Whether you’re about to buy your first investment property or you already own several, chances are you still have a handful of questions regarding the management of your property. We’ve answered some of the more common questions we get asked below. If you would like to find out more about having RE/MAX Results & RE/MAX Bayside take care of the management of your investment property, please contact Brisbane on 07-3899 9999 or email: [email protected].
How do I change the management of my property over if it is currently being managed by another agent?
Simple! If you currently have a property managed by another agent and for any reason would like to change over to RE/MAX Results & RE/MAX Bayside, all you have to do is fill out our enquiry form and we will take care of the rest. If you choose to have us manage your investment property we will organise for your tenants to be notified and for the keys to be collected from your managing agent. Everything else carries on as usual. Changing your managing agent couldn’t be easier.
This is a common question and unfortunately there is no one answer. However, we can tell you that properties that are better presented, more professionally marketed, priced according to market conditions and represented by a professional agent, will be rented more quickly. At RE/MAX Results & RE/MAX Bayside we have among the lowest vacancy rates in the industry and generally with the guidance of our Leasing Manager we will have most properties rented inside only one week of being placed on our rental list.
We have invested in technology which allows us to monitor tenant arrears on a daily basis. After 4-7 days we contact tenants via telephone, email and SMS to follow up on payments. On the 8th day of arrears (the legal minimum) a Notice to Remedy Breach will be issued to the tenant giving them 7 clear days to bring the rent up to date. If rent is still not paid within this time frame a Notice to Leave will be issued to the tenant giving them seven days to vacate the property. We will communicate with you throughout this process and a Notice to Leave will never be issued without discussing the situation with you first. It is our intention at all times to minimise any loss to the owner so these actions need to be carried out promptly.
With almost 99% of all our prospective tenants using the internet to find homes online and the majority of our current tenants paying electronically, it’s clear that an agents location is a concern of the past. Because of this we can quickly and easily rent out properties in a very large geographic area. We can also very quickly assess rents in any given area to determine what the right amount of rent is for a particular property.
As with any insurance policy, it is not compulsory to have landlord insurance on your property. However, as property specialists, its our expert recommendation that every investment property owner has a specific landlord insurance policy in place for their property. Landlord Insurance protects you in the event of a tenant not paying rent, departing the property early or damaging the property. It also includes public liability and limited cover for contents (e.g. floor coverings, curtains).
While there are plenty of options out there, we suggest choosing very carefully. Many policies provided by the major banks are worthless! Be sure to look at how well a policy can cover unpaid rent, liability claims, damage to contents and extreme weather, and most importantly have a look at the excess conditions.
There are only a handful of specialist landlord insurance providers. The most common insurer is Terri Scheer Insurance. If you’d like us to point you in the right direction, feel free to ask.
You will get the best indication of what your property should rent for by closely comparing it to other properties similar to yours that are currently being rented, or have just been rented, in the same area. Market forces will determine exactly what amount of rent you achieve. If you have a very popular property you will get more interest and subsequently a higher rent. If you have a property that is less rentable, you will find it hard to command a premium rent.
Because our property managers are trained to negotiate the best rent increase possible without costing you a good tenant, if your property manager doesn’t know exactly what your property should be renting for, then you could be missing out on valuable rental income.