We’ve answered some of the common questions we get asked below. If you would like to find out about having CRASTO PROPERTIES manage your property, speak to us now.
How much rent can I receive for my property?
To determine how much rent you can charge for your property, you will need to assess the market rent – in other words, how much money similar properties in your area are renting for. A good place to start is to carry out some research online. It is important to pay attention to the requested prices, a well as how long the properties stay on the market at those rates. At Crasto Properties, we can provide you with plenty of useful information on comparative rentals in the area.
How long is a typical lease?
Standard lease periods are generally either six or 12 months. While longer lease terms are possible, you are likely to find a smaller number of tenants who are willing to commit to this time. You may wish to speak to us about the different advantages of each lease length and help you determine how to maximise your return most effectively.
Can I increase the rent during the lease period?
Current rent rates must remain in place for the remainder of the lease term – but if you then want to increase the rent, you should give your tenant the required notice that you intend to change their rates at the end of their current lease.
Who is responsible for property security?
As the owner of the property, you are responsible for ensuring your property is secure and lockable – your tenants may not be able to insure their belongings unless window locks, deadlocks and other security measures are in place. It is commonly recommended that locks are installed to ensure the safety of your tenants – safeguarding the contents of the property is the responsibility of all parties, including you as the property owner.
Who is responsible for carrying out property repairs?
Owners should arrange for repairs to be carried out by a qualified, licensed tradesperson. At CRASTO PROPERTIES’s we can help you find someone in the area to carry out minor repairs – this is often a more affordable option than finding someone on your own. While it is uncommon for tenants to request small repairs, such as replacing a light globe, you will want to ensure other repairs – such as replacing tap washers – are carried out as quickly as possible to avoid damage to the property.
What happens if a tenant requests maintenance, but is never home?
In this circumstance, owners may wish to write a letter to the tenant explaining the situation and giving clear notice of a new date and time for the repairs to be carried out. This note should also advise that the tradesperson will be given the keys to access the property at this time if the tenant is not present. Enlisting the service of a property manager that liaises frequently with tradespeople can help you, as there is often a reduced charge for a call-out if work cannot be completed.
What if your departing tenants claim to have lost the keys to the property?
All leases require that tenants return all keys to the property – including the ones originally given to them at the beginning of the tenancy when they move out. Tenants who have lost the keys they were provided are responsible for the cost of replacing them – this can be claimed from the bond. It is important to note, however, that tenants may dispute any claim on the bond by making an application to a tribunal. Property owners and their agents must ensure their paperwork is in order, including proof that the tenants were given keys at the beginning of their tenancy.
Neighbours are complaining about the noise my tenants make. What should I do?
If you have received written advice from the strata managers of the building about the noise your tenants are making, this is a good opportunity to contact your tenant and let them know about their neighbours’ concerns.It is advisable to do this in writing, advising your tenant they are in breach of the terms of their lease. They should also be advised that due to the nature of strata buildings, any further noise complaints could result in a formal notice to vacate the property.
How do I change the management of my property over if it is currently being managed by another agent?
Simple! If you currently have a property managed by another agent and for any reason would like to change over to CRASTO PROPERTIES, all you have to do is call us and we will take care of the rest. If you choose to have us manage your investment property we will organise for your tenants to be notified and for the keys to be collected from your managing agent. Everything else carries on as usual. Changing your managing agent couldn’t be easier.
What if the cost of repairs to the property is higher than the bond?
If your vacating tenants have left your property needing repairs that cost more than the bond, you will need to apply for an order to recover the necessary amount needed to carry out the repairs. Owners should ensure they have proof of the damages, as well as any relevant correspondence or conversations with the tenants.Depending on your property and the type of damage that has occurred, you may be able to make a claim on your landlord protection insurance policy either before or after a tribunal hearing.
Can I charge the tenant for the cost of having the water and sewage connected to the property?
It is the owner’s responsibility to have utilities such as water and sewage connected to the property.
What happens if my tenant doesn’t pay rent?
We have invested in technology which allows us to monitor tenant arrears on a daily basis. After 4-7 days we contact tenants via telephone, email and SMS to follow up on payments. On the 8 day of arrears (the legal minimum), a Notice to Remedy Breach will be issued to the tenant giving them 7 clear days to bring the rent up to date. If rent is still not paid within this time frame, a Notice to leave will be issued to the tenant giving them seven days to vacate the property.
We will communicate with you throughout this process and a Notice to leave will never be issued without discussing the situation with you first. It is our intention at all times to minimise any loss to the owner so these actions need to be carried out promptly.
How long will it take to find a tenant for my property?
This is a common question and unfortunately there is no one answer. However, we can tell you that properties that are better presented, more professionally marketed, priced according to market conditions and represented by a professional agent, will be rented more quickly.
Is an agent’s location important to their ability to manage my property?
With almost 99% of all our prospective tenants using the internet to find homes online and a majority of our current tenants paying electronically, it’s clear that an agent’s location is a concern of the past. Because of this we can quickly and easily rent out properties in a very large geographic area. We can also very quickly assess rents in any given area to determine what the right amount of rent is for a particular property.
What do I do if I want to sell my property?
If we currently manage your property and you are looking to sell or even if we don’t and you are looking to sell, your choice of agent is critical in ensuring you get the best price in the sale. Many of our owners live interstate or out of the area and don’t have relationships with selling agents. We can easily put you on to the best agent to sell your home no matter what suburb it is located in. Just call us and we’ll put you in touch with the right people. Our goal is to help you get the very best return on your investment and that extends to ensuring that the best possible price is achieved when you want to sell.
Do I need landlord’s insurance?
As with any insurance policy, it is not compulsory to have landlord insurance on your property. However, as property specialists it’s our expert recommendation that every investment property owner has a specific landlord insurance policy in place for their property. Landlord Insurance protects you in the event of a tenant not paying rent, departing the property early or damaging the property. It also includes public liability and limited cover for contents (e.g. floor coverings, curtains). While there are plenty of options out there, we suggest choosing very carefully. Many policies provided by the major banks are worthless! Be sure to look at how well a policy can cover unpaid rent, liability claims, damage to contents and extreme weather, and most importantly have a look at the excess conditions. There are only a handful of specialist landlord insurance providers. If you’d like us to point you in the right direction, speak to us now.
How do I know that my property will be managed properly?
Each client is provided with their own portfolio manager to effectively manage their property. Our portfolios are kept to a manageable size so each manager can spend an appropriate amount of time with their clients. At Crasto Properties, we conduct weekly training and staff also attends regular outside training courses, which are fully funded by the company.
How quickly can you find a tenant for my property?
Once an authority is signed with our company, we commence marketing your property straight away. Prospective tenants that we have on our database are contacted and advised of your property and it is automatically placed on our web site, counter list at each office and a For Lease Sign is erected. It is important that your property is presented in the best possible condition and at a market rent. This should ensure that the property is leased within a short period of time. Prevailing market conditions will also have an impact on the vacancy period. Simply it is our aim to lease your property at the highest possible rent to the most suitable tenant in the shortest possible time. A dedicated leasing consultant handles the leasing process of your investment property.
How do you check a prospective tenant?
Our leasing consultant conducts personal inspections of properties with prospective tenants. To apply for a property, a prospective tenant is required to complete a detailed application form supply references where appropriate. This form is checked thoroughly including an optional (additional cost) National Tenancy Database and Public Records Search. The landlord is then advised of the outcome so they can make an informed decision on the application(s).The landlord makes the final decision on applicants presented to them.
How do you collect the rent?
Tenants are signed up on a direct debit or direct credit facility before the commencement of their tenancy; this reduces the problem of arrears.
How do you handle non-payment of rent?
Our property managers check their arrears daily and once a tenant is two days in arrears, they are contacted by all available means. If payment is still not received after 3-4 days, the tenant is contacted again and advised that should they not meet their rental commitment, a final notice will be served followed. Due to selecting good tenants and following these procedures as a rule, we do not experience many problems with non-payment of rent.
If there is any damage caused to my property, can we deduct money from the bond?
Monies can only be deducted from the bond if the tenant agrees.
How should I know what my property will rent for?
You will get the best indication of what your property should rent for by closely comparing it to other properties similar to yours that are currently being rented, or have just been rented, in the same area. Market forces will determine exactly what amount of rent you achieve. If you have a very popular property you will get more interest and subsequently a higher rent. If you have a property that is less rentable, you will find it hard to command a premium rent.
Click here to get a FREE Online Rental Appraisal Our property managers are trained to negotiate the best rent increase possible without costing you a good tenant. If your property manager doesn’t know exactly what your property should be renting for, then you could be missing out on valuable rental income.
Once the rent has been paid, how quickly do I receive payment?
At Crasto Properties we direct credit our clients regularly as per the arrangement that we made upon the listing of your property.
How much do you charge?
Since deregulation was introduced to the industry, our fees are negotiable. They can be higher than some other companies or even the same. We pride ourselves on the level of service given and an excellent track record established since our Property Management department began. We think it is wise for a landlord to consider all aspects of property management in coming to a decision to appoint an agent. Fees are only one component although important, a decision should never be made based on this solely. An expert property manager may cost more initially but overall, they will save you money through thorough management and sound advice. We invite you to contact our office to appraise your property and discuss a management
package that suits your requirements. CALL CRASTO PROPERTIES TODAY.