Landlord FAQs

How will you source a tenant for my property?

Within 24 hours of receiving your signed management agreement we will commence the property’s marketing campaign. Your property will be first cross matched with our existing database of pre-approved prospective tenants and those whose needs match the property will be contacted to book inspection times. The property will also be added to our rental stock list, Think Property website, and Australia’s number 1 Real Estate website realestate.com.au. Where appropriate advertising will also commence on university housing websites, Gumtree and rent.com.au. Depending on market conditions, local press advertising may also be suitable.

 

How will you ensure that a quality tenant will be placed into my property?

All applicants who inspect a property are required to submit a Residential Tenancy Application form and all information is verified, references checked and a rental background check is completed through both TICA and NTD. These are the two largest databases in Australia for rental history checks, with NTD being provided by Australia’s top credit reporting agency, Veda. These databases provide information relating to any VCAT orders or defaults by a tenant in the last 10 years. Only applicants who successfully pass this screening process will be put forward for your consideration.

 

How do you determine a fair rental for my property?

Rents are determined by a number of contributing factors: the current rental market, the demand in the area, property features and appeal and of course location. We will provide a full written rental appraisal of your property free of charge which will include information such as: demographics, appeal, demand, comparable properties for lease and recently leased and current market conditions. The report will be sourced from a number of resources including RP Data, Realestate.com and Price Finder.

 

How long will it take to rent my property?

The time it will take to rent your property is dependent on the current market conditions at the time of advertising. If a tenant can be sourced from our existing database of pre-approved tenants a tenancy can be secured quite quickly. If a tenant is sourced from internet advertising it may take 2-3 weeks to secure a tenancy. If your property is a new development, quite often we can advertise the property and source and secure tenants prior to settlement.

 

What happens if my tenant doesn’t pay rent?

In a perfect world all tenants would pay their rent on time each month but unfortunately we don’t live in a perfect world and we cannot guarantee that this will always be the case. However, the risk can be marginally minimised through careful tenant selection, appropriate education and an aggressive arrears procedure. Our zero tolerance arrears policy begins when the tenant is just 2 days in arrears.

 

When will I receive my rent?

Most agents process rental disbursements mid and end of month. Think Property processes disbursements every day of the month, meaning you’ll never have to wait for your money as it is disbursed to you as soon as it is received from the tenant and receipted against the property.

 

Will I receive statements for the payments I receive?

Yes. Every time a transaction for your property occurs you will receive a statement showing the amount received, any deductions (management fees, rates, water rates etc) and the amount deposited into your account. Statements can be sent by post or email.

 

Do you do inspections and can I attend?

Routine inspections are carried out as the current legislation allows, after the first three months of tenancy and every six months thereafter. All landlords are invited to attend routine inspections at their property however if you are unable to attend you will receive a full routine inspection report in the days following the completion of the inspection. The report will include the details of any maintenance requirements, suggested improvements and at least 6 colour photographs of the property.

 

How do I pay my management fees?

Management fees are deducted from rental income prior to disbursement on a monthly basis, the deduction of your fees will also be shown on your monthly statement.

 

Do I need insurance?

Yes. You are responsible for building insurance and the insurance of fixed contents. Think Property highly recommends that all landlords take out a landlord protection insurance policy. The premium is fully tax deductible. Landlords Protection Insurance provides protection against rental loss due to a defaulting tenant, malicious damage, theft and public liability. It is the tenants responsibility to insure their own contents/belongings. For more information please visit the insurance section of our website.

 

Can I increase the rent?

Rent reviews are carried out 2-3 months prior to the end of your fixed terms tenancy as part of our service. Legislation allows for the rent to be increased at the expiration of the fixed term tenancy or every 6 months if no fixed term agreement is in place by issuing the tenant with a 60 day notice of rent increase. Rent reviews are completed in advance to allow the lease renewal to reflect the new rental amount.

 

How much will it cost for you to manage my property?

Think Property offers very competitive management fees charged as an ongoing monthly fee and is dependent on the rental amount your property is achieving. For detailed information on our fee structure or a FREE rental appraisal please call us on 9821 0118.

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