In this guide, we delve into the key factors that play a crucial role in determining the optimal rent for your property. From understanding market demand to comparing existing rentals, we'll explore the strategies that contribute to a successful rental experience.
How do you determine the best rent for my property?
We always strive to get you the maximum rent possible; however, we also must keep in mind setting the correct market rent to get your property rented as soon as possible. Both factors are important to present your property on the market successfully for rent.
To do this, we consider these factors:
DEMAND:
Is there a high or low demand for properties at present? This can be seasonal and affected by a number of factors.
WHAT IS AVAILABLE NOW:
We look at properties currently available for rent on the internet, and consider their location and features for comparison to calculate the 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. These factors allow us to give you enough information to set the right rent for your property.
What if I want a rent amount that is higher?
You may place your property on the market at the rental amount you wish. However, keep in mind that it is the market demand that sets the rent, and if the market (prospective tenants looking for a rental property) deem the amount of rent too high, your property may stay vacant for longer than necessary.
With this in mind, be aware your annual rental return will be reduced by 2% for every week it is vacant.
How is the rent reviewed during the time we manage a property?
When we need to secure you a new tenant, we will always review the rent against market conditions. This will also be done at lease renewal time and during routine inspections and at other times when required. We will always contact you for your permission before the rent is increased. From 23rd March 2020 legislation enforces no more than one rent increase in any 12 month period.
Who selects the applicant for my property?
You do! We will simply give you the information we have collected and by using our experience, we give you a possible guide as to the tenancy outcome, but at the end of the day it is always your choice!
What do you do to advertise my property?
Once we have a signed Managing Agency Agreement authorising us to act on your behalf, we list your property in the following forms of advertising:
FOR LEASE SIGN: A 'For Lease' sign is erected at the front of the property. This will increase exposure to passersby and direct them to our office for further information.
RENTAL LISTING BROCHURE: Your property is added to our office listing brochure with details of your property. This is given to anyone that comes in looking for a rental property.
SOCIAL MEDIA: Embracing modern technology, we present captivating social media and YouTube video inspections for new listings.
INTERNET: Your property, along with photos, is entered onto the following websites, maximising coverage to any prospective tenant using the Internet to locate a rental property:
- century21.com.au
- century21.com.au/novocastrian
- domain.com.au
- realestate.com.au - highlight listing 30 days (at cost)
- homely.com.au
- allhomes.com.au
- rent.com.au homes.com.au
- IRE PLATFORM: This platform provides customised, tailored responses 24/7 to enquiries from all major portals. This allows prospective tenants to; Research properties, book inspections and fill in applications Co-ordinates inspection times with multiple property seekers with ease Improves our ability to properly assess applicants on behalf of landlords Reduces the amount of time spent leasing your property.
Pets at my property if permitted
If I allow pets at my property, what expectations will be given to the tenant?
If pets are permitted, we will always sign pet lease conditions with your tenant. This obligates them in 5 ways:
- No additional pet may occupy the property without prior permission
- 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 remove any rubbish or faeces deposited by the pet
- The tenant must have the carpets professionally cleaned inside and a flee spray upon vacating the property with a receipt provided to the managing agent
- We also record the details of the pet on the agreement, which is then signed by the tenant.
How do I ensure the pet will not come inside the property?
We obligate the tenant to commit in writing that they will not bring the pet inside. However, as we are unable to monitor the property all of the time, we cannot guarantee that the pet will not come inside the property.
We do look out for any warning signs whilst at the property conducting inspections. However, the only way to ensure that a pet will not come inside the property is to insist 'No Pets' right from the start of the tenancy.
How often will you carry out Periodic inspections?
We will carry out the first inspection within 8 – 12 weeks of the Residential Tenancy Agreement commencing. Subsequent periodic inspections will occur at least bi-annually.
What is the process of repairs and maintenance
- All non-urgent requests in writing from tenants will be attended to within 2 working days of receipt.
- We will not arrange any repairs to your property without your knowledge and approval (unless the repair is defined as "urgent" under the Residential Tenancies Act).
- We will attend to any "urgent" repair requests within 4 hours of receipt, if unable to contact you.
- All reasonable steps will be taken to obtain the best pricing for your repairs and maintenance.
- We will only use appropriated licensed and insured tradespeople for any repairs or maintenance work to your property.
- We will provide you with a copy of invoices for all work arranged on your behalf for the property.
By collaborating with experienced property managers, staying attuned to market fluctuations, and employing meticulous advertising strategies, you can enhance your property's desirability while maintaining a competitive rental rate. Remember, a well-calibrated approach not only ensures steady returns but also fosters lasting tenant relationships, laying the foundation for a thriving rental journey.