The management of property is no simple matter. Rent collection is just one of the myriad functions our competent property management team at Elders Real Estate Bairnsdale performs.
Our dedicated team is fully conversant with all the laws surrounding property, especially tenancy. Furthermore, we are fully aware of the Residential Tenancies Act which governs the area of tenanting property…and remain fully aware of precedents set by court decisions in this area.
Aside from ensuring compliance with the law, the team at Elders Real Estate Bairnsdale perform a crucial role in marketing the property, the selection of responsible tenants, appropriate and lawful handling of any bond money including the necessary documentation of the properties condition, communicating with both the landlord and the tenant, and in inspecting and maintaining the property to an acceptable standard.
Effective accounting procedures are another requirement from landlords that Elders Real Estate Bairnsdale provides to ensure you reap the rewards of your investment quickly and efficiently.
Taking all the above into account, coupled with the knowledge, experience and enthusiasm necessary to advise our clients on investment strategy, it’s no coincidence that Elders Real Estate Bairnsdale has as one of the best and most sought after Property Management teams in the area.
Elders Real Estate provides Property Management for all types of properties including residential and commercial properties. Both property managers have a wide knowledge of the Real Estate Industry and understand the needs of Landlords when investing in property.
Many people find investing in property very daunting but at Elders we make the process for landlords as stress free as possible so you can sit back and reap the benefits. At Elders we provide a comprehensive service for Landlords including no obligation appraisals, finding the right tenant for your property, regular routine inspections, dealing with maintenance issues, collecting rent and end of month disbursements.
Elders Real Estate also specialise in Owners corporation management for owners of units, factories and shops. At Elders we have competitive prices for our letting fee’s and ongoing management fees and will offer discounts for owners with multiple properties.
At Elders Real Estate Bairnsdale our job is to get the best possible tenant for your investment property by following these general guidelines.
- Satisfaction that the tenant is capable of paying the required rent.
- Seeking a tenant with a proven satisfactory history of renting.
- Stability of employment.
- Thorough reference check including searching the perspective tenant on the National Tenancy Database
Once a tenant has been confirmed with you, for your property, we will arrange for the signing of the Residential Tenancy Agreement, the lodgement of the rental bond as well of the handing over of all keys.
Prior to the signing of the Residential Tenancy Agreement, we will carry out a carefully detailed condition report of the property. We also take photographs of the property to use as referral and for our future internet displays.
Paying rent is hassle free for our tenants. The tenants rent can be deposited directly into our rental trust account. The tenants can also pay by cash or cheque in our office. These systems get the tenant into the habit of paying rent automatically and tend to reduce rental arrears.
Arrears Control System
Our computer system is programmed to print an “arrears report” which shows any tenants that are behind in their rent. The report shows the property address, the tenants name and the date the rent was due and how much rent is overdue. These reports are printed daily, so the tenants who fail to pay their rent for whatever reason are contacted on a very regular basis. Those that do not respond to a phone call or a reminder letter, are served with a warning letter, explaining that if they fail to pay rent, or do not contact our staff to make arrangements to pay, they will be served with a termination notice which gives them 14 days to vacate. This is usually sufficient incentive to get most tenants to pay their rent. However, should this warning letter fail to bring results, our staff contact the landlord to discuss the matter as to whether to proceed with termination.
We ensure you enjoy full market rental for your property. We regularly assess the rental on your property taking into account such factors as the current market rents, the vacancy factor in the area of similar properties, the general condition of the property, the quality of the tenant and the length of their tenancy. It is our duty as your Property Manager to ensure that every tenant is well educated as to what is expected of him/her under the Tenancy Agreement from the regular mowing of lawns, to the payment of rent in advance, to the behaviour of visitors to the property, or the control of noise. We manage the tenant for you ensuring as much as possible that the terms of the Tenancy Agreement are complied with.
Disputes With Tenants
Disputes between landlords and tenants are not uncommon, but if handled with professionalism and diplomacy most can be solved appropriately. Most disputes arise over rent increases, repairs and rental bond matters. Initially of course, the property manager acts as a negotiator in discussions between the landlord and the tenant. If all avenues are exhausted and the parties have not been able to agree, it may be necessary to apply for a Residential Tenancies Tribunal hearing. The Tribunal is an independent third party which will here the dispute and make a decision on the matter.
Included in our management fee are 2 periodic Inspections of your property per year i.e. once every six months. Following a routine inspection the landlord is forwarded a report with photos, detailing the condition of the property and any recommended maintenance or optional work such as repainting or recarpeting. The routine inspection also gives the tenant the opportunity to express any concerns they may have about the property.
Repairs and Maintenance
We monitor repairs very closely and we act on repairs according to our instructions in the Landlord’s instruction sheet. Landlords are contacted before any maintenance is carried out. Should a repair of a more urgent nature be reported, such as no hot water, we need to attend to this as soon as possible as it is an essential service. Therefore if a landlord is un-contactable during a reasonable time frame we will then proceed with the maintenance regardless. We maintain complete records of maintenance carried out on your property for future reference. Repairs carried out on your behalf are paid for from your rent monies held in trust. Full details on your repairs are printed on your monthly rent statement with an original of the relevant invoices attached for your reference.
Each month we prepare and forward to you, a monthly statement for your property. The statement details rent period, rent collected and any bills which may have been paid from the proceeds of the rent. Your rent monies can be automatically deposited into a nominated bank account or alternatively a cheque attached to your statement.
From rent collected we can pay bills relating to the property on your behalf. Such accounts could include council rates, water rates, body corporate levies and insurance. With reference to water rates, we will automatically invoice the tenant for any excess water usage charges where the property is separately metered.
Our office produces annual financial statements during the month of July which gives a summary of income and expenditure for the financial year. This will save you time and money when dealing with your accountant.
Elders Real Estate Bairnsdale strongly recommends that each landlord take out their own landlords insurance. It is up to the individual as to the amount of cover which they choose. Enclosed is a pamphlet on the Landlords insurance which Elders Insurance provides. Please contact Wayne Bell at Eastern Insurance Brokers if you are interested or have any questions.
It is our duty to ensure that all of the requirements of the various pieces of Government legislation relevant to your property investment are complied with. We can also advise you on the legal aspects of insurance matters and repairs, if required.
Industry Affiliation and Training
Our office is a member of the Real Estate Institute of Victoria (REIV). Our Property Management Department is kept up to date with the latest information from the institute and with market statistics from the Rental Bond Board as well as updates from the Residential Tenancies Tribunal. All our property management staff are put through on-going professional development training to ensure their knowledge and skills are always at the peak of the industry.
Frequently Asked Questions…….
“When do we receive our first rental income?
Your rental income is paid direct to you on the first working day of the following month. All management and administration fees are automatically deducted out of your account. Should any repairs or maintenance been completed during that period, this would have been deducted from your rental income and can be viewed on your monthly Statement.
“Can we conduct our own Inspections of the property?”
Yes, all landlords can conduct an inspection of their property, but you will need to contact your property manager to organise a suitable day and time. The tenants must be given at least seven (7) workings days notice in writing. This inspection will be conducted in the presence of the property manager.
“How do we know that we are achieving the current market rent?”
9 times out of 10 you as the landlord already have a figure you wish to achieve in mind. In turn, you ask our qualified Property Manager. Rental figures are based on our current statistics and market value of the area and also comparisons with similar properties in the area. This assures that you as the landlord receive the maximum figure achievable for your particular property.
“What are the fees involved?”
Permanent residential 7.7% Including GST
Commercial 5.5% Including GST
*Negotiated rates for multiple properties
New tenancy 1½Week’s Rent plus GST
Administration Fee $2.75 p/month
Lease Re-sign No Charge
Elders Real Estate
180 Main Street
Office: 5153 2929
Fax: 5153 2932