Landlord Information

Building a positive partnership

We believe that the process of renting your property should be as comfortable, smooth and successful as possible. Our aim is to work with you to maximise the returns, growth and yields you generate from your investment property, and minimise the costs to you.

When required we will provide the maximum exposure for your property through a targeted marketing campaign. By showcasing your property through a variety of media we will encourage maximum interest in your property, resulting in the best result for you.

By teaming with Raine & Horne Springwood, you’re partnering with an experienced agent who can help you achieve your real estate dreams.

Professional Fees

What do I get for my fee?

Having a property manager is almost like having a personal assistant to manage all aspects of a rental property on your behalf. When viewed in this way, your investment of a few dollars a week doesn’t seem like a very big commitment.

Your Raine & Horne property manager will screen and interview tenants for you, collect the rent, organise repairs and deal with any issues that may arise, among other duties. In fact, the following is a comprehensive list of the tasks your property manager will perform on your behalf:

  • Interview and screen potential tenants
  • Advertise the property in the media if required
  • Report to the owner on all progress and applications recommended and not recommended for the property
  • Lease the property to suitable tenants under the owner’s instructions
  • Prepare all lease agreements
  • Lodge and account for security bonds
  • Appraise the rental value of the property
  • Conduct rent reviews and rent increases
  • Arrange repairs by tradespersons as required
  • Pay accounts including council and water rates, maintenance, gardening, and insurance
  • Control all correspondence for the property
  • Keep the owner up-to-date on all matters concerning the property, including rent reviews and insurance, and recommending initial repairs or maintenance prior to the letting of the property
  • Renew lease agreements under the owner’s authority
  • Exercise the owner’s rights to issue all notices
  • Return bond money on termination of the lease and account to the tenants and owners for this money
  • Prepare monthly statements of account for all income and outgoings for the property
  • Select tenants and sign lease agreements on the owner’s behalf
  • Re-let the property at the end of each tenancy in accordance with the owner’s instructions
  • Conduct random drive-by inspections to ensure the external façade of the property is well maintained and tidy
  • Carry out regular inspections as required
  • Prepare final year summary to maximise your legal tax entitlements

Your real estate investment and its potential for capital growth and healthy rental yields depend very much on good property management.

Remember – your fee is also fully tax deductible.      

 

Information for you

List of web sites for further information:

http://www.rta.qld.gov.au/

 

Frequently asked questions

What type of paperwork is involved in renting out my investment property?

Potential tenants who wish to rent a property must complete a Residential Tenancy application. Your property manager will interview all prospective tenants and check the application closely to ensure all information, such as rental and employment history, is correct, to ensure we select a quality tenant. However, ultimately tenant selection is at the owner’s discretion.

Once approved, the tenant is required to sign a lease agreement prior to taking possession of your property. You may then select a fixed term lease (for a specified period of time, such as 12 months), or rent the property on a periodic basis. You can decide on the term that suits your personal circumstances when speaking with your Raine & Horne property manager.

A security bond (in keeping with your state’s legislative requirements), and where applicable, a pet bond, is usually payable by the tenant prior to possession of the property. The bond is lodged in accordance with the legislation in your state or territory. Providing the property has been well-maintained and following a final inspection, the bond is released to the tenant at the expiry of the lease.

 

How will my investment property be protected?

Your highly-trained Raine & Horne property manager will undertake a thorough inspection prior to the tenant occupying the property. Further inspections will be carried out as required by legislation, with a view to protecting your interests as well as the privacy of the tenant.

 

Who is responsible for ongoing maintenance and expenses: the property investor or the tenant?

Responsibility for the ongoing maintenance and upkeep of a rental property falls to the owner and the tenant, together with the assistance of your Raine & Horne property manager.

The owner must agree to maintain the property in tenantable condition. This means you are financially responsible for covering any repairs required, such as fixing a broken air conditioning unit.

At the same time, the tenant must agree to maintain the home in accordance with the ‘property condition report’ that they complete at the start of the tenancy. If they break a window, for instance, then it is their financial responsibility to have it replaced.

Your Raine & Horne agent will assist you with any necessary agreements required in regard to maintenance and expenses prior to the commencement of a tenancy.

What happens in the event that a tenant causes damage to my property?

In cases of damage to the property where the tenant is at fault – and the damage is not considered to be normal wear and tear – the tenancy agreement states the tenant is liable for maintenance of the property, and must make good any damage at their own expense. In this regard it also pays to have landlord protection insurance to provide you with cover  should your tenant not pay for damage when required.

The Residential Tenancy Agreement provides that the owner must keep the building and any fixtures adequately insured. Most property experts also recommend that you consider insuring your rental income via an appropriate insurance policy.

Your Raine & Horne agent can introduce you to a professional who will provide information regarding insurers and appropriate cover.

These examples may help to explain the difference between genuine “wear and tear” and tenant negligence.

Normal Wear and Tear (owner’s responsibility)

  • Carpet wear in corridors or other frequently used areas
  • A broken lock due to age and wear
  • Flaking paint after many years of sun exposure
  • Vertical blinds that have fallen apart due to extensive use

Neglectful Damage (tenants responsibility)

  • Stains or burns from items dropped or placed on carpets
  • Lock broken to gain entry after tenant forgot their key
  • Curtain torn by pet

 

How will my property manager handle the situation if the tenant is late paying their rent?

As stipulated by the tenancy agreement, rent is often paid fortnightly or monthly, and if your tenant is late in paying the rent, it is your property manager’s responsibility to formally advise the tenant. Should the rent not be paid in accordance with the notice served, your property manager will contact the owner immediately to request permission to proceed further and recover any sums due. 

Please feel free to ask us about our rent collection procedures, and policies for dealing with late payments.

 

What factors are considered when reviewing a tenant’s rental agreement?

While a long-term tenant is the goal of most property investors, it can be difficult to gauge whether the time is right for a rental adjustment.

Speaking to your Raine & Horne property manager about the current average rent for similar properties in the area will help you determine if your return is in line with comparable rents in the area. Your tenant should be paying fair market value and if you decide to increase the weekly rent, ensure it is a gradual rise, rather than a one-off spike.

Moreover, it is important to keep your own goals in mind, such as capital growth and a steady rental return. The rent you receive will ultimately help you pay off your investment, and the rental return will also be a key factor in determining the future sale price of your property.

 

How do I prepare my investment property for rent?

Prospective tenants need to form an emotional bond with your property as their ‘home’, so following are some suggestions to assist owners in presenting their properties in the best possible light:

  1. Ensure the roof is in good repair. Replace broken tiles as necessary, and make any repairs to fly screens. Clean windows professionally, both inside and out. Clean and repair gutters. A freshly painted picket fence or rendered wall can make a big difference to the ‘street appeal’ of your home.
  2. Ensure the interior of the property has been thoroughly cleaned, including light fittings, curtains and carpets.
  3. Repair minor faults, such as leaking taps, loose handles and doorknobs, and superficial cracks in plaster and cornices. This can help minimise objections from prospective tenants
  4. The presentation of the kitchen is critical, so make sure the cupboards are neat and that they open and close easily, while also ensuring the stove and oven are clean and exhaust fans are in good working order.
  5. Cleaning: We highly recommend having the property and carpets professionally cleaned. This includes cleaning of the stove, oven, dishwasher, floors, walls, benches, doors, windows, tracks and general cleanliness. Handing over the property in a neat, clean and tidy state will allow us to ensure that the property is left in the same condition when they vacate the property. Please also be aware that if the property is vacant prior to finding new tenants, a quick “sparkle over” clean may be required to ensure cleanliness.
  6. Keys: All sets of keys will need to contain all keys to all doors in the property and be in working order.
  7.  Insurances :You will need to ensure that there is building and public liability insurance on each investment property/s that we agree to manage for you. Please also consider landlord and landlord contents insurance.
  8. Smoke Alarms: Please be aware that upon the commencement of the new lease agreement and lease renewal, the smoke alarms will need to be checked for compliancy to meet legislative requirements. We can arrange for these services on your behalf at a cost to our reliable and qualified tradesman.
  9. Lawns and gardens : Please ensure all lawns are mowed and gardens are free of weeds. This again will allow you to present the property in a good condition and help us to ensure they are left in the same condition when the tenant vacates the property.

Click on the link below for a free Rental Appraisal:

Rental Appraisal Request Form