Frequently Asked Questions from Landlords about Real Estate Property Management
Common questions and answers about property management
- Are all repairs done properly?
- Can I say I don't want pets at my property?
- Does somebody keep track of rental payments?
- How and when am I paid the rent from my tenants?
- How do I change to Rent Star?
- How important is an agent's location in the management of my property?
- How long will it take to find a tenant?
- How much will my property rent for?
- What happens if my tenant wants to vacate?
- What Insurance is needed for an investment Property?
- Who holds the bond money?
Are all repairs done properly?
Work arranged by Rent Star for your property is carried out by a suitably qualified and licensed tradesperson. If the work required is covered by a warranty, our Agency contacts the supplier, or if the work is claimable under your Landlord or any other insurance policy, we can contact the insurer to claim on your behalf. Our Agency has access to a wide range of trades people who have met our Agency’s stringent criteria.^ back to top
Can I say I don't want pets at my property?
You may choose to specify if Pets are, or, are not allowed in Tenancy Agreements for your Property. If you elect to allow pets, the Residential Tenancies and Rooming Accommodation Act 2008 (RTRA Act) outlines the Tenant’s responsibility with having them at a rental Property. Our Agency can provide practical suggestions for your consideration before deciding if you will allow a pet or not.^ back to top
Does somebody keep track of rental payments?
Each business day rent arrears are monitored with action taken. If the Tenant is 1 - 4 days in arrears a reminder is sent via text, email or a phone call. If rent is in arrears on the 8th day, we issue a formal Notice to Remedy, as the law allows at this time. In this event, a Notice copy will be sent to you for your reference. If rent continues to be unpaid we issue a formal Notice to Leave when the law allows and send a copy to you.
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 always our intention to minimise any loss to the landlord so these actions are carried out efficiently.^ back to top
How and when am I paid the rent from my tenants?
All monies received on your behalf are held in our regularly audited Trust Account. From these monies we pay all authorized payments relating to your Property eg council rates, insurance, repairs and maintenance. Invoices are sent to you with your next statement. The Trust Account period concludes with account processing occurring on the first business day of each month to comply with Trust Account auditor requirements. We electronically transfer your funds into your nominated financial account within the next 2 business days and also offer the convenience of mid-month payments.^ back to top
How do I change to Rent Star?
It is simple, owners are switching to Rent Star for various reasons but one constant is wishing they had done it sooner! Simply fill out our enquiry form and we will take care of the rest. From contacting your tenants to collecting keys from your previous managers we ensure a smoth transition. Changing to Rent Star couldn't be easier.^ back to top
How important is an agent's location in the management of my property?
With today's technology most tenants find rental properties online. In fact almost 99% of our enquiries are from online advertisements and the vast majority of our tenants pay rent electronically. More and more an agents location is becoming a concern of the past, allowing Rent Star to efficiently service a larger geographic area. Combine this with our constant investment into leading technology and ability to quickly assess rents in any given area, chances are Rent Star services your area.^ back to top
How long will it take to find a tenant?
Our aims here are to market to the right group of potential tenants, create a sense of urgency, and thoroughly process applications in an expedient manner (as most tenants apply for multiple properties). We do this with online marketing, having proactive, skilled leasing agents, and meticulous screening of all applicants.
We market our properties well before they are vacant ensuring we have time to find the best tenant and ensure minimal vacany for all our owners.^ back to top
How much will my property rent for?
"Market Rent" is the term used for discovering how much similar properties are renting for in your area. Having the up-to-date, comparative information we can provide will assist you in your decision-making. While our aim is to achiece the best figure for you, we also won't let your property linger on the market resulting in lost income/high vacancy.
Rent Star implements comprehensive marketing campaigns for every property we manage. Stunning professional photography, detailed scripts, proven online marketing and highly skilled leasing agents all combine to achieve the best result for your property.^ back to top
What happens if my tenant wants to vacate?
All tenants are required to give specific notice when they wish to vacate the property. Rent Star ensures that all notice periods given by tenants is in full compliance with the Residential Tenancy Agreement signed by the tenant.
To minimise potential vacancy we implement the following procedure. 3.5 month - 2.5 months before the lease is due to end we will contact you to discuss the tenancy, give our recommendations of a rent review & seek your instructions as to whether a new lease will be offered to the tenant.
We then contact the tenant to either offer the new lease and seek their intentions or issue a notice to vacate. At least 2 months before your lease expires your tenant has either signed a new lease or given written notice that they will vacate at the end of the lease.
This allows our leasing team ample time find the best tenant possible and minimise downtime. Sometimes, tenants have to break lease due to job transfers, etc. In this situation, your property will be advertised and a new tenant found for your approval, while the current tenant continues to pay their rent and any associated costs.^ back to top
What Insurance is needed for an investment Property?
Before renting a Property it is highly recommended you have appropriate insurance cover such as ‘Landlord Protection Insurance’. We can provide various brochures from Insurance Companies providing this type of policy. In addition, building and contents insurance and public liability cover are vital. Packages are typically available from your preferred Insurer for cost effective and comprehensive protection.^ back to top
Who holds the bond money?
A maximum amount equal to four weeks rent is to be paid by the Tenant as Bond prior to the Tenant moving into the Property unless the rent is greater than $700 per week. In this case, then an agreed amount can be requested to be paid over and above the four weeks rent as Bond. The Bond is lodged with the Residential Tenancies Authority and held there until the Tenant vacates the premises and a thorough Agent Exit Property Inspection and report is completed and we are satisfied the Tenant has returned the Property as required and all rent has been paid. The Bond is then dispersed appropriately.^ back to top