can request a Renter to make or pay for repairs if they caused the damage or fault. When the Renter arranges the repair, they must complete works within 14 days to a Tradesperson’s like standard. If not, Rental Provider may undertake the repairs at the Renter’s expense. When the Rental Provider is to organise the repairs, they may ask the Renter to cover the reasonable cost of repairs.
What if the Renter won’t allow access for the contractor to undertake the repairs?
Rental Providers have the right to enter a property to undertake repairs. They have the right to bring Service Providers or Tradespeople to make the repairs. The minimum notice period of entry is 24 hours and access is between 8am and 6pm on any day except a public holiday. If a Renter refuses access, a Notice of Entry can be issued which allows the Agency to access the property using their office key.
Our approach to Property Management Services makes us different
If you have any more questions regarding property management services, please visit our website. We strive to provide a level of service and communication that allows us to stand out. Ultimately, our mission is to provide you, our rental providers, with complete peace of mind.
Our success lies within the quality of our team as finding the right people is important to us. We provide constant training and development to ensure our staff expertise and enthusiasm. We take care of them, so they can take care of you. Our resources, capabilities and internal processes are focused on ensuring our rental providers receive the best possible property management services. We always look to maximise your return on investment, while minimising vacancy rates.
If you are looking for property management services, feel free to contact us.