FAQs when leasing, selling and buying Medowie real estate
We've found that landlords, vendors and buyers have a list of questions that are often asked, so we've compiled a handy list of frequently asked questions to help you through each step of the process when buying or selling real estate.
Listed below are answers to the most commonly asked tenancy questions.
1. How will you find my tenant?
We understand that finding the most suitable tenant quickly is optimal return on your investment. At Curtis & Blair our process after photography is completed is:
- Match your property with our database of prospective tenants and immediately notify them of your property
- Promote your property on leading websites like realestate.com.au and domain.com.au, and in our prominent window displays
- Tenants can book a time through our booking portal to view your property at a specific time or make an alternative time 24/7
- We conduct more viewings, more often meaning properties under our care are let faster and to the best possible tenant
2. How long will it take to find a tenant for my property?
Often we can source a great tenant from our database which is quick and easy. However, if a tenant is sourced as part of a marketing campaign, it could take 14-21 days on average to find the right person for your property. If you are purchasing a new investment property, in most cases, a tenant can be sourced prior to settlement. Our focus is to ensure we've found the best
quality tenant for you in the shortest possible time so that your return on investment is maximised.
3. How do you reference check tenants?
Thorough reference checking is key. We cover the basics such as identification, means of income, workplace history and previous tenancy or sale records. But we also go a step further with national databases such as TICA (Tenancy Information Centre of Australia), checks on sites like RP Data who list previous rental agencies, pet checks and much, much more. Only potential tenants who pass all these criteria will be submitted for your consideration and selection.
4. Do you do inspections?
Absolutely. Prior to the commencement of any tenancy, we complete a detailed initial condition report of the property including extensive photography which sets us apart from our competitors, and forms basis of how the property is to be maintained during the tenancy. After 6 weeks, we conduct a 'walk through inspection' to ensure the tenants have settled in well , there are no
maintenance issues and to rectify any initial problems.
Our quarterly in-person inspections are thorough and packed with photos. Any repairs or maintenance issues are reported to you and remedied in accordance with your directions. If we identify items in need of urgent attention by the tenant, a follow up inspection is carried out to ensure they are addressed promptly.
5. How often will I receive statements and payments?
You can opt for twice monthly, or just one payment at the end of the month. Statements are emailed immediately to you and any copies of invoices paid (such as council, water, maintenance etc) are attached. Funds are deposited directly into your account via EFT.
You can view your statements and financial reports any time via your secure landlord portal too, making filing easy. End of Financial Year summary statements are generated and delivered on the 1st day of July each year.
6. Can you pay other bills relating to my property?
Absolutely, and we highly recommend it. Any bills relating to the property such as rates, water and levies can be addressed directly to us for payment. This is a very effective way of maintaining all the relevant expense records for your property. A copy of any account paid will be attached to your electronic statement. All expenses paid are included in your summary statement at the end of each financial year making tax time easy.
7. Do I have to insure the property?
Yes. It is the Landlords' responsibility to maintain appropriate building, public liability and fixed contents on the premises such as: air conditioners, window treatments and the like that are not covered by building insurance. It is the responsibility of the tenant to insure their personal belongings / contents. We also highly recommend Landlord Protection Insurance which provides cover for things such as loss of rent in the instance of a defaulting tenant, malicious damage and any accidental tenant damage.
8. How do you follow up rental arrears?
Curtis & Blair real estate are really proud of our low amount rental and water arrears. They are all monitored daily with reminders and notifications commencing at day one. In the unlikely event our process is unsuccessful, we will keep you informed.
9. Can you guarantee that the tenant will pay the rent on time and won't damage my property?
Unfortunately no agent can guarantee this. However, we can reduce the possibility of this occurring through careful tenant reference checking and selection, excellent arrears control and thorough routine inspections. Ensuring your property is maintained to high standards will also attract the best quality tenants to apply for your property, further reducing the risk.
Having adequate Landlord Protection Insurance in the event of a defaulting tenant is also highly recommended.
10. What is Landlord Protection Insurance?
This is something we highly recommended all Landlords have. Policies include cover for loss of rent for a defaulting tenant, malicious damage, public liability protection and more. In the unlikely event of a claim, our experienced team will help you achieve the very best outcome from your insurer.
11. Does the tenant pay for water?
Yes. It is the responsibility of the tenant/s to pay for all water consumption. It is the landlord's responsibility to pay for the Water and Sewer Levy. NSW Water accounts remain in the name of the landlord, and every quarter we 'on-charge' your tenant for their portion of the account.
12. Do you have reliable tradespeople?
Yes. Curtis & Blair real estate have excellent relationships with a variety of trades, ensuring excellent workmanship and value for money prices for our clients. Check out our directory for contact details.
13. How much will it cost for you to manage my property?
14. How do I switch managing agents?
If you are looking to make a switch, regardless of whether your property is vacant or tenanted, it is a very simple process. There is no cost involved with switching agencies, even if your property is tenanted. For all the details on how, click here.
Touch base to chat about switching to Curtis & Blair today