What checks do we do for prospective tenants?
As a Landlord, we know that your greatest fear is if a tenant fails to pay their rent or worse yet, damages your property. Unfortunately, delinquent tenants do exist and the cost to landlords can be millions of dollars each year. But there are fantastic tenants out there too!
Amongst other checks, a large part of our process includes TICA (Australia’s largest tenancy database) to conduct rental history checks on all tenants applying for your rental property through First National Mudgeeraba. It greatly reduces the chances of renting your property to a tenant with a bad rental history.
A rental history check is just like a credit check when a person applies to borrow money for a loan or credit card. It also enables us as Real Estate Agents to default a tenant to warn other Agents that a particular tenant has a negative tenancy history (such as rent owing, damage to a previous property etc).
Why do we have tenants complete a detailed “pet application”:
Statistically, when landlords agree to their property being advertised as “Pet-Friendly” or “Pets Considered Upon Application”, the chances of getting your vacant property leased quickly grows exponentially.
The Petcare Information Advisory Service (PIAS) indicates that 66% of Australian families have pets. This means the majority of our 23million+ population values pet ownership and yet just 9% of the population are able to rent properties with their pet.
Because tenants understand how difficult it can be to rent a property with their pet, many are prepared to discuss the amount of rent they’ll pay. They often have references from previous real estate agents and landlords that make their application more attractive too.
Our Property Management team take additional steps to protect a landlord’s interests such as requiring potential tenants to submit a detailed Pet Application for your approval and ensuring the lease includes specific clauses requiring carpet cleaning and flee fumigation at vacate. Good tenants agree to accept liability for any damage caused and understand that these are realistic requirements that help their landlord feel more confident about allowing their pet/s on the lease.
Why are Entry & Exit Condition Reports so important?
The Entry Condition Report is an extremely important and detailed document which is completed at the commencement of the tenancy by the Property Management team prior to your tenant moving in. The tenant is then given a copy and has 3 working days to add any comments and return it to our office.
The function of this report is to outline the condition of the property at the commencement of the tenancy and it is referenced again at the end of the tenancy (when the Exit Condition Report is completed).
The Exit Condition Report represents the last inspection we carry out as soon as possible at or just after the tenant vacates your property. The Entry Condition Report is then referenced to ensure that the property is left in the same condition as when the tenant took possession (allowing for fair wear and tear). This also enables us to discuss with the tenant any items which need to be rectified by the tenant.
What is a Routine Inspection?
Routine inspections are conducted on your property every three or four months (as agreed and detailed on the Form 6 at the commencement of our management agreement).
These inspections are paramount as they ensure we regularly check your property is being maintained to an acceptable standard. Importantly these inspections also enable us to identify any maintenance issues as they arise.
Upon completion of each inspection, our Property Management team-member will email you a copy of the routine inspection report and call you to discuss any necessary further action if required.
How do we proactively manage late rent payments or if a tenant stops paying rent?
At First National Mudgeeraba, we monitor rent payments daily and communicate regularly with our tenants if rent is beginning to fall behind. If a tenant fails to bring their rent up to date, we follow legislative requirements and issue them with a Notice To Remedy Breach (Form 11) providing details and instructions on how to rectify the problem. Again, following legislative requirements, if the rent is not paid within the stipulated time period, we will call you to discuss issuing a Notice To Leave (Form 12) which gives the tenants the appropriate notice to vacate the premises.
When do I receive the tenant’s rent money?
The first working day after the end of every month (or at mid-month if you require a bi-monthly transfer), all monies held for your property within our trust account are electronically transferred into your nominated bank account. We also issue you with an end of month statement outlining rent receipted and any other transactions for the month (including any bills paid on your behalf as agreed).
When is rent evaluated?
We review your property’s rent at tenant vacate and/or at lease renewal, at which time we take into account local market conditions and any change in the actual property before we make our recommendation to you for potential rent increases (bearing in mind that Legislation states that a landlord / agent is required to give the tenants 60 days formal notice of an increase in rent).