hockingstuart - PM Landlord Guide

How we work hard to protect your investment

Welcome

The fundamentals of good property management are straightforward: professionalism, commitment and a strong emphasis on customer service. The same key values we stand for here at Hockingstuart.

Our highly trained property managers are committed to delivering stress-free tenancies for our investors, utilising the most sophisticated industry software, systems and processes.

We expect the best from ourselves, to deliver the best outcomes for you. Making Hockingstuart the preferred choice for over 20,000 people who have already entrusted us to look after their investment property.

Read on to discover how our property management team operates, and specifically, how we work hard to maximise your investment.

Peter Hanscomb CEO of Hockingstuart

How our property managers work

Property Managers are tasked with handling the leasing and management of residential properties on behalf of property owners/investors.

They work to ensure that the property looks its best, prospective renters are adequately vetted and your investment generates the best possible return, with minimal vacancy periods.

We set our team members up for success with award-winning training and mentoring programs and connectivity to an extensive network of property experts.

As a result, they maintain a thorough understanding of all legislation and have an ongoing commitment to delivering the best investment returns for owners.

First steps

1. Set your goals

We will meet with you to discuss your property and investment goals, and detail the different types of rental options available to you.

2. Master the market

We will take you through the current rental market and how best to present your property, working with you to establish a rental price aligned with the property’s location and condition and current demand levels in the local area.

3. Understand your options

We will discuss the importance of Landlord Protection Insurance and the available options if required. If you choose to appoint Hockingstuart as your managing agency, we’ll guide you through the necessary paperwork.

4. Ask questions

Your investment property is most likely to be one of your most important financial assets. Therefore, we will always be standing by to answer any questions you may have.

Getting the best rent

Before we present your property to market, we may make recommendations relating to any outstanding maintenance issues that may need attending to, as well as any compliance matters which may need to be actioned.

This may necessitate repairs, the adequate provision of utilities or the legally required installation of smoke alarms or pool fencing. We’ll also make note of things that might enhance your property’s market appeal, and outline a suggested course of action.

After suitable preparations have been made to prepare the property for the leasing campaign, the next step is to market the property effectively. As it is vital to present the property looking its best, we’ll arrange for professional photographers to capture the most suitable imagery.

Furnished or unfurnished?

Furnished properties are a good idea for short-term leases or if you are looking to reduce the risk of property damage. However, they may not appeal to prospective tenants with their own furnishings. If you decide to furnish your investment, you should consider the potential for ongoing maintenance or replacement.

Your tailored marketing programme

In order to find the best renters, we will prepare a tailored marketing programme for your property. All major real estate websites and publications, office rental listings and other available sources will be considered, including our early alert database of over 2.1 million property seekers, our agency rental list, or specialist relocation agents who arrange accommodation for professionals within the corporate sector here and overseas. To capture the attention of foot traffic we may also suggest displaying a lease board prominently on your property’s front boundary.

Your Property Manager will organise and oversee all open for inspections and private inspections, along with their Leasing Manager if appropriate. It is their responsibility to greet prospective renters in person at the advertised or arranged times: we will never simply hand over keys.

Rental applications will be reviewed as they are submitted, and you will receive regular updates on the responses and progress of inspections. It is your Property Manager’s responsibility to review the submitted applications and any personal references supplied. You will then be presented with a high-level summary of the applications and a recommendation for your consideration.

Our unique pre-approval rental application system means we have renters ready to move in immediately. We’ve conducted our interviews and checked their references, and now they’re just waiting for the right property.

The leasing process is fin alised when:

- the Rental Agreement is signed

- the Bond has been lodged with the Residential Tenancies Bond Authority

- the first rental payment has been made

- all documentation is completed

- the keys have been handed over.

Remember, although the Property Manager may make recommendations as to the most suitable candidates the final decision on the chosen renters lies with the property owner/investor.

Before occupancy

A thorough property inspection will be conducted to detail and record the cosmetic condition of the property prior to occupancy.

This will potentially help with claiming against the bond at the end of the tenancy. The Property Manager will also ensure that you are made aware of the rights accorded to renters under law.

Details of the bond will be confirmed and arranged by the Property Manager, who will verify its lodgment with the Residential Tenancies Bond Authority. Following that, the Tenancy Agreement (also referred to as the Lease Agreement) will be prepared and signed.

Managing the tenancy

Your property is now occupied and the tenancy is underway. It is important that processes are in place to ensure timely rental payments. Tenancy inspections will be conducted in accordance with our represented policy and provisions contained within the Residential Tenancies Act.

Where maintenance is identifie d or requested by the renter, this will be communicated to you by your Property Manager with suggested solutions. All coordination of qualifie d and experienced tradespeople and sourcing of quotes will be handled by your Property Manager. Wherever possible, the property owner or investor will be consulted for fin al approval before any work commences.

Since happy renters are more likely to invest care into the upkeep of your property and present fewer issues with rental payments, it is good practice to keep them content and respond quickly to all reasonable maintenance requests.

Maximising future potential

End of tenancy options

The end of a fixed term tenancy period also offers an opportunity for a rental review. In such instances, your Property Manager will advise you as to what is achievable in terms of your legal obligations, what the market will support and the required notice period that needs to be extended to the renter for a rent increase to take effect.

Outgoing tenancy inspections

In the instance whereby your renter has provided notice of their intention to terminate their tenancy and post them vacating the rented premises, your Property Manager will conduct an outgoing tenancy inspection which is cross checked against the detailed ingoing Condition Report created before the said occupancy commenced.

Should there be no issue with the condition of the property, the bond will be returned to the tenant within ten business days as per current legislation. Should there be evidence of damage caused by the renter however ( excluding reasonable wear and tear ), the Property Manager will advise on the most appropriate course of action and work to achieve a satisfactory resolution.

As the end of a fixed a term tenancy approaches, you will be contacted to discuss how you wish to proceed. If there is no desire for change at your end, your Property Manager will encourage the renter to extend the rental agreement.

Our innovative network

Since we first opened in 1985, we’ve been a key innovator in Victorian real estate. We were the first to publish listings in magazine format, the first to hold auctions on Sundays, and early internet pioneers with our introduction of an online property alert in 2001. In no small measure, our successes have reshaped the entire industry.

We take pride in our Property Managers being at the top of their game. We’ve set the benchmark for training and career development, and it shows. Their local knowledge and ‘can do’ attitude guarantees the best service possible for all our clients.

Since merging with leading premium real estate group Belle Property in 2019, and expanding to the eastern seaboard in 2021 with the opening of our first NSW offices, our extensive network and history of collaboration results in a team-oriented approach that is second to none. When combined with our bespoke marketing programmes and our commitment to a continual refinement of our systems and processes, your choice of Hockingstuart can be made with confidence.