Finding a Tenant
Ultimately this is a risk area for any owner of an investment property. We are proud of our advertising record on realestate.com.au and in the last six months we have achieved the highest engagements for advertisements in the suburbs of Darlinghurst, Maroubra, Petersham, Annandale and Birchgrove.
We are committed to responding to tenants and keeping them up to date with property open times and any changes in rental pricing. We require all tenants to register to see a property which gives us the opportunity keep them updated and provide you with quality feedback.
Our priority is to minimise the risk of vacancy while maximising your rental return. Our systems and procedures are set up to ensure that we are pro-active when it comes to the potential of your tenant vacating or managing a totally new investment property.
Applications and Paperwork
We’ve been doing this a long time and we’ve found that talking to potential tenants is our first port of call when determining if they are the sort of people you would like living in your property. Crazy isn’t it but we can tell so much from those conversation that is not mentioned in an application.
Of course there is the formal application process to and we are diligent in ensuring that employment, tenancy and personal references are checked. We also check a national tenancy database for any outstanding matters against the applicant.
We prepare and sign the lease with the tenant on your behalf, including Let’s Rent’s additional special conditions to further protect you and inform the tenant to our expectations during their tenancy. The condition report forms part of this and is a thorough record of the condition of your property including photographs prior to the tenant taking possession.
Rent Collection and Arrears Control
Ninety nine percent of Let’s Rent tenants pay by direct debit. The small percentage that aren’t are generally on company leases. By using this method and having zero tolerance for any arrears, even if it’s just one day it’s late, we’ve been able to reduce our arrears to less than half a percent of our portfolio on average as measured at the end of each month.
Our management of arrears starts before the tenant has even moved into your property. As part of the induction process, when a tenant is signing the lease, they sign to say that they understand Let’s Rent does not tolerate arrears and any arrears in rent is a breach of their lease agreement.
End of Financial Year Statement
We will thoroughly check all employment and previous tenancy references in addition to checking a national tenancy database. We also require a 100 point identification check for each applicant.
Repairs & Maintenance
We cannot over emphasise the importance of ensuring that repairs and maintenance are completed in a timely manner. In fact, it’s so important, we have team members dedicated to taking care of all maintenance items on the investment properties we look after.
We’ve established strong relationships with trades so that we can a) maintain competitive pricing and b) call on them at short notice to have emergencies and other jobs dealt with fast.
It’s so important that your property is inspected regularly to check on how your tenants are living in your investment. Sometimes, they don’t notice that repairs are required and sometimes they are just too busy to take the time to let us know. When we book our routine inspections, we ask the tenants to let us know of any issues they are aware of.
If, for example, we come across a garden that needs attention or a property that is not satisfactorily clean, we will ask the tenants to attend to the issue and we’ll go back in a few weeks to make sure all is ok.
A few weeks prior to your tenants lease expiring, we’ll be in contact with you to let you know if your tenant is staying on or, if we will need to find you a new tenant. At the same time, we’ll let you know the market rent for your property.
That said, we’ll be keeping you up to date with the vacancy rate in inner Sydney each month as well as market conditions we are seeing on the ground.
Expenses and Statements
We run a trust account for all rental and bond monies which is audited every year. Each year we have been audited, we’ve received a clean slate with no exceptions reported to Fair Trading. We take the responsibility of trust monies very seriously and reconcile this account every banking day.
We’ll take care of paying your council rates, water rates, strata levies and any maintenance expenses. Your rental monies less any expenses will be transferred to you at the end of each month and an electronic statement with all paid invoices will be emailed to you at the same time.
At the end of each financial year, you’ll receive an electronic statement summarising your income and expenses. Just forward this to your accountant and they will take care of the rest. It’s that easy.
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We will receive rent from your tenant on a fortnightly or monthly basis. We’ll then pay any invoices on your behalf and then disburse the balance to you at the end of each month. This will happen on the last business day of each month.
Of course, the statement will be emailed to you at the same time with soft copies of all invoices attached.
We review the rent each year when we look at whether you will want your tenant to stay on. We’ll give you a market review and advise you on the best way to handle giving your tenant a rent increase if the market suggests this is appropriate.
We’re super careful about not putting you in a risky situation where your tenant vacates due to a rent increase. It’s a fine balance but we will always let you know the pros and cons.
At Let’s Rent, we believe that having portfolio managers is completely outdated and terribly inefficient. So, we thought about how things could run smoothly and efficiently and came up with a task based team structure.
That means you talk to the team member best placed to answer your question. Take a look at the team here.
Otherwise you are always welcome to email Lisa on email@example.com and she can direct your question appropriately.
That’s always our aim because this provides you with the most protection against the risk of vacancy. We have 85% of all tenants on leases and always recommend this to clients but of course that is a personal choice.
We have strong processes around being proactive as your tenants lease is due to expiry with our first contact with you around 8 weeks prior to the lease expiring. This enables us to plan and be prepared if the tenant is planning to vacate or if the tenant is reluctant to sign a new lease. Hey, sometimes it will be smooth sailing with your tenant agreeing to a rent increase and signing a new lease.
We’ll never bombard you with red tape or unnecessary process. Our job is to make renting a property simple. For you, we’ll always be pro-active. We’ll break it down, tell you your options, and give you sound advice based on our many years of experience. No fuss and less stress so there’s more time for you to focus on what you’d rather be doing.
Well, we have a strong brand which is growing all the time so at this stage we often have great people approaching us. We’ve found that recruiting people with the right skills and attitudes is far, far more important than recruiting for property management experience. In fact most of the Let’s Rent team have been trained in house.
We know that a strong negotiator might not be skilled at data entry. Someone who loves project management might not like accounts. We don’t operate like a normal agency – we have specialist tasks, specialist roles, and specialist people.
There is always more to learn, more to try, and more that can be done. Our innovation is one of the reasons we have flourished. We are early adopters and have been one of the first to take on many new technologies to improve our service standards and quality. At the heart of our desire to improve is our mission to offer the best possible support and service to our clients and tenants. We’ve been giving the big guys a run for their money since 2005.
Well, we started working through this one about 7 years ago. We turned it on its head and now we are in control because all rent received is via direct debit. This actually makes it easy for tenants to pay on time as we set the date and they know each month or each fortnight the exact day we will be debiting their account.
It also means, it is very clear when funds are not available in the account as the direct debit will fail. We explain the process to tenants when we go through the tenant induction. We are very proud that our arrears are consistently less than 1% of all properties we manage.
We love this questions because at Let’s Rent, we have 99% of our tenants in advance on average. Why? We set up all tenants on direct debit so all tenants know when we will be taking the money out of there account. We also talk to them about our expectations for zero arrears. After all isn’t that what signing a lease means.
On those odd occasions where there may be an issue, we will let you know and do all we can to work with the tenant to get things back on track.