Property Management is a specialised field and you need a professional team to manage your valuable asset.
Once you have chosen the right investment property for you, the next critical step is finding a tenant and a licensed real estate agent to look after the ongoing management of the property. Advanced Wealth Property can save you the hassle of finding a property manager and ensure your investment is professionally managed. Please find below an outline of our approach to successfully manage your most important investment.
At Advanced Wealth we advertise your rental property the same way as a property for sale. We are 'selling' the home to a tenant. We advertise with a For Rent sign at the property, have the property advertised on our website and Australia's largest property website realestate.com as a feature property on the site. At times we can be competing with hundreds of other investment properties advertised in the current market. It is all about standing out from the crowd and catching a tenant’s attention. It is important to have as many photos advertised online as possible and set the weekly rent to reflect the current rental market. If interest for the property is slow we suggest advertising with food vouchers or 1-week rent free to generate more interest. No one can turn down a good deal!
We have a very strict tenant screening process which enables us to match the best possible tenant to your investment property. Our detailed application form allows us to establish previous and current rental references as well as employment, business and personal references. Potential tenants are also interviewed and screened when inspecting the property. There are specific requirements that can and cannot be addressed when selecting the suitability of tenants to comply with State and Federal Anti-Discrimination laws. The requirements that can be addressed are;
- The number of people suitable to reside in the property
- The tenant must be able to prove they have previously and can maintain weekly rent payments
- The tenant must be able to prove they can maintain a rental property in a clean and tidy manner
Landlords are able to choose whether the tenants are smokers or if they have pets. These specifications can be placed on the advertising. References from current and previous landlords or real estate agents are most desirable for obtaining this information. Unfair discrimination happens if you treat someone less favourably simply because of their sex, age, race, nationality, marital status, the fact that they have children, sexual preferences, disability or impairment, pregnancy, religion or political beliefs.
You do have the right to choose the most suitable tenant provided no unfair discrimination occurs.
Once an application has been received and processed (all references verified) you will be contacted to discuss the application. The decision as to which tenant will reside in your property is yours.
Inspections and Maintenance
On commencement of the tenancy an Entry Condition Report is completed prior to the tenants moving in. This report outlines the condition of the property at the commencement of the tenancy and is used when the tenant vacates to ensure that the property is left in the same condition. The bond is then distributed accordingly.
Routine inspections are carried out after a tenant takes possession of the property and these inspections are conducted 3 - 4 times per year. These inspections are essential to ensure that your property is being maintained to an acceptable standard and to identify any maintenance that may be required. If there are any maintenance concerns we endeavour to contact you for authorisation prior to sending out a tradesman. If we are unable to contact you and the repair is an emergency the maintenance will be dealt with on your behalf.
Lease Renewals and Rent Increases
As part of our service to our property investors we realise the importance of rental returns and we are constantly monitoring the current market rent on your behalf. A rent review is automatically carried out when a tenant vacates or their tenancy agreement comes up for renewal.
Our role is to maximise your return and minimise hassles. Landlord protection insurance can give you peace of mind should a tenancy not go as planned. Landlord insurance protects your rental income, property contents and public liability claims. That’s right… it pays your rent when your tenants won’t! We strongly recommend that you take out Landlord Protection Insurance.
End of Month Rent Payments
At the end of every month all rental monies held for that month, unless instructed otherwise, is paid to you by way of direct debit to your nominated bank account. A statement is issued at the same time outlining the debits and credits for that month.