Our Management Objectives
We at Bay Realty Rockdale have created an environment which ensures that the management of investment properties is the responsibility and concern of each and every staff member. Our goal is to set the highest standards of professionalism in the market we serve and to provide the highest quality of service and care available. We dedicate ourselves to exceed our client’s expectations so they remain lifelong customers and friends.
We treat each and every property as if it is our own, we believe it is better to leave a property vacant than to enter into a property agreement with a tenant that does not meet our strict criteria of suitability. We accompany all inspections with prospective tenants, and those wishing to proceed are required to complete a detailed application form which is screened and checked thoroughly by ourselves personally as well as screened across tenant reference databases. Only after the applicant’s suitability as a prospective tenant has been fully established will we contact our client to make recommendation and receive instructions on the leasing of their investment property.
Repairs and Maintenance
One of the main issues for both real estate investors and estate agents is maintenance. We have developed a flexible system for maintenance to cover the requirements of owners who instruct us to attend to all maintenance matters on their behalf, and those who prefer to attend to these matters themselves. Whilst we will always contact our clients first, in case they are unavailable we do recommend they allow an authority to attend to emergency repairs and maintenance, to address necessary repairs without delay. Whilst we engage a reliable range of tradesmen to attend to all types of repairs and maintenance required, we are only to happy to use specific tradesmen that are designated by our clients if requested. We do ask and recommend that these specific trades’ people are fully licensed and insured.
We take particular care and considerable time in our tenant selection process. By adhering to our firm policy of not accepting any tenant who does not meet our stringent suitability criteria. However, regardless of the care taken, occasionally tenants fall into arrears of rent. When this occurs a set procedure is instigated which includes,
4 day overdue courtesy sms reminder is sent
7 day overdue personal contact is made by phone to the tenant
10 day overdue overdue notice forwarded, reminding the tenant of their obligations
15 days overdue termination notice is issued
Initial Lease Period
It is our recommendation that properties be offered on a six or twelve month lease basis.
The residential tenancies act does not allow us to insist that tenants enter into a new agreement after the original lease expires. In this situation, the tenant continues on a holding over basis known as a continuing agreement which remains at the same rent unless otherwise notified by the landlord in which case requires 60 days prior written notice in accordance with the Residential Tenancies Act.
We consider it to be very important that each property is inspected on a regular basis to ensure the tenant is maintaining the cleanliness of the property. Every property under our management receives a detailed inspection at the start of each tenancy and regular internal inspections thereafter and providing a report with comments in case of any repairs that should be undertaken in the best interest of the property.
Property Condition Report
A detailed inspection report is prepared for every property under our management prior to tenancy, outlining overall condition of the property particularly cleanliness and property damage.
The report is broken down to;
-each individual room inspected and reported separately
-condition of interior and exterior
-state of gardens and lawns
-inventory when applicable
Once the report is completed the ingoing tenant is required to sign the report, acknowledging that they are aware of the condition of the property when they were handed possession and what should be expected once the tenancy has completed subject to wear and tear outlined under the Residential Tenancy Act.
We encourage all our landlords take out an insurance policy for their investment property. Whilst all possible care is taken on our part during tenant selection and management of the property, landlord protection insurance will allow cover for any unforeseen problems that may occur during a tenancy. Issues to consider when arranging a policy should include accidental damage, malicious damage by tenants, theft and loss of rent.
Our end of month procedure is performed toward the last working day of the month where our clients rent can be directly deposited into their account or a cheque drawn and posted to them. In addition to this a mid month payment to our landlords can also be arranged, performed on the 15th of the month or closest working day. Our streamlined accounting system can attend to the payment of all other relevant disbursements for our clients including council rates, water rates and strata levies. Annual profit and loss financial statements are also available at the completion of the financial year to outline total income and expenditure details regarding the investment property.
By selecting the most appropriate tools from the following we are able to ensure the maximum exposure of your property to the open market,
Internet advertising- Photograph and summary in search results page, listed in ‘search by map’ results, full features listed on property details page, automatic email to home alert subscribers within search criteria.
Signboard- professional signboard representing your property
Window display and brochures- within prominent, high pedestrian traffic area
Internal data base marketing- from pre qualified previous and prospective clients
Outlined below are our basic charges for various management services,
-Management commission is 5.5% inclusive of GST
-Leasing fee, one week rent plus GST every time our office finds a new tenant.
-Advertising levy $88
-Lease preparation fee $33 each time a new lease agreement is in place.
-Payment of bills on behalf of the landlord $1.65 per transaction (water and council rates).
-Landlord end of month statement emailed no charge
-Annual financial statement $22 (optional)
-Water usage collected on behalf of landlord 7% plus GST
-Professional signboard $70 (optional)
-Professional photography $110 (optional)
Be aware of an agency that can not strongly negotiate their fees, if they are unable to successfully negotiate their own fee how will they be able to negotiate your income from your investment property?