There are a few requirements when qualifying for a tenant. They include:
- Having full time employment for a long and stable amount of time
- Bank savings
- Ability to service monthly repayments
- Perfect routine inspection reports and refunded bond in previous tenancies
- 100 points of identification
- Consideration whether the property is right for them logistically and in terms of lifestyle
There are many factors to take into consideration when determining rent value. This is crucial to finding the right tenant for you. After determining all factors considered, we will have the information to set a rental price for your property. Some factors may include:
- The condition of your property: what is the age of the home? What kind of condition is it in? Are all fixtures and fittings fully functional and in good order?
- Market demand: what is the current demand in the rental market for properties like yours?
- Competitors: we compare your property against similar properties in the area for rent to get an understanding of how much they are listed for. Similarities may include age, number of bedrooms, proximity to schools/shops/public transport and condition of the home.
We endeavour to have your property leased as soon as we can considering the market conditions. Currently, we have averaged a period of less that 14 days to lease a property.
At Property Managers Footscray, we offer leases of only 12 months. We believe this is the best amount of time for a tenancy as it strikes a balance between high-risk short term tenancies and complacent long term tenancies.
We are not able to fully guarantee the outcome of the tenancy as it is dependent on them to maintain the property and keep up to date with payments. This is why we have an in-depth tenancy verification when screening for tenants – we have a look at their history and the outcome of previous tenancies to advise whether or not we believe they will be a good tenant for you.
We do an initial inspection after the first 3 months of a new lease to see how the tenant has settled and what condition the home is in. After this, we conduct routine inspections every 6 months until the end of lease.
The rental terms will hold until the end of lease. It is at the end of the 12 month term when a further lease offer will begin to be considered and the terms are reviewed. While taking into consideration the price of comparable rental properties, we will also consider:
- The tenant’s rent repayments and whether they were completed on time
- Condition of the property at each inspection and whether or not there were any issues/damages
- Market appraisal of weekly rent
Our property managers will conduct a Condition Report when a new lease commences prior to the tenant moving in. We inspect the property to provide a full, in-depth report on the condition of the home and how it was before the tenant moved in. We provide detailed images for your peace of mind. This Condition Report is then compared against the home at the end of lease to ensure the condition of the home stays the same throughout the lease.
As stated in the contract, the rental rate will not change throughout the term of lease, unless in the case of a special provision. At the end of lease, upon renewal, a written notice must be provided to the tenant of any increases made to the rental agreement.
At Property Managers Footscray, we understand the importance of a timely rental payment. Our policy is to contact the tenant and notify them to vacate the property as soon as we legally can – 14 days.
The tenant is able to change the locks and add additional security only once the consent of the landlord has been obtained. Once the owner grants permission to change the locks, the tenant will pay all required expenses and provide the landlord and agent with a copy of new keys.
As the owner, you are able to inspect the property once the tenant has been given 48 hours of notice. However, we are limited to 4 inspections within a 12 month period.
At the end of the 12 month lease, the tenant must provide a notice of 28 days in writing if they wish to vacate. If the tenant wishes to vacate before the 12 month term they must pay break lease fees – continue paying the lease until a new tenant is found or until the end of lease.
Landlord insurance is not compulsory to have, however at Property Managers Footscray we highly recommend obtaining insurance. This will protect you from rental income loss if the tenant fails to pay rent and you will be protected in the case of theft or damage by the tenant.
The Residential Tenancies Act 1997 states the existence of two main types of repairs: urgent and non-urgent.
Urgent: These repairs include any damages that are essential to safety and serviceability of the tenant such as serious flooding, dangerous electrical faults, gas leak, faulty appliances, faulty toilet system, burst water etc. These damages must be repaired within 48 hours.
Non-urgent: These are damages that are not essential to the safety of a tenant and can be fixed within 14 days of notice.
Any outgoings of which the tenant directly uses are to be paid for by the tenant, such as cost of water used subject to a water meter, electricity, and gas. We will notify the authority of the tenancy and billing details.
Other fees such as water service charges, rates, body corporate and property insurance are to be paid for by the landlord.