To do this, we consider these factors:
- Demand – is there currently a high or low demand for rental properties? This can be seasonal and affected by a number of factors.
- What is available now – we look at properties currently available for rent and consider their location and features for comparison to calculate a maximum rent for your property.
- What we have rented right now – We compare your property with what we have currently rented, taking into account property location and features.
With this in mind, be aware your annual rental return will be reduced by 2% for every week it is vacant!
As the paying of rent and the maintaining of the property is purely voluntary on the tenant`s part, we cannot guarantee any tenancy outcome. This is a landlord risk that comes with owning an investment property. We recommend that you take out landlord protection insurance if the risk greatly concerns you.
The tenancy documentation includes:
- A statutory Tenancy Agreement
- A statutory Premises Condition Report
- A Rental Bond Lodgement Form.
- A New Tenant Checklist from the NSW Office of Fair Trading.
The major conditions would be that:
- The pet may not come inside the property.
- The pet must be removed from the property if it becomes annoying or bothersome to neighbours (after reasonable warning has been given in writing).
- The tenant must be responsible for any damage caused by their pet, and clean up any mess left by the pet.
- The tenant must have the carpet professionally cleaned and the property professionally fumigated upon vacating the property.
- Tenant: 21 days
- Owner: 90 days
While we can request that a tenant renew their Tenancy Agreement for a further fixed term, we cannot insist that they do so. Any renewal agreement must be mutually agreed between the parties.
This may necessitate having keys cut at your expense.
The law requires that an owner must provide and maintain locks and other security devices to the property in order for the property to be “reasonably secure”.
It is recommended that key operated deadlocks be fitted to all external doors and windows.
If the tenant wishes to alter the existing locks or add other security devices to make the property more secure, the tenant must obtain the owner’s prior consent and pay all costs. The tenant must provide the owner/agent with a copy of any new keys.
It is the landlord’s legal responsibility in NSW to provide working smoke alarms and light globes, and to fix any leaking taps prior to the commencement of the tenancy.
During the tenancy, the tenant is responsible for replacing any light globes.
The landlord is required to maintained the smoke alarms as such we recommend the use of qualified professionals for that purpose.
If there is no individual meter for the rented premises, as in the case of blocks of older style units, a tenant cannot be changed for water usage.
However, the tenant is responsible for any cost of water used during the tenancy if the property has an individual water meter and has legally prescribed water efficiency devices.
It should be noted though that Sydney Water requires that water availability and usage accounts must be paid in full by the owner of the property. We then request reimbursement from the tenant for the water usage component of the account.
Unless otherwise agreed, the tenant is responsible to maintain the lawns and gardens to the standard they were given at the start of the tenancy.
If the property is provided with watering systems these need to be working and kept maintained during the tenancy.
You can, however, the tenant needs to be given 7 days notice. The Owner/Agent are limited to a maximum of 4 inspections in any 12 months period.
There are 3 main ways that a tenancy can be terminated.
- To end the tenancy at the end of the fixed term
- Either party can give at least 30 days notice to end a tenancy when the fixed term of the agreement is due to expire.
- To end a tenancy after the fixed term has expired (i.e. a continuing tenancy)
- A tenant is required to give at least 21 days notice and the owner must give at least 90 days notice to terminate the agreement any time after the fixed term has ended.
- To end a tenancy due to a breach
- A 14 day termination notice may be given at anytime if either party breaches a term of the agreement, or if the tenant is more than 14 days in arrears of rent.
Residential Tenancy Agreements are legally binding contracts. However, if a tenant wishes to break the Agreement and vacate the property before the fixed term expires, the tenant is responsible for the following:
- 4 weeks rent if less than 25% of the fixed term has expired
- 3 weeks rent if 25% or more but less than 50% of the fixed term has expired
- 2 weeks rent if 50% or more but less than 75% of the fixed term has expired
- 1 weeks rent if 75% or more of the fixed term has expired
The question of what constitutes damage and what is considered acceptable “wear and tear” is always an issue in property management.
In cases of damage to a property attributable to a tenant that is not considered normal wear and tear, normally the bond will provide sufficient protection to remedy the damage.
If not, the owner can take action in the Tribunal against the tenant. Also, landlord protection insurance can cover this type of situation.
If it may be difficult to contact you on a routine basis, we suggest that you nominate someone locally to act as your representative in case of an emergency and that this person is advised of the extent of their authority.
That person’s name and contact details should be recorded in the Management Agency Agreement or alternatively, provided to us in writing.
Please notify us in writing as soon as possible.
You can go to the True Property website and use your Owner login user name and password to locate and reprint rent statements.
Alternatively, you can make contact with your personal senior property manager who can arrange for a replacement statement to be sent to you.
e.g ask the tenants to forward to us any mail addressed to you, however, they are not always as diligent with this as we would like.
Yes, we have our own real estate sales team to service the needs of our property management clients.
For information on how we can help you sell your property or assist you in buying another property, contact your personal senior property manager.
Changing from your property manager is very simple. In fact Rent360 property manager will handle the entire process for you.
We only allow property managers who have at least 5 years experience to join us. We vet all our candidates as you normally would before you choose to work with someone. Ensuring our investors receive a great experience that us easy and adds value to their life isn’t just a dream it’s a commitment.
Your first step is to give us a call or send us an enquiry. We will then send you and information pack outlining our services. We will offer a free market appraisal based on a market comparison of other properties in your area. Our team of experts may also offer suggestions for possible improvements that could be made to increase the rental return on your investment property.
Should you wish to engage us as your Property Manager we will then commence the leasing process. We will firstly introduce you to our Property Management Team and introduce you to your personal Property Manager. Should your property already be tenanted and managed elsewhere the change from agent to agent is streamlined – we handle everything on your behalf including tenant inspections, forms, and all relevant regulatory requirements.
We strongly advise that all landlords take out not only investment insurance through an insurance agency but also landlord insurance. Landlord Insurance provides cover for your property against loss or damage caused by tenants, whether malicious, accidental or deliberate. It can also cover loss of rent due to tenant default.
All of our rental inspection times are listed on our website. If you cannot view a property within the designated time please give our office a call or drop us an email and we will be happy to assist you with a different time, where possible. As most of our listings are properties that are already tenanted please be mindful of the fact that we also have to work in with times that suit the current tenants.
First of all you MUST inspect the property in person before you can apply. If you like the property, we will then ask you to submit an application. You will be notified within 24 hours of the outcome of your application.
We will ask you for photo identification. We will also ask you to provide payslips and/or evidence of income. If you do not have an income (retired) then you maybe asked to provide a current bank statement to prove your ability to pay rent. If you are currently renting or have previously rented, we will ask you to provide the details of your current agent or landlord or home ownership information.
We will ask you to complete a Tenancy Agreement, pay your first two weeks rent and your bond (usually 4 weeks rent) and arrange your move in date. We will provide you with keys and will ask you to complete a Condition of Entry Report. Your bond is lodged with the Rental Tenancy Authority (RTA).
Yes you will need insurance for your contents. Your landlord’s insurance only covers the property in which you live NOT your belongings.