Preparing your house to secure a tenant

WHAT HAPPENS FIRST?  APPRAISING YOUR PROPERTY

If possible, we will meet you at your propertyso that you can show us any particular features or maintenance issues. After inspecting the property, we will forward a detailed report. Our aim is to get the best possible rent for your property in the quickest timeframe, whilst still securing a responsible tenant who will look after the property. We achieve this by our realistic approach to an achievable rent. We don’t offer inflated rental amounts just to gain your business – there are no winners when the property remains vacant for weeks on end.  We take the following factors into consideration when setting the rent.

• General demand for similar properties/ current vacancy levels.
• Seasonal demand - expected inquiry levels for the time of year.
• Rent obtained for similar properties currently leased.
• Rent asked for similar properties currently available.

HOW SHOULD I PREPARE MY PROPERTY FOR RENT?

It is important that the first impression of your property is a good one. Take the time to critically assess the appearance of your property from the road. Does the mail box need a lick of paint?.Is the front lawn neat and tidy?. Is the garden easy to maintain?. Does the property look inviting and well maintained?  Take the time to replace tap washers and blown light bulbs and attend to any other minor faults - you may have grown to accept them, but a paying tenant may not.  Steam clean carpets and rugs and leave the house  clean - that way we can enforce the same standard when the tenant vacates the property.  Windows need cleaning, as do chimney flues. We can provide a detailed checklist to assist you.  If this all sounds too daunting - don’t worry we have a team of professionals who can attend to these matters at very reasonable rates.

 
What is a property condition report?

PROPERTY CONDITION REPORT

A property condition report is compiled at the commencement of a tenancy, just before your tenant moves in. This report details the condition of the property and contents,item by item. It also includes photos.

The property condition report is used when the tenant vacates to enable a comparison and to assess if the property is left in the same condition, allowing for fair wear and tear. When keys are returned to us at the end of a tenancy a "bond inspection" is carried out as soon as possible. The property condition report is used at this inspection and each part of the property is assessed against the report, item by item . Any items that are damaged or require maintenance other than fair wear and tear are identified and the bond is withheld until these issues have been rectified by the tenant or by CPPM on the tenant's behalf.  

 
Regular Inspections

REGULAR INSPECTIONS OF YOUR PROPERTY

There will be parts of your property that require constant regular assessment.  If these areas are not assessed regularly, it may result in a loss of income or damage to your property. We also need to ensure that your property is being treated with respect by the tenants. This is why we carry out regular inspections on your behalf.

  • At CPPM the first inspection is carried out approximately six weeks after the start of the tenancy and enables us to gain an early snap shot of the tenancy. By this stage most people will have unpacked and settled in and the inspection enables us to quickly address any issues that may become a problem if left unattended. After the first inspection, regular inspections are made every four months.
  • During these inspections we check that your tenant is looking after the property appropriately, check that nothing appears to be damaged and assess if any maintenance is required. 
  • After each inspection we will send a detailed report to you including photos.
  • If any repairs or maintenance is required, we will discuss this with you. If you agree, we will arrange for a qualified tradesmen to undertake the work.  If you have your own preferred tradesperson we will be happy to use them, as long as they are registered in their trade and hold appropriate indemnity insurance.

 

 
How do tenants pay their rent?

RENTAL PAYMENTS

Our preferred method of rent payment is by direct debit from the tenant’s bank account. This is controlled from our office, collecting the rent from the tenant’s bank account on the day the tenant nominates.  This is at no cost to the tenant and most tenants welcome it as a simple and effective way of paying rent.  It also obviously cuts back on any likelihood of rent arrears.  Tenants are required to pay rent fortnightly in advance, although some may opt to pay monthly in advance

 
What happens when a tenant stops paying rent?

RENTAL ARREARS

If a tenant falls behind in their rental payments they are issued with a notice of breach advising them that they are behind and requesting that they rectify the problem. If this is not done within the stipulated time period then a termination notice is issued requiring that they vacate the premises. If rent is then paid within the alowed time frame, the notice lapses. If a third notice is issued within 12 months then the notice can take effect regardles if the rent is paid or not.

 
When does the rent money get paid into my account?

PAYMENTS TO PROPERTY OWNERS

We can transfer rental funds to your nominated bank account on either a fortnightly or monthly basis (depending on the schedule of rental payments received from the tenant). A detailed statement is emailed to you each time a payment is transferred to you and will have any invoices relating to expenditure for your property attached, so you are always fully informed. Payments can be made to more than one nominated bank account .  All of our fees can be claimed as tax deductions, as they are an expense incurred in obtaining property income. As  part of our service, we are able to make payments for the following on your behalf:-

  • Council Rates
  • Water Rates
  • Land Tax (see link)
  • Creditor accounts (for repairs and maintenance carried out)
  • Body Corporate levies
  • Maintenance costs
  • Insurance
  • Special requests

http://www.sro.tas.gov.au/
 
Property Management & Investment Guide

A few thoughts on purchasing and managing investment property… Property represents a very secure, sound, long term form of wealth creation. As such, many people are turning increasingly to property investment to secure their future. A well managed investment can offer many advantages including income and capital growth. Many investors may also be able to use their investment to reduce tax payable on their assessable income. Property is also a good option as part of an investment portfolio, particularly with people who do not need immediate access to their money and wish to protect themselves against inflation over the long term. It is important, however, to be aware of the responsibilities of managing your property investment and assuring proper care and responsibility. As considerable money is at stake, you need to take the time to get good advice before you act - and remember, consideration of any investment presents wide and varied alternatives and there are always plenty of experts ready to pass on their opinion. It is wise, therefore, to always seek appropriate advice from a qualified financial advisor or your accountant.

 
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