BARRIER REEF PROPERTY MANAGEMENT - SERVICES
TENANT SELECTION
All prospective tenants are required to complete a detailed application form and will need to provide us with both personals and rental references. They need to provide us with income details for us to correctly assess the applicant's affordability of the property.
WE CARE FOR OUR TENANTS
Our tenants are our business. Without tenants you don't receive rent and we don't receive any fees. There is increased competition in today's marketplace to attract quality tenants. For this reason it is more important than ever to value, respect and care for the tenants needs. We don't treat the tenants as outsiders; they are part of our business. We understand that we are dependent on them and not vice versa. They deserve our immediate attention with requests and deserve to be greeted with a friendly and courteous smile at all times.
TENANCY AGREEMENTS
Suitable tenants are required to enter into a binding Residential Tenancy Agreement (PAMD Form 18a). Once we have approved an application for tenancy, we ask the prospective tenant to pay one weeks rent to secure the property. We then prepare the Residential Tenancies Agreement and all supporting documents such as -
- Detailed Inventory (furnished properties)
- Entry Condition Report
- Bond Lodgement Forms
Photocopies are made of the keys and remotes of the property that have been issued to the tenant. This eliminates disputes over non returned keys at the end of the tenancy. The tenants must pay a bond equivalent to four weeks rent prior to assuming occupation of the property.
MANAGING RENT ARREARS
In today's harsh economic climate, more and more tenants are not paying their rent on time even after passing the most careful tenant selection. Every precaution is taken to minimize tenants falling behind in their rent by carrying out daily checks on all tenants to ensure rents are kept up to date. We have standard rent arrears procedure in place that are carried out on a daily basis. Our primary focus is to ensure that our office mitigates any loss of income to the property owner.
INSURANCE
Our role is to maximise your return and minimise the hassles. We strongly recommend Landlord Protection Insurance for the rare occasions where a tenant does vacate the property owing money.
PROPERTY VACANCY
Every endeavour is made to locate a quality tenant to suit your investment property and we will keep you updated on a weekly basis on our progress with obtaining a tenant. Our team understands that many investors rely on the weekly income to meet mortgage commitments and every effort is taken to minimise vacancy.
Why do properties remain vacant?
- The rent is too high - The market and the tenants determine rent. We are constantly monitoring the market rent to ensure that you are receiving the maximum return on your investment. High rents can lead to long term vacancies, which ultimately affects your income.
- High vacancy rate - If there is a high ratio of property to tenants (more properties than tenants) it will have an effect on the vacancy factor. Tenants have more choices are in a stronger position to negotiate rents.
- Poor presentation - It is important that the property is maintained in an excellent condition to attract the same quality of tenant and maximize rental.
ADVERTISING
- Vacant properties are advertised in the local newspaper on a weekly basis. If enquiry is limited we conduct Open For Inspections to encourage tenants to have a look.
- The internet is where many people begin their search for a rental property. We list our properties on various websites including - www.realestate.com.au; www.domain.com.au; www.homehound.com.au; www.cbbr.com.au
- Rental summary sheets with all of our current listings are at our reception for collection. We see a lot of walk in traffic to our office due to our prominent busy CBD location.
- Rental signs are erected on all available properties (where allowed).
Our team makes the extra effort to find a tenant rather than wait for a tenant to find us.
INSPECTIONS
Our Property Management team regularly inspects properties on behalf of the owner. After each inspection you will receive a full written report on the property's condition. During these inspections we will conduct a maintenance inspection as well as a general check of the internal and external condition. Should any major maintenance be required, you will be immediately notified. You can be confident that a detailed final inspection is carried out after the tenant has vacated and before the bond monies are released. Once again, you will receive a full written report.
MAINTENANCE
If an emergency arises, out of hours, the tenants are required to contact the nominated repairer. If the incident is tenant related, the tenant will be issued with an invoice so as to reimburse the owner.
With all maintenance issues our team will endeavour to contact you before proceeding with a repair, however in the case of out of business hours or non-life threatening emergencies, an amount equivalent to 2 weeks rent is previously authorised.
A lack of maintenance on the property not only hinders capital growth of the investment but could also lead to an injury claim.
Maintenance matters are carried out in accordance with the property owners instructions. We only engage tradespeople who meet high standard. They must be licensed and have Public Liability Insurance to cover you and your investment.
Due to the volume of work carried out by us, we are in a position to negotiate the best prices.
All maintenance work carried out on your property is guaranteed. If at any time we are not satisfied with the quality of the workmanship we will instruct the tradesperson to rectify the problem immediately.
The neglect of minor repairs will always lead to major (and more costly) repairs at a later date. At its worst, poor maintenance can cause a good tenant to leave. Our maintenance program will ensure that problems are rectified quickly at a competitive price.
ACCOUNTS
Because many of our property owners require a totally 'worry free package' we can pay all accounts relating to the property - rates, body corporate fees, landlord protection insurance, electricity and any others that arise.
Monthly Statements
Our office utilises the latest Property Management software so that we can offer you a greater number of options and a speedier service in accounting monies to you.
Statements can be emailed as well as hard copies mailed at the end of each month. At the end of each financial year you will receive a statement of all income and expenditure for taxation purposes.
Rental Increases
As part of our service to property owners we realise the importance of rental returns and we are constantly monitoring the current market rent on your behalf. A minimum of one rent review is carried out each year and automatically when a tenant vacates or their tenancy agreement comes up for renewal.
NEWSLETTERS & COMMUNICATION
With your monthly statements you will receive a newsletter from the Property Management team outlining the current market conditions, legislation changes and important information. If your property is vacant you will receive a weekly written update on the state of the market at that time and a phone call at least once per week with an update on inspections and any other issues that may have arisen.
