1. When do I receive my rental funds?
All monies received on your behalf are held in our 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 statement. Rent is paid into the Landlords nominated account within two days of our company receiving cleared funds from the tenant. We undertake landlord payments twice a week so that our landlords receive their rent promptly.
2. What is the average length of a Tenancy Agreement?
In today’s market less Tenants are requesting 6 month tenancies due to the costs of moving premises and the desire to have security with their home and the knowledge the rent will not alter over the next 12 months. We suggest a new Tenant’s first Tenancy Agreement be for 12 months to see how the Tenant performs. If the market allows a rent increase can be written into the Agreement at the 6 month mark. The Agreement may be re-negotiated before the end of each fixed term period. We contact you about 3.5 months prior to a lease expiry with options and advice about rent.
3. What Insurance is needed for my property?
Before renting a Property it is highly recommended to 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 are vital and public liability cover is a compulsory requirement. Packages are typically available from your preferred Insurer for cost effective and comprehensive protection. All queries about insurance must be directed to Insurance Providers.
4. How will you find my tenant?
Within 24 hours of listing your property we will be generating exposure to attract the best tenants. Immediately we will cross match your property with all prospective tenants on our Inspect Real Estate database & display your property on our rental stock list. Additionally the most essential element of the marketing campaign is the internet and to ensure your properties maximum exposure it will be easily found and presented with pictures on both our prominent web site and Australia’s No 1. Real Estate web site – realestate.com.au (along with domain.com.au and homely.com.au), ensuring tenants can access information on your property 24 hours a day, 7 days a week. At the end of each week you will be emailed a detailed report showing the number of inquiries received, show throughs conducted and applications received for your property.
5. How long will it take to find a tenant for my property?
We aim to find high quality Tenants in the shortest possible timeframe. The time it takes to find the right Tenant depends on several factors, including rental price, demand in your area and location of your property and how ‘ready’ your property is to rent (I.e. no outstanding maintenance or repairs required and vacant).
6. How do you qualify prospective tenants?
All tenancy applications received at Black & White Property Management are thoroughly reference checked inclusive of identification, means of income, previous tenancy references and workplace references. Additionally, we check all tenants against the National Tenancy Database which records details of defaulting tenants. Only candidates who pass this screening process are put forward to you to consider.
7. Can you guarantee that the tenant will pay the rent on time and won’t damage my property?
Unfortunately, no agent can guarantee that, however we can severely reduce the possibility of this occurring with careful tenant 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.
8. Who will organise repairs?
Work arranged by our Agency for your Property is carried out by a suitably qualified and licensed trades person. 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 tradespeople who have met our Agency’s stringent criteria.
9. How much will my property rent for?
Your property will be inspected by a senior member of our Property Management Team who will provide you with a comprehensive rental appraisal including data to show the suggested rental income based upon actual comparable properties of a similar type in a similar location.
10. How many inspections will you conduct on my property? Can I attend the inspections?
The frequency of property inspections for rented premises in Victoria is legislated to intervals of “not less than six months”. However, we are permitted to conduct the first inspection three months after a Tenant moves into your property and routine inspections are scheduled every six months thereafter. You are welcome to attend the inspections. By law, Tenants must be notified in advance of an inspection taking place and are also able to be present during the inspection. We also always prepare a thorough inspection report with photographs which are sent to our Landlords for their records.
11. Who pays for water?
The Landlord is responsible to pay Council sewerage and drainage rates, Land Tax and all corporate charges. From the date a tenancy commences and if specified on the Tenancy Agreement, Tenants are responsible to pay for electricity, telephone, gas plus water charges over and above the average allowance incurred. The Landlord can pass on full water consumption costs as long as their Property meets certain criteria.
12. Do I pay for the telephone connection?
It is recommended that if the Property is new or has been vacant for a while and a telephone line is not connected to the Property the Landlord pays for a line connection. We recommend that the tenant organise the work and submits the account to us for the Landlord to pay. The Tenant is responsible to pay for the service connection to the line and all services used.
13. Can you pay other bills relating to my property?
Absolutely, and highly recommended. Any bills relating to the property such as rates, water, insurances 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.
14. How do you follow up rental arrears?
Black & White Property Management monitor our rental arrears daily and pride ourselves on our excellent arrears record. Our rental arrears procedure is as follows;
2 days in arrears - email to tenant
3 days in arrears – SMS to tenant
5 days in arrears - phone call to tenant
7 days in arrears – formal letter
10 days in arrears - SMS to tenant
13 days in arrears - phone call to tenant
14 days in arrears – Notice to vacate served (with your approval) when the law allows and send a copy to you. We maintain contact with you until the matter is finalised.
15. How much will it cost for you to manage my property?
At Black & White Property Management you will be charged an ongoing management percentage, which is based on a sliding scale, dependent upon the weekly rental your property is achieving. For detailed information on our fee structure, or for a free information pack, please contact our office on 03 9448 8195.
16. 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 that we can take care of. Once notification is provided to the current agent in writing (usually by email), we will organise to obtain & collect all required information from the agent, including files, keys, bond transfers etc. We will also introduce ourselves to your tenant and advise of the impending change. If your property is tenanted there is NO cost to switch agencies.