Being a landlord looks easy. Find a tenant and collect the rent every month.
In fact, managing a rental property is quite complex and there are many issues that first time landlord do not realise.
As a landlord you want:
- A good tenant
- Rent paid on time
- Property well maintained throughout the tenancy
The secrets to achieving this are:
1. Tenant selection
The selection of a good tenant is critical to the successful renting of your property. An agent who does not take the time to obtain and then thoroughly check a tenant’s references is leaving the landlord exposed to considerable expense.
2. Detailed Condition Report
The Point Cook Real Estate team have a most comprehensive Condition Report that accurately records all aspects of the property before a new tenant takes occupation. This detail is particularly important at the end of the tenancy to ensure that the property is handed back to the landlord in satisfactory condition.
3. Rental Payment Procedures
For most landlords, having rent paid on time is important. Our rental payment procedures are very strict and our follow-up of any tenant who had not paid on the due date is rigorous. Rent is paid directly into our landlord’s account within two – three days of us receiving cleared funds from the tenant.
4. Routine Inspections
To ensure that the tenants are taking good care of the property, our Portfolio Managers will visit the property on a six monthly basis to undertake an inspection and then report back to the landlord. These inspections are also an opportunity to undertake a quick review of any building maintenance that may be required.
5. Ongoing Maintenance
We employ a Maintenance Coordinator to ensure that any maintenance that is required to a Landlord’s property is attended to promptly.
Commonly Asked Questions:
What is a property condition report?
This is a report that is compiled at the commencement of a tenancy prior to your tenant moving into the property. This report outlines the condition of the property at the commencement of the tenancy and is used when the tenant vacates to ensure that the property is left in similar condition.
At the end of the tenancy, once the tenants have returned their keys our Portfolio Manager will visit the property to check all aspects of the property against the original report to ensure that the property is in a similar condition to when the tenant took possession. It is at this inspection that any items that need to be rectified by the tenant are identified.
What is a Routine Inspection?
Routine inspections are conducted after a tenant takes possession of the property and are conducted every six months. These inspections are essential to ensure that your property is being maintained to an acceptable standard and to identify any maintenance that may be required. A copy of the routine inspection report is forwarded to you after each inspection and should it be necessary, a member of the Point Cook Real Estate Property Management Team will contact you to discuss items noted on the report.
What happens when a tenant stops paying rent?
When a tenant falls behind in their rental payments they are issued with a notice of breach advising them that they are behind and requesting that they rectify the problem. If this is not done within the stipulated time period then a termination notice is issued requiring that they vacate the premises.
How do tenants pay their rent?
Tenants have several options to pay their rent, leaving no excuse for late payments. Most of our tenants are now on Direct Debit basis where we deduct the rent from their bank account on a nominated date each month.
When does the rent money get paid into my account?
Rent is paid into the Landlords nominated account within two to three days of our company receiving cleared funds from the tenant. We undertake landlord payments three times each week so that our landlords receive the rent promptly.
Landlord Statements outlining rent received and any expenses or outgoings paid are emailed to the landlord monthly.