Landlords - Frequently Asked Question's
We have a list of frequently asked questions that may help you understand what we actually do! Please feel free to call us on 9460 8080 or email leasing@upward.com.au so we can arrange to meet your personal requirements with your investment property.
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What is our point of difference?
Our agency exclusively leases and manages residential premises. The director personally oversees and successfully helps manage your premises on a daily basis. We manage your investment property with the care and commitment it deserves - as if it were our own.
How much will it cost me for you to manage my property?
We believe that we provide the highest service and although our fees are not always the lowest we know we offer you the best value for money. A copy of our fee schedule will be given to you and discussed at our first appointment.
Do I still pay any fees if my property is vacant?
All fees associated with the re-letting of your property are charged on the rental from the tenant – so when there is no rent there is no fee. Our fees come from your rental income so it is up to us to make sure we perform and achieve rental for you at all times.
Are you able to manage my property although
it is in another suburb?
We are not in the business of managing every property that walks through our doors. This will depend on where your property location is and we will advise you if we are incapable of properly servicing your investment. With the latest technology we can keep in contact with landlords & tenants alike and due to the internet payment system of rent payment tenants aren’t hindered by having to travel to our office.
Do I still pay any fees if my property is vacant?
All fees associated with the re-letting of your property are charged on the rental from the tenant – so when there is no rent there is no fee. Our fees come from your rental income so it is up to us to make sure we perform and achieve rental for you at all times.
Are you licensed Real Estate agents?
Yes! Upward Property Management is a registered and licensed real estate agency. We are also a member of the Real Estate Institute of New South Wales. (R.E.I.N.S.W) All rental monies go into a trust account to protect your interests.
Will it take long to find a suitable tenant?
We begin marketing your investment property as soon as we receive it. It appears on 3 internet sites:- www.upward.com.au; www.realestate.com.au and www.domain.com.au. We dedicate our time into gaining you the most appropriate tenant and whilst there may be seasonal issues as well as variations in supply and demand beyond our control – we do our best to do this in the quickest time achievable at the highest market rent.
Where do you get your tenants from?
Our tenants come from a variety of sources – the main volume is from internet advertising. The internet is a powerful method of advertising. We have a regular newsletter that goes out to our contact database weekly, we contact our relocation agencies and cross reference with our tenant database. We can also advertise in local and mainstream newspapers e.g. Sydney Morning Herald. We also keep a database of prospective tenants from open for inspections and existing tenants who are in the process of vacating, as well as general tenant enquiries. Our relocation companies also aid us with their corporate clients.
How do you qualify prospective tenants?
Upward Property Management implements a stringent screening procedure that aims to secure the right tenant for you. It is far easier to manage a property with a fantastic tenant in than trying to get an unpleasant tenant out. Our thorough application form allows us to: Review current and previous tenancies; Confirm employment and employment history; Tenant Reference check through Trading Reference Australia - this is an Australia wide network where real estate agents can lodge information on bad tenants i.e. have damaged the property or owe rent; Copies of Drivers Licences or Passport – photo ID. (A photocopy of a credit card and a Medicare card are also essential.) First impressions are always important when we meet and talk to prospective tenants. The meet and greet factor relies heavily on our “gut feeling” and this helps in us presenting a picture to you for final selection. Once we have completed our checks we will discuss the application with you – the final decision is yours.
Do you prepare the lease documentation?
Upward Property Management will prepare a lease that will protect both you and the tenant. We provide a standard lease for use and we can add special clauses that can further protect you.
Keys?
All keys that we receive from you will be photocopied and attached to the file. Every time a new tenant moves into your property these keys will be photocopied each time and signed by the new tenant. This copy is cross-checked when the tenancy ends to make sure all keys are returned.
What is a Condition report?
Before a tenant moves into a premise, a detailed inspection of the premise is recorded on an inspection report. Copies are then given to the tenant at occupancy for them to check, sign off and return the completed form to our office. Digital Photographs can be taken and stored on file attached to the condition report if we feel it is necessary or you request it at commencement of management.
How much bond can I charge?
Four weeks bond is collected for unfurnished properties and six weeks bond for furnished properties. This is paid by the tenant to the agency prior to the tenant entering the property. All monies are then lodged on your behalf with the Rental Bond Board. At the end of their tenancy and they are not in arrears and have left the property in the same state as commencement, giving exceptions for “fair wear and tear”, they will receive the full refund of their bond. Sometimes disputes may arise and the bond can be deducted from if necessary.
Will you represent me at the Tribunal when disputes arise?
We can represent you at the Consumer, Trader and Tenancy Tribunal (CTTT) at your request. This is a dispute process that seeks a resolution and in most circumstances can be contained within our office. If we fail to rectify the problem within our office, it may go to the Tribunal to be heard and the resolution decided upon there.
Is there a guarantee that the tenant will pay
the rent on time and won't damage my property?
No agent can guarantee this because it can be totally unpredictable what tenants are capable of when things go wrong for them. The best way to reduce this happening is vigilant tenant selection and stringent arrears control. Upward Property Management uses these ways to minimize this possible loss to the landlord. You can insure yourself against these losses with landlords insurance arranged by yourself.
What happens if the tenant doesn't pay the rent on time?
Our system produces daily reports on where the tenants are up to in their rent payments. It allows us to send SMS to tenants, email and reminder letters to advise them they are behind. The key to arrears is continuous monitoring and contact with the tenant. If they fail to respond to our warnings we will serve them with a Termination letter allowing them 14 days to vacate. You will be kept informed of all the procedures and give your permission to allow us to send this final notice out.
When do I get my rent?
Our owner payments are paid to you at the end of each month. You will automatically receive an email statement when funds are transferred and you will also receive a statement detailing ingoings and outgoings such as invoices and rates. The statement will have the original invoices attached. At the end of each financial year you will receive your annual end of financial year statement for tax purposes.
Can you pay levies and rates for me?
We can arrange to pay your properties strata levies, council and water rates on your behalf. All you need to do is provide our office with the details and we can do the rest. This will be neatly reflected on your end of financial year statement to show the ingoing and outgoings.
What happens if there is a repair needed?
Upon your instructions we can arrange all the maintenance work necessary for your property. If you prefer certain tradespersons, all you have to do is advise us. Although we try to make contact with you prior to every repair (if this is your preference), sometimes it can be a case of an emergency and we will need to authorize a repair immediately. We have a very reliable team of tradespersons that are dependable and honest.
Lease renewals & rental reviews
Leases can be renewed for current tenants each time they expire. This can be every six months or twelve months or longer. You will be advised prior to expiration. A current market rental review is performed annually – most likely during one of the periodic inspections or any other time you prefer when needed.
Six monthly periodic inspections
Our first inspection will always land within the first three months of a new tenancy. If the premises are in a highly satisfactory condition we will schedule the next inspection in six months and every six months thereafter. If it is not in a satisfactory condition we will reschedule within the next month to review the premises. You will receive copies of all inspections and also have the opportunity to attend inspections.
Do I have input once I appoint Upward
Property Management?
You can have us do all the work for you or you can choose to be kept informed at all times. It depends on each landlord’s lifestyle and work commitment to how much you input you want on the management of your property. We will discuss this with you at commencement and will endeavor to make sure all your needs are met.
Do I insure the property or do you or the tenant do this?
You really must have insurance on your investment property –this includes cover on the building, contents and public liability. If you own a strata-titled apartment, the Body Corporate will most likely insure the building but you will need contents insurance for items such as blinds, carpet, blinds, light fittings and electrical appliances. You may also prefer to obtain landlords insurance. The tenant will need to have their own contents insurance on their belongings.
What if I want to sell my property?
When you are thinking of selling you will need to advise us of your intentions so we can notify the tenant accordingly. Once you appoint your new agent, you have to keep in mind that a current lease is continuing and all respect for the tenant’s privacy must be given to them with regards to open houses and appointments. We can aid you in your choice of sales agent through our contacts in the industry.
Can I transfer my property to another managing agent?
You have every right to transfer your property to another agent with the appropriate notice to us. You will also need to honour your responsibility to the tenant during this transition when a lease is current. If at any time you are not satisfied with our service, we welcome the chance to discuss the issue at hand and aim to rectify the problem for you.