The most important role of a Property Manager is to act as a professional link between the landlord and the tenant. This ensures that the landlord will not be exposed to uncomfortable and difficult situations, while at the same time ensuring the tenant does not have to confront the landlord directly with issues.
Because we are a boutique agency, we offer you exceptional levels of personalised service. One of the owners of the business will personally look after you and help manage your property. Ensuring continuity and the best service for both you and your tenant whilst the property is in our care.
Advertising your property for rent to reach the maximum potential tenants, setting the correct rent, choosing suitable tenants, checking references, agreeing on the lease terms, compiling a property condition report and bond lodgement are just a few of the initial tasks required to properly lease a property. Add to this list the ongoing handling of repairs and maintenance for the property, ensuring the rent is paid on time, conducting periodic inspections, paying insurances and other outgoings and, most importantly, complying with the complex and ever changing residential tenancy laws in ACT.
Most landlords underestimate the amount of time that goes into managing a property. If a dispute arises, say if the tenant defaults on rent or requires eviction, things can become difficult and expensive.
No Obligation Rental Appraisal
It is important to have your investment property appraised by a reputable company and an experienced professional in the field. At YOU Real estate we would be delighted to provide you with a no obligation rental appraisal of your property. One of the three owners of You Real Estate will personally conduct your appraisal. After inspection you will be provided with a comparative market analysis of your property and its current estimated rental value.
As a landlord, you will need to understand two essential contracts:
Exclusive Management Authority for Residential Premises - this is a written agreement between you (as the owner) and YOU Real estate (as the agent). Once signed, the Management Authority authorises YOU Real to act as Property Manager on the owner’s behalf in accordance with the owner’s specific instructions.
Lease of Residential Premises - this is a written agreement between you (as the landlord) and the tenant. YOU Real Estate signs the Lease on your behalf as your agent. It is our responsibility to fully explain the Lease document to the tenant and ensure they understand their obligations before signing. It is also our obligation to you to ensure the execution of a comprehensive and legally binding lease to protect your interests as landlord.
Marketing Your Property for Rent
Our Team all have industry specific skills and extensive knowledge of how to market your property effectively to expose it to the maximum number of potential tenants. Upon listing your property we will adopt the following marketing strategy to maximise your return:
Internet - online marketing is now the most effective source of potential tenants. Your property details and photos will be displayed on the popular real estate rental website allhomes.com.au
Database – YOU Real Estate's extensive database of prospective tenants will be the first place we look for a tenant, sometimes properties are leased prior to marketing to the general market.
Signs – A YOU Real Estate ‘For Lease’ sign will be erected in front of your property in a prominent position to attract passing traffic.
Home Opens – We will show potential tenants your property either at Home Opens or by individual appointments. We do not hand out keys.
Your Property Manager will ensure that you have a reliable tenant by personally checking each one of the potential tenant’s references (current and past tenancies, employment history and referees) after evaluating all Applications your Property Manager will discuss their recommendations with you. Of course, the final selection of tenant is up to you as the owner.
Property Condition Report
A Property Condition Report (PCR) is one of the most important documents in Property Management. A PCR is a comprehensive report detailing the property internally and externally, supported by photos. Both the landlord and the tenant are given a copy of the PCR. The tenant must sign and return the PCR. The PCR is then used at the end of the tenancy to establish the original condition of the property and forms the basis on which the bond is refunded.
Collecting rents and accounting to landlords for money collected and disbursed on their behalf are two of the most crucial services performed by our Property Managers. Prior to signing a Lease, tenants are informed as to their obligations as to ongoing payment of rent by the due date. Abode offers tenants several methods of payment. Our Property Managers pride themselves on exceptionally low levels of arrears compared to accepted industry standards.
Property Maintenance and Repairs
It is a requirement at law that properties are in good condition at the start of a lease and that a landlord keeps the property maintained. Generally, your Management Authority will specify an expenditure limit for maintenance and your Property Manager will carry out work on your behalf as required. You will be contacted for any work required above this limit. YOU Real Estate has access to an extensive pool of skilled and licensed tradespeople to conduct all necessary repairs and maintenance.
Routine inspections are essential to ensure the upkeep of the property by the tenant and to confirm that the tenant is looking after the property properly. Your Property Manager will conduct the first routine inspection within 6 weeks after the start of the tenancy, and then twice per year which is the maximum allowed by legislation.
Insurance cover by landlords is very important because of the potential for tenants to cause damage to the property or cause injury. Landlords must maintain their own building and public liability insurance. Tenants should insure their own contents. YOU Real Estate strongly recommends specific Landlords’ Protection Insurance is taken out by the landlord to cover many of the unique risks associated with a rental property.
At You Real Estate we charge 7.7% of weekly rent as our Property Management fee. The only other fee we have is when setting up a new tenant to cover advertising and related paperwork All management fees are fully tax deductable as part of your investment expenses each financial year.