Welcome
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Welcome It is both a privilege and a pleasure for us to have the opportunity to provide you with the following information. This document is designed to make your leasing experience as easy as possible and to ensure that you are fully informed of the processes involved in the letting and management of your property. We strongly believe that Stockdale & Leggo would be the best agency to manage your property and look forward to meeting with you and helping you in any way we can. Your Sincerely,
Marguerita Mitris General Manager Leasing Division
WELCOME
Property Management Services Stockdale & Leggo specialise in helping you discover the true value of your property, both in its rental income and long term gains. Our advantage is in knowing the process of property management from the inside out. We build lasting relationships with our customers, by offering products and services specific to their needs. Property Management requires Personal touch Each Stockdale & Leggo team member is encouraged to build on their knowledge and experience with ongoing training. Whilst as a company we are continually learning, reviewing procedures and re-station our goals. This work rate allows us to confidently claim ours as one of the finest property management service available, for all property price ranges. Our managers not only have a thorough understanding of all aspects of property management, but also a total commitment to providing the highest level or personal service. A dedicated Property Manager with expert knowledge of the Residential Tenancies Act and other relevant statutory matters, including changes to legislation, assures owners that all legislative requirements are complied with. When it’s time to increase the rent, chase the arrears, conduct inspections, negotiate on repairs and meet other demands, it is essential to have a competent licensed individual, who has extensive experience managing rental properties and completely understands the rights and obligations of all parties.
PERSONAL TOUCH
Our Management & Leasing Services As an owner, you will no doubt consider the following matters to be important; • Receiving your payment on time • An experienced team taking care of your property • Prompt notice of when your property is to become vacant • A comprehensive knowledge of relevant legislation • Being informed when rent is in arrears • Regular, comprehensive inspections of your property • Minimum vacancy periods of your property • A thorough tenant selection process • Contemporary, professional marketing of your property • Clear, concise monthly and end-of-financial-year statements • Accurate appraisals and reports on you property • Prompt responses to your phone calls, e-mails and faxes • Effective, constructive advice, based on years of experience • Detailed records of all matters pertaining to your property.
SERVICE
What we do…. • • •
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Initial listing, inspection and rental appraisal of you property-backed by years of experience and an unmatched knowledge of the market Arrange photographs for websites and brochures Effectively market your property via the largest and most effective Australian real estate website www.realestate.com.au and our company websites www.stockdaleleggo.com.au Qualify prospective tenants through our rigorous selection process. This Includes the use of the National Tenancy database process and meeting all prospective tenants personally at our inspections. Complete Residential Premises Condition Reports Preparation of the Residential Tenancy Agreement (the lease), for each tenancy Collect and lodge the bond with the residential tenancy Authority Conduct thorough routine inspections throughout the tenancy (we are happy for you to accompany us at these inspections) Credit your funds via direct credit into your account. Obtain quotes and arrange for repairs including; maintenance, plumbing, electrical, painting, roofing, gardening, fencing, carpentry work, tiling and floor coverings. Monitor rental arrears daily and when necessary maintain ongoing contact with the tenant to ensure that payment is made promptly. Check invoices and make payment of council and water rates, Owners Corporation levies and other expenses as required. Prepare a comprehensive income and expenditure statement on a monthly basis. Regularly review, negotiate and implement rent increases. Provide advice and prepare and present all cases before the Victorian Civil and Administrative Tribunal. Prepare end of financial year income and expenditure statements. Provide regular newsletters which provide useful information on relevant property management issues. Implement any changes to legislation and or regulations that may impact directly or indirectly on you or your tenants. Maintain a modern, technologically advanced office to enable the most efficient service possible.
THE S&L DIFFERENCE
Advertising & Marketing Getting your property out there The days of just placing a ‘for lease’ sign up out the front of your property are long gone. We apply international property marketing standards, at an award winning level, to all of our marketing, in all forms of media and communication. We insist on only the best quality images and design, to guarantee not only maximum exposure, but also maximum effect. Internet Marketing The internet is by far the most popular medium for prospective tenants from the local area, as well as those relocating from overseas. It is for this very reason that we utilise realestate.com.au; the most expansive and highly used website in Australia (4.5million visits per month). The site allows us to upload high quality photographs, floor plans and detailed descriptions of your property. Through our own newly designed website, tenants are also able to easily access a range of documents that are relevant to them.
INFLUENCE
How Long Should It Take? Experienced property managers are working with tenants who have seen what is currently on the market and are waiting for something new to be listed. Therefore, most activity will generally take place in the first 14 days of a listing. Your property will most likely receive its highest activity during this time. After that initial period, the only people to look at your property will be new tenants in the marketplace. These people will often want to continue looking at other properties to educate themselves on the market before they submit an application. Our research graphed on the chart below shows the relationship of activity to the time a property is on the market.
A Few Words On Rental Value Be cautious of the agent who gives you an over inflated idea of your property’s worth without any justification or proof of comparably let properties. Be sure to ask for a well researched market analysis of rents in the area. If agents are inexperienced or haven’t got many properties to offer tenants, they may tell you what you want to hear to get you to list with them. This happens all too often and can result in a property staying vacant on the market for much longer than necessary and eventually being let for less than its true worth. Stockdale & Leggo can prepare a thorough, well-researched weekly analysis for every property. As a result, our landlords are much more educated and aware of market conditions whilst their property is for available for let.
EXPECTATIONS
Tenants Tenant Selection Successful property management starts with good tenants. While rental price is critical to investment performance, consider a high quality tenant to be just as important. Our high standards, experience and thorough approach help us to continually select the most suitable tenants for your property. The greatest care is taken to ensure that the perfect tenant is matched to your property. Following a guided inspection of your property, applicants complete a tenancy application form, inserting details of previous rental history, employment, 100 points of identification and referees. The Tenancy Agreement & Bond The tenants must sign a Residential Tenancies Agreement, setting out the specific terms of the tenancy along with a copy of the essential terms and conditions to the agreement. As your agent, we will sign the Residential Tenancy Agreement on your behalf and forward a copy to you or your records. Your property manager will inspect the property and complete a comprehensive Condition report, which is signed by both parties. The maximum bond we are permitted to hold during the tenancy is the amount equivalent to one months' rent for properties whose rent is up to $350 per week. Where bond is over $350 per week the amount of bond collected is negotiable. All bonds are lodged with the RTBA and not released until the end of the tenancy. Condition Report The condition report establishes the condition of the property at the commencement of the tenancy. This document is used as a comparison at the end of the tenancy and is the basis on which the bond is refunded. Tenants have three working days after the commencement of the tenancy to complete and return this report. If they neglect to return a signed copy of this report, they can forfeit their right to object if there is a disagreement at the end of the tenancy.
IMPORTANCE
The Details
Our service to your tenants Your tenants deserve the highest standard of care and therefore we offer them the following: Upon signing a lease with us, your tenant will be given a comprehensive leasing pack. This includes: • Welcome letter • Maintenance request forms • Conditions of Tenancy • ‘Renting a Home-a Guide for Tenants and Landlords’-Consumer Affairs Victoria (in accordance with the Residential Tenancy Act 1997) • Owners corporation standard rules and regulations • Tenant insurance information • Utility provider information • General tenant information Rental Arrears and control This does not occur often but when it does, we are fully equipped to complete an effective rental arrears process. We review rental arrears daily and always act swiftly to ensure your rental income is deposited promptly. Our resident Management software Console Gateway allows us to manage these processes in a timely and efficient matter. Lease Renewals & Rent Review As a Landlord, your principal objective is to maximise the return on your investment. Your property Manager will keep abreast of the rental market and will conduct regular rent reviews of your property. The increases are based on current market values and normally take place upon lease renewal. As an investment specialist, Stockdale & Leggo are extra vigilant in ensuring our landlords are receiving every dollar possible.
IMPORTANCE
Repairs & Maintenance There will be times when general repairs and maintenance are required. Items such as tap washers and stove elements are the responsibility of the owner to replace although the tenant does have a responsibility to care for your property and not cause excessive wear and tear. We will ensure the tenants are maintaining the property and will check if any maintenance is required through tenant notification and routine inspections. This ensures clients’ properties are well maintained and provide the maximum return on investments, both in terms of rental revenue and capital gains. To minimise the risk, we engage only professional trades people who carry Public Liability Insurance. We are happy to use trades people of your choice, if preferred, provided they have similar insurance. You can elect to be consulted on all necessary repairs prior to any work being carried out or you can give us the authority to carry out routine maintenance/repairs within the cost limit you have authorised. Minor and major renovations can be quoted o, and supervised by us, with as much or as little involvement by you as you wish. Routine Inspections Routine inspections are carried out by your Property Manager at sixmonthly intervals and a written report will be provided to you after each inspection. This will detail the internal and external condition and presentation of the property, the manner with which the tenants are maintain the property, any maintenance that may be required in the foreseeable future and our recommendations regarding Lease Renewal and rent reviews. A comprehensive inspection is carried out once the tenant vacates. The property is then restored to pre-occupancy condition and prepared for re-letting. We welcome you to be present at any routine inspection. Vacating the Premises The search for new tenants usually commences well in advance of the property becoming vacant. In most cases, by the time your property is vacated, a suitable new tenant has already been found, approved by your property manager and waiting to move in.
MAINTAINANCE
Protecting your assets Public Liability Insurance We are very conscious of recent court decisions against owners and their management agents wherein negligence has been proven for failure to carry out repairs. Where this failure has resulted in the death or disability of a person entering the property, large sums have been awarded by way of compensation. It is our recommendation that all landlords take out public liability insurance cover. This is usually included in your landlords’ insurance policy. Landlords often adopt the policy ‘it won’t happen to me’ which can be far from the truth. By allowing adequate cover, both landlord and tenant are covered by unforseen circumstances Landlord Protection Insurance Landlord protection insurance covers some particular risks associated with renting out a property that may not be covered in a typical home and contents or strata title insurance. Common features of a landlord insurance policy include protection against; • Malicious or intentional damage to the property by the tenant or their guests • Theft by the tenant or their guests • Loss of rent if the tenant defaults on their payments • Liability including a claim against you by a tenant Legal expenses incurred in taking action against a tenant It is important to understand that not all policies are the same and you should be thorough in your choice of insurer. You should also notify your insurance company that the property is tenanted. Residential Tenancies Tribunal-VCAT The basic role of the Victorian Civil and Administrative Tribunal is to arbitrate on disputes between tenants and landlords/agents. Our residential property management service extends to mediating between the tenants and the landlord should any dispute arise. Should it be necessary to attend a tribunal hearing our Property Mangers not only have a thorough working knowledge of the Residential Tenancies Act but extensive experience in the handling of Tribunal matters.
PROTECTION
Financial Statements and Payments Monthly Statements Landlords receive a detailed computerised owner statement itemising all income and expenditure, payments to you and a summary of transactions. Financial Year Statement At the completion if each financial year landlords receive an end of financial year statement outlining the total income and expenditure for the year. It is essential that landlords keep all tax invoices for expenses relating to the property itemising all income and expenditure in the case that they are audited by the Australian Tax Office Payment Rental income is electronically deposited into your nominated bank account as cleared funds. Expenses relating to your property can be paid by us directly from rent proceeds as instructed by you. These expenses include; • Repairs and maintenance • Council rates • Owners corporation fees • Water service charges • Landlord insurance
INCOME
How Much Should You Pay An Agent? The age old saying “you get what you pay for� definitely applies in real estate. Fees for letting and subsequent management can be negotiated between Landlord and agent usually between 5.5% and 9.9%. There is always an agent who is quick to offer a discounted fee or rate. If you are looking for the cheapest deal around then you should understand what you are getting and what you are missing out on. Usually an inexperienced or an untrained agent will discount his/ her fee in an attempt to beat a more experienced and highly skilled agent. We find that most people understand the value in getting an experienced professional to handle the letting and management of their biggest asset, and that a specialist generally costs more. An inexperienced property manager will generally bow to the pressures of an experienced tenant. This may lead to a loss of income for the Landlord or unnecessary maintenance costs.
REWARDS
The Decision Your decision as to which agent you should employ is a difficult one to make. You should feel comfortable with the agent and the company he or she represents. You should also have confidence that their marketing ideas and negotiation skills will optimise the rental return achieved for your property. Be very careful about choosing the cheapest agent or the one that gives the “highest quote” without justification. Remember, the agent who manages your investment efficiently and effectively is the most valuable agent. Consider the agent that is quick to discount his or her own fees to attract your business; Is it possible that they are desperate to get any business….. And if they cant negotiate their own pay, will they have ability to negotiate the highest rental return for your property? At Stockdale & Leggo, we don't aim to be the cheapest agent you can find, rather, the agent that will leave you with a smile on your face and the knowledge that your investment is being looked after as if it were our own. Ten reasons to consider using Stockdale & Leggo 1. Local Reputation 2. Our Website 3. Experience of our Property Management Team 4. Repeat Customers 5. Results 6. Negotiations Skills 7. Marketing Skills 8. Office Location 9. Guarantee of Service 10. Advanced IT System
DECISION
Maureen Gillham Director
Maureen is the co-owner of the Langwarrin and the Frankston Stockdale & Leggo offices. Maureen commenced her highly successful Real Estate career 1989 and joined the Stockdale & Leggo Langwarrin office in 1993. While involved in the real estate sales directly Maureen was consistently in the top ten sales people in the Stockdale & Leggo group, with twice being number 1 in the Southern Zone and number 2 in the Stockdale & Leggo Group. Living in the area for many years and being involved in the local community through her children’s activities enabled Maureen to give a personal touch to her client base with a lot of her business coming from referrals. Her enthusiasm, professionalism and exceptional service has brought excellent results for her clients.
EXPERIENCE
Chris McGown Director
Chris is the owner and licensee of Stockdale & Leggo Real Estate. He has worked in the local real estate industry since completing his HSC in 1985. Commencing his real estate career in 1986, Chris quickly made a name for himself as a young and dynamic salesperson. After managing a large multi office company and earning the distinction of becoming one of Victoria’s youngest ever licensed Estate Agents, he then proceeded to open his own company in 1992. Having dominated the Langwarrin real estate market for many years, in 2004 Chris and his business partner Maureen Gillham proceeded to purchase an adjoining office in Carrum Downs, and then in 2007 both partners embarked on the purchase of the Frankston Office. Chris is now widely recognised as one of the areas most experienced Estate Agents and his road to success has earned him the accolades of his colleagues and many awards, including a nomination for the 1992 Young Achiever Awards. Chris’ management and leadership skills has enabled the office to be recognized in the Top 10 Victorian Offices for the past 10 years and was Awarded Stockdale & Leggo’s prestigious Principal of the Year in 2005. His real estate knowledge covers a broad range of areas including residential, rural, new homes and land, subdivisions and project developments. When Chris’ busy schedule permits he enjoys travelling, going to the gym, martial arts, watching his football team and spending time with his pets
CREDIBILITY
Marguerita Mitris General Manager
Marguerita has lived in the Mornington Peninsula area all of her life. She loves the area, believes in its continued success and will never move! Having 3 years of solid experience in the industry as a Property Manager has helped Marguerita develop a solid client base with Stockdale & Leggo. She began her working life in the retail industry and completed her Agent’s Representatives License to start her career as an agent almost immediately. She brings extensive knowledge of VCAT and dealing with clients from different backgrounds to the award winning department, and takes every opportunity to extend her knowledge and provide training to staff. In her spare time, Margs enjoys spending time with her friends, walking her dog on the beach and visiting the many cafÊ’s on the Mornington Peninsula for her morning coffee. Being part of the successful and respected team at Stockdale & Leggo Frankston is crucial to Marguerita, and you can rely on her to fulfill all of your management needs with the highest level of professionalism.
RESULTS