TENANT SELECTION & MANAGEMENT
FINDING A TENANT & MARKETING YOUR PROPERTY
When owning an investment property it is important to ensure that the vacancy period is kept to a minimum between tenancies. Our marketing strategies target the groups that are most suitable for your property so as to ensure that the best market exposure can be achieved.
INTERNET Given the nature of the tenants that are attracted to live in the Hobart region, it is essential that internet advertising be at the forefront of our marketing strategy. Consequently we use Australia’s most popular web site – realestate.com.au and our own web site at keymanagement.com.au.
Colour brochures are produced in-house by our marketing consultant and are featured in our office window display in the high profile location on busy Sandy Bay Road. A considerable number of passers-by have the opportunity to see what properties are available to lease, day or night.
FOR LEASE SIGNBOARDS
Where appropriate, prominent For Lease boards promote enquiry from prospective tenants and this also provides an after-hours phone number for enquiry. For Lease signboards are supplied complimentary to all property owners of Key Property Management.
RENTAL LIST We have considerable walk-in enquiry and consequently we provide a dedicated list of vacant properties for the benefit of prospective tenants.
CORPORATE ADVERTISING We communicate with various businesses and corporate organizations that require tenancies on an ongoing basis, for example relocation companies, hospitals, universities, training colleges and other corporate entities. Unlike many other offices, we do NOT hand out keys to prospective tenants for them to inspect the property unsupervised. We always accompany prospective tenants with the added benefit of being able to promote your property, provide tenancy information and overcome any objections they may have.
TENANT SELECTION Successful property management starts with the best possible tenant selection. This critical area of property management is given an enormous amount of focus by our property management team. Our application and interview system is designed to ensure the best possible outcome in tenant selection by eliminating prospective tenants who have a poor record; who have inadequate financial means; or cannot satisfy us that they will be of exceptional standard.
We require prospective tenants to have a thorough positive identification system based on a 100 points system. We check the prospective tenants referees, financial means and past rental history making use of the Tasmanian Collection Services. We also conduct a thorough interview.
At the commencement of a lease, we ensure that the tenants are properly educated about the Tenancy Agreement Terms & Conditions that are regulated by the Residential Tenancies Commission. We also ensure that the tenants fully understand other obligations that we require, namely: carpets, curtains, wall attachments, lighting, smoke detectors, hot water system, air-conditioning units, phone/internet, keys, maintenance requests, cleaning, gardening, water use, pets (if allowable) and the payment of rent.
Rent arrears are monitored daily through computerised reports. If a tenant is in arrears, then we act daily but ensure we are within the regulations as laid down in the Residential Tenancies Act 1997.
Phone, SMS and/or written contact is made prior to the Notice to Remedy Breach being issued. If the arrears have not been rectified within 7 days, we then consult with you to determine whether a Notice to Vacate is issued requiring the tenants to leave the property. Court action may be necessary in rare circumstances. Should this occur, then this is done through the Small Claims Tribunal where we submit the appropriate forms and attend court hearings as required.
Tenants are subject to quarterly inspections which allow us to monitor firsthand how they are looking after the property and also so that we can ensure that everything is safe and in working order.
PROPERTY INSPECTIONS & REPORTS Thorough inspections of your property are made every three months. The first one is conducted at the beginning of the new tenancy at the six to eight week period. This inspection allows us to ascertain early into the tenancy if there are any problems that may need to be dealt with. A final inspection will be carried out at the change of a tenancy, to ensure that the property has been left in a clean and tidy manner in line with the condition report entered into at the start of the tenancy.
When an inspection has taken place a written report which digital photos is emailed to the landlord. In addition to noting the condition of your property and how the tenant is maintaining it, we will also note any current or upcoming maintenance or safety issues. We also advise you on whether the property or inventory items are looking tired or worn and in need of upgrade or replacement.
As part of our commitment to maximise the net return and the capital growth of the property we will recommend from time to time that maintenance or improvements be carried out on the property. We deal with qualified tradesmen and can arrange for quotes if required and oversee any maintenance on your behalf.
PROPERTY MAINTENANCE Maintenance is a necessity with any investment property. Your property must be maintained in good working order, with priority being those items that protect the safety and security of the tenants. Maintenance items include such items as door and window locks, steps, dripping taps, repainting, repair or replacement of inventory items, etc.
Maintenance requirements are generally brought to our attention through property inspections or notified by tenants. Maintenance request forms are provided for tenants at the start of their tenancy. Additionally tenants can notify us through our website or by contacting the office. Attending to maintenance requests quickly often means small problems do not become large and/or costly later.
We maintain relationships with handymen and other qualified trades people who have worked with our office for some time. These are trades people who we know to be reliable and trustworthy, and whom we know will charge sensible prices. We require all our trades people to be fully insured.
Alternatively, if you wish to nominate your own trades people then we are happy to liase with them.
Tenants commence on a fixed term lease usually for six or twelve months. Prior to the end of the lease and based on your advice if appropriate, we contact the tenant to either negotiate a new lease or terminate the tenancy. With each lease renewal we conduct a rental review. We will consult with you over the renewal and the rent review.
LANDLORD INSURANCE No-one expects their property to burn down. No-one expects their property to be broken into. Regardless of all the safeguards in place, it can happen. You take out insurance to cover these risks, and similarly we would advise you to take out Landlord’s Insurance for your investment property.
In spite of the rigorous procedures we have in place, it remains possible that a tenant can go ‘bad’, usually as a result of losing their source of income. This is why Landlord’s Insurance is a sensible security measure to manage this risk. Landlord insurance is roughly equivalent to $18 per month. It covers loss of rental income, damage and very importantly, public liability insurance.
Legally we must inform you that we are not allowed to advise you on which particular insurance package is the best choice as we are not certified insurance advisors. Subsequently we have had a long standing relationship with Terri Sheer Insurance and would highly recommend them in assisting you with your landlord insurance needs.
Renting your property can be a nightmare of frustration and disappointment. Finding the perfect tenant combined with the perfect property manager is not always easy. It need not be this way. Investing in property should be a pleasant, rewarding and lucrative experience. You should receive the highest possible income with the lowest possible stress and inconvenience.
With knowledge of the current market and years of experience the Key Property Management Team can help to clarify the rental value of your home. Please feel free to contact one of our specialized property managers today for an up-to-date property assessment.