How will my investment property be marketed?
We hold open-for-inspections and private appointments at times that suit potential tenants. Advertising your property correctly is so important at We Connect Property we advertise on web sites like realestate.com.au, Domain, Facebook and if your property is suitable on University/TAFE sites. We reach out to all potential tenants in all areas and go that extra mile to find the right tenant.
What is your tenant selection process?
All potential tenants are required to complete our Tenancy Application form which is to provide us with their current & previous rental and employment references. All references are thoroughly checked. We enquire on the national tenancy database to see if they have defaulted or caused damage in their previous rental history. Once these checks have been completed you will be contacted so we can discuss the references with you, we ensure you are involved in the decision making process as to which applicant will live in your property, however we will offer our professional opinion and experience to assist you with your decision.
How much Bond is collected?
A Security Bond is collected at the commencement of the tenancy and lodged with the Tenancies Branch of Office of Consumer and Business Affairs. A bond of 4 weeks rent is collected or 6 weeks if rent is in excess of $250 per week.
What is your Rent arrears policy?
Daily monitoring of rent, with all tenants are connected with our Zero Tolerance Rent Policy. This allows the maximum speed and pressure that the law will allow; Our Zero tolerance procedure * to follow-up late rent payments is: – Day 2-3 SMS reminders; – Day 5-7 Tenants receive phone calls and a formal letter; (If Landlord agrees a payment plan to discussed and formally written up.) If there is no attempt to remedy the arrears on – Day 15- Termination Notice Served *Following the residential Tenancies Act 1995, the regulated procedure is followed to bring a tenant’s rental payments back into line.
What is the ongoing management fee?
The management fee is charged on all rent collected on your behalf. Management fees cover the day to day running of the property, tenant and landlord liaison, arranging maintenance, inspections and site visits for maintenance (if required), collecting and processing rental payments, rent arrears, payment of utilities i.e. council rates, emergency services levy, SA Water
How can you maximise your tax depreciation?
As an investor, you want to ensure that your investment is returning every dollar that it possibly can. Ensuring that your property manager has the right tenant at the right price is one component of this, but it’s also important to check that you are able to claim maximum deductions when it comes to tax time. We Connect Property strongly recommends that all landlords organise a tax depreciation report when they purchase property, regardless of the age of the property. It is always added bonus to receive extra money in their pocket once you include the tax depreciation report in your tax return. But please check with your accountant before. To find out how we can maximise your rental investment, email us at [email protected] and we can send you some more information.
What should the rent be per week?
Be realistic on price and do some research (We Connect Property can provide you with this information), it is better to get a tenant quickly at a good rental price than to have your property vacant for several weeks. This can cost you money. Example: A property is advertised at $360 per week but the market price is more like $310 per week. If this property sits vacant for 4 weeks, it will cost the landlord $1440 in lost rent. This equates to a $27.69 loss per week over 1 year. If the property was advertised at the market price and let in the first week (due to market demand), the landlord will actually be $280 better off over one year even though the rent is lower.
When do I receive my payment and statements?
Investment income can be paid to you at mid-month & end of month or just end of month as requested by you (documented in the management agreement). Payments are made on the 14th and 28th of each month. If these dates fall on a weekend or public holiday, the payment will be made on the closest business day. End of month statements will be sent when the end of month transaction is processed. A financial end of year statement with a summery of all transactions throughout the year will be issued to you at the end of the Financial Year.
Should we fail to perform in any of the above areas, we invite you to register your complaint in writing. If the complaint is not acted upon and rectified within 5 days after receipt of your letter/email, you have the option to cancel our Agency agreement as per your Management Agreement. If this occurs within the first six weeks of the management we will refund all the management fees charged.
Do I need Landlord Insurance?
We Connect Property knows that you have worked hard to establish your investment property and the regular income that it provides which is why we recommend Landlord insurance as it gives you confidence that your investment property is covered should something go wrong. Both Landlord’s insurance and Building insurance are very important and advisable, these are fully tax deductable on investment properties. In our experience, unfortunately some people only find out what their insurance policy will cover and what policy excess(s) apply when they go to make a claim. A landlord protection policy should provide the following cover to protect your investment property 1. Cover for loss of rent due to tenant default plus loss of rent cover due to malicious damage by tenants. 2. Cover for malicious damage and theft by tenants. 3. Cover for accidental damage by tenants. 4. Cover for damage by tenants pets 5. Cover for legal liability. 6. Cover for landlords’ contents such as curtains, carpets, blinds and light fittings. 7. Cover for tax audit. Don’t forget! You need to maintain your building insurance policy to protect your property from fire, storm, earthquake and other catastrophes. *If you property is part of a strata group. Your strata will have building insurance in place for your property. We can sign you up for specialised Landlords Insurance (approximately $290pa) and get Quotes on Building Insurance on your behalf.
Initial Maintenance & Inclusions
If there is maintenance to be attended to make sure it is completed before showing potential tenants. We have the foresight to see past to-be-done maintenance, but in our experience, this simply puts some prospective tenants off. All appliances and devices in a property must be in good working order. Be sure to let your estate agent know if any items are known to be not working before beginning to search for a tenant. Also be sure to tell me if anything in the property will not be included in the tenancy. Such items may be garden furniture for example.
When is my property inspected?
Routine inspections are carried out approximately every 12-16 weeks, a report of the inspection is forwarded to you. Any maintenance or other matters of an urgent nature is reported to you immediately to enable us to take the necessary action.