Guide to Property Management

Guide

to Property Management with Elders

Effectively managing your investment property is a critical component to a successful, profitable investment. Many investors start out with enthusiastic intentions, but end up not having the time or the know-how to get the best possible return on their investment. Elders Real Estate specialises in professional property management.

Through our nationwide network, we currently manage more than 63,000 properties across Australia and have a database full of prospective tenants actively looking to rent right now. Our qualified and experienced property management consultants will happily manage everything for you, from tenant selection through to rent collection, and everything in between.

Preparing your property for rent.

Before you can rent out your property, you’ll need to ensure it reaches standards expected of rental properties across Australia, and that it complies with frequently changing legislation in your state or territory. Elders Real Estate is up-to-date with all standards and legal requirements, and will offer specialised advice so you can fulfil these obligations and attract quality tenants and a consistent, reliable rental income.

MANAGEMENT AUTHORITY FORM

If you have chosen a property management service to act on your behalf, you must complete an Exclusive Authority to Act as Managing Agent for Residential Premises before we can legally start advertising and managing your investment property.

INCLUSIONS

In some states and territories, to protect the safety of your tenants you’re legally required to install and maintain working smoke detectors, electrical safety switches and pool safety fencing and gates. In addition, to help protect your property and maximise your return on investment, we always recommend you install exhaust fans in the kitchen and bathroom/s, door stops, window screens, air conditioning, TV antenna, Pay TV and internet connections, deadlocks for windows and doors, quality floor coverings and provide bathroom/s and kitchens that are in good condition.

KEYS

You’ll need to supply three full sets of keys to us, including window keys, garage door keys/remotes and shed keys. One set of keys is held permanently at our office and two sets are supplied to the tenants as required under your state legislation. In some states deadlocks are also required on external doors.

HOUSE AND CARPET CLEANING

To maintain a good standard of cleanliness, we recommend having your house and carpets professionally cleaned before your tenant moves in. The tenant is required to return the property to the same condition at the end of the tenancy.

UTILITIES AND MAIL

Before your tenant moves into your property you should disconnect any utilities that have been connected in your name. Your tenant will be required to reconnect the utilities before they move in. Likewise, if you have mail sent to your property’s address, you’ll need to organise a mail redirection order at any Australia Post branch.

We’ll find the right tenant.

MARKETING

To find the right tenant for your investment property, we’ll design a comprehensive marketing strategy to gain the most exposure and attract the maximum number of applications. We’ll list your property on the internet using popular and reputable real estate sites like elders.com.au, realestate.com.au, domain.com.au, homebound.com.au, myhome.com.au, and rent.com.au

We’ll also use Search Engine Optimisation (SEO) software to maximise website visibility in search engine returns.

TENANT SELECTION

Elders Real Estate has a stringent selection process used throughout our office Australia-wide. Our tried and tested process ensures we find quality tenants for your property to get the best possible return on your investment. This involves:

• Guaranteeing prospective tenants meet our 100-point check list and complete the full application procedure.

• Accepting tenancy application forms only after a property has been inspected to avoid any confusion.

• Thoroughly analysing the application and verifying information, such as employment and financial details, personal and employment references and previous rental history.

We generally shortlist applications to between one and three prospective tenants and provide you with our professional recommendation so you can make an informed decision.

Our management promise to you.

Once a successful tenant has been selected, we commence the relevant paperwork on your behalf, including the residential tenancy/lease agreement and a written Property Condition Report, and collect the bond and first rent payment and issue the keys. We then continue the ongoing management of your property, which includes collecting rent, conducting rent reviews and property inspections, organising repairs and maintenance and preparing end of financial year statements for you and your accountant or financial advisor.

RENT

Your tenant is required to pay rent in advance using easy and convenient options. Our system notifies us immediately if a tenant falls behind in their rent and we use a variety of methods to communicate with them to issue reminders and follow-up on payments.

RENT REVIEWS

We regularly review the current rental market to maximise the ongoing profitability of your investment.

INSPECTIONS

Inspections are carried out before, during and after your tenants’ tenancy period. A detailed Property Condition Report is prepared before a tenant moves in, including photographs if necessary. This report is used for comparison when the tenant leaves to make sure the property is returned in the same condition. We also undertake regular routine inspections throughout the tenancy to ensure the tenant is taking care of your property. You are welcome to attend these inspections if you choose.

REPAIRS AND MAINTENANCE

When repairs and maintenance are required, we’ll liaise with you and your tenant, provide our recommendation to you and, upon your approval, we’ll organise licensed and insured tradespeople to carry out necessary work. We also issue you with a recommended schedule of routine maintenance to keep your property at peak condition to maximise your rental income.

EOFY STATEMENT

We produce end of financial year (EOFY) statements in July that summarises income and expenditure for the financial year.

Elders Real Estate can professionally manage your investment property so you get the very best return on your investment without the stress. We’ll interview and present quality tenants to rent your property and build a good, proactive relationship with them throughout their tenancy. We’ll not only collect the rent on your behalf, but we’ll make sure your property is well maintained and you’re kept up-to-date on your investment’s financial performance.

Call an Elders Property Management consultant in your area today for a free, no obligation quote to manage your property.

For more information on Elders Real Estate managing your property, visit: www.eldersrealestate.com.au and find your local agent.