Landlord Information

 

FORMS
RTA-change-of-lessor-agent-manager-provider-form5

PO6 WITH FEES
FACT SHEETS

rta-fact-sheet_allowing-time-when-serving-notices

rta-fact-sheet_smoke-alarms

rta-fact-sheet_water-charging

 

FREQUENTLY ASKED QUESTIONS

 

I want to benefit from the personal service from a small team who specialises in Property Management!

How much will it cost me? Let’s find out 

Proposal to Manage Your Property

 

My property is managed by another agent, what do I do? That is easy 

Fill in the agreement to end an appointment of agent form and give notice to your current agent, copy us on the email and we can arrange handover from there!

AGREEMENT TO END AN APPOINTMENT OF AGENT UNDER PO6

 

AT THE START OF THE TENANCY:

Why should I use a property manager instead of managing the property myself?

Investing in property can be an emotional experience – it takes on new meaning when you own someone’s home as compared to investing in shares.  Managing it yourself means developing a close relationship with your tenants.  This can be problematic if you are constantly being contacted for minor maintenance issues, and it also makes it difficult for you to pursue rent arrears and introduce rent increases if you feel friendly with your tenants. Many properties managed by private owners are under market rent.  When things go wrong and tenants go in arrears, owners do not have the training and experience to adequately handle evictions, court appearances, and insurance claims.  Your property manager’s fees are tax deductible – why risk emotional and financial stress when your interests can be protected by a professional?  See the link for our policy on rent arrears.

No Free Rent

 

I’ve decided to use a property manager to professionally manage my property.  How do I choose the right agent for me?

The media is quick to jump on the horror stories that happen in owner’s investment properties, and while it is great to be informed it is a shame that the good stories and the great property managers don’t get the same media attention.  It may take time to decide on who you feel is the right person to manage your property. This is different to appointing a selling agent for your home, because you will have an on-going relationship with your property manager.  It is worthwhile asking yourself a few questions: is price the most important factor for me? Do I want to deal with a large company where I may have several property managers working on my property or do I prefer a small business with individual attention where I can build a relationship with my property manager? See the links below for a handy questionnaire you can use when interviewing potential property managers, and 20 Good Reasons to choose us to manage your property.

Investor Survey

20 Good Reasons to Choose Stacey Lee Realty

 

I’ve decided I would like to change agents – is this hard to do?

No, the process is not difficult. You have the right to choose who you want to manage your property, and if you are not satisfied with your current property manager you have the right to end your current agreement.  On page 2 of your current PAMD 20a Appointment of Agent at section 4.2 (or page 3 on the newer version PO6) your current agent will have a notice period entered for the end of continuing appointment. This can be as much as 90 days but under law may be no less than 30 days under a PAMD20a agreement, while under the PO6 agreement it is 30 days or less with written agreement.  (If it is 90 days on a PAMD20a, you can negotiate with your agent to reduce this notice period to 30 days, and provide them notice in writing that you are ending the appointment).  You can use the form below for this.

Agreement to Terminate an Appointment

AGREEMENT TO END AN APPOINTMENT OF AGENT UNDER PO6

 

I’m nervous about changing agents. Is there a stress-free way to make the change?

Yes there is. If you would like us to manage your property, once you have given the written notice to your current managing agent we handle the transition process for you.  We liaise with your current agent upto handover date, then we meet with your tenants and discuss our property management services and processes.  We believe in using Best Practice methods, and we are confident we offer outstanding service. We back this up with our Service Guarantee – if you are not satisfied within the first three months we will refund our management fees.  This is a stress-free way for you to try us and see how we do business differently. You will be pleased you made the change.

Stacey Lee Realty Service Guarantee

 

How do I prepare my property to let?

Recommendations to Prepare Property to Let

 

 

Should I clean my property before I advertise for tenants?

Yes, absolutely! We want to attract quality tenants who will want to care for your investment property and treat it as their home, and the best way to attract them is to have your property cleaned to a professional standard. Tenants are obliged to return the property in the condition in which they received it (minus fair wear and tear), according to the standard recorded on their Entry Condition Report.  We recommend professional cleaning prior to marketing your property, and then encourage tenants to use our cleaners again when they vacate.  We provide the following checklist to tenants upon vacating so they know what is expected for a vacate clean.

Cleaning Checklist

 

How do I know how much rent I should get for my property?

Your property manager will provide you with a current market analysis that explains the predicted rent you should achieve for your property.  This can be affected by market conditions such as supply and demand, and the time of the year your property is vacant.  You can go to the Residential Tenancies Authority website to see average rents for your area (keeping in mind it is an average).

 

What can I do to prevent long periods with my property being vacant?

There are several things you can do to ensure your property is income producing with limited down-time.

- The first logical step is to refer to the Current Market Analysis (CMA) provided by your property manager to see if your property is priced correctly.  It is worth doing the sums to see how much you save over the year for a minimal adjustment in weekly rent – for example, if your property was rented for $420/week and you are looking at a vacant period in a slow market, it may be worth reducing the rent to $400 for a six month lease (or twelve month with increase at six month mark). This will make your property stand out as excellent value and it will appeal to more tenants, providing you with a pool of applicants to choose your ideal tenants.  This would mean $520 less rent over the six month period – which is equal to just over one week of vacant time. Isn’t that more appealing than having your property sit vacant for three or four weeks at a cost of $1260-$1680?

- Is the property in a good state of repair so it is appealing to tenants?

- Does it present well from the street? It is a good idea to have the gardens maintained by your property manager’s recommended gardener during the vacant period.

- Is it advertised well? What sites is it listed on?

- How is your property manager handling enquiries? Are they responded to promptly?

- How is your property manager treating prospective tenants at inspections?

It is important to be using a professional property manager who always shows up for appointments, responds to enquiries in a timely manner, markets your property effectively, and maintains your property so it attracts quality tenants.

 

I’ve got multiple applications – how do I choose the best tenants for my property?

It can be difficult to choose the best applicants when you have multiple candidates applying for your property.  It is a good idea to go with your property manager’s recommendation, considering applicants’ ability to pay the rent and their previous rental history.  It is important that your decision complies with the relevant legislation.

Anti Discrimination in Rental Property

 

DURING THE TENANCY:

The tenants have requested some maintenance.  What are my obligations?

See below Section 185 of the Residential Tenancies and Rooming Accommodation Act 2008 and the relevant RTA fact sheet. It is a wise to maintain your property as it ensures your investment is in good condition thereby holding its value and appealing to quality tenants.

185 Lessor’s obligations generally
(1) This section does not apply to an agreement if—
(a) the premises are moveable dwelling premises consisting
only of the site for the dwelling; and
(b) the tenancy is a long tenancy (moveable dwelling).
(2) At the start of the tenancy, the lessor must ensure—
(a) the premises and inclusions are clean; and
(b) the premises are fit for the tenant to live in; and
(c) the premises and inclusions are in good repair; and
(d) the lessor is not in breach of a law dealing with issues
about the health or safety of persons using or entering
the premises.
(3) While the tenancy continues, the lessor—
[s 185]
Residential Tenancies and Rooming Accommodation Act 2008
Chapter 3 Rights and obligations of parties for residential tenancies
Part 2 General standard of the premises
Page 126 Reprint 1D effective 9 September 2011
(a) must maintain the premises in a way that the premises
remain fit for the tenant to live in; and
(b) must maintain the premises and inclusions in good
repair; and
(c) must ensure any law dealing with issues about the health
or safety of persons using or entering the premises is
complied with; and
(d) if the premises include a common area—must keep the
area clean.

rta-fact-sheet_rental-premises-use-condition-repairs

 

What is required for my property to comply with the legislation?

Most owners are aware of their obligations for smoke alarms and safety switches, and the new pool laws are now in effect also. Recent legislative changes to the Trade Practices Act also make landlords suppliers of blinds so their window furnishings need to comply with new safety requirements.  We can organise the specialised companies that inspect and ensure compliance for your property.

Trade Practices (consumer product safety standard – corded internal window coverings) regulations 2010

rta-fact-sheet_smoke-alarms

SAF02 – Safety Switch Fact Sheet

POOL05 – Pool Safety Leasing a Property

 

What can I expect from routine inspections?

At Stacey Lee Realty we contact your prior to booking our routine inspection in case you will be in Brisbane and would like to attend. If you are unable to attend, you will still be kept informed on the condition of your property as we do a comprehensive inspection and photograph any maintenance issues, and send this through with a report to you.

 

It’s tax time. What do I need from my property manager?

As your property manager processes end-of-month they will issue you a monthly statement.  It is useful for you to have this for preparing your tax return.  Some agencies will offer an Income and Expenditure Statement for the financial year – this itemises all income and costs and is the best option for you to provide your accountant to allow reduced time for them processing your return (saving you in fees).  It is important to hold onto the invoices for repairs and maintenance in case you are audited.  You may also benefit from a depreciation schedule as even old properties have items that can be depreciated – if you don’t have a schedule you could be missing out on significant savings.

 

AT THE END OF THE TENANCY

Lease renewals – what can I expect?

At least three months prior to the end of your tenants fixed term agreement, you will be contacted by your property manager to discuss your plans for the property and a current market analysis will be completed.  Once we have your instructions, we will offer a new agreement to the tenants.  Upon acceptance of the agreement, we organise this to be signed and send through a copy to you.

 

What happens if the tenants break their lease?

If tenants need to break their lease they will be responsible for the re-let fee, not you.  They are also required to keep paying rent until new tenants are approved and moving into the property.  We handle the screening of applicants and discuss all applications with you, thus ensuring a suitable replacement for your property.

 

Can I keep the tenant’s bond at the end of their lease?

Your tenants are required to return the property in the condition in which they received it according to the Entry Condition Report, minus fair wear and tear. The bond can be claimed against for any damages as a result of their tenancy, and this amount can be negotiated with the tenants to ensure your costs are reasonably considered.  If the tenants do not agree to the claim, it can go to dispute resolution with the RTA, and if still unresolved it may end up in QCAT.  We communicate with you throughout the whole process to determine the best course of action for you.

 

I’m pleased with the service I’m receiving from Stacey Lee Realty and I’d like to tell my friends about it.

Thanks! We appreciate you sharing that you are having a good experience. If you refer a new client to us and they sign a management agreement for us to be their new agent, they will receive one month free management and so will you! Read our Referral Rewards page for more information.