Thinking about investing in property at Port Stephens? Looking to switch Property Management companies? If you have questions - we have answers. If you have a query not listed, please don't hesitate to call or email through our contact form.
How do I switch the management of my property over to Place Property Management (Place) if it is currently being managed by another agent?
Easy peasy! If, for any reason, you would like to switch from your current property managers to Place Property Management, all you have to do is give us a call and we’ll get you to sign a form (which can be emailed printed signed and returned) and we will take care of the rest. If you choose to have Place manage your investment property we will organize 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.
How long will it take to find a tenant for my property?
This is a common question and unfortunately there is no one accurate answer. However, currently we are experiencing very high demand and quality properties that are better presented, more professionally marketed, priced according to market conditions and represented by a professional agent, will be rented quicker. With our business being 100% property Management (with no real estate sales) we have one of the lowest vacancy rates in the region and generally we will have most properties rented inside one week of being placed on our rental list.
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 8th 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 there are no extenuating circumstances that should be considered and 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. With such high demand for rental properties in the area tenants understand the importance of keeping their rental properties and generally keep up to date on their rent.
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 minimize any loss to the owner so these actions need to be carried out promptly. But it should be remembered we are all humans and sometimes circumstances, such as illness banking errors etc may be the cause of the arrears and should be taken into consideration.
What if I want to sell my property?
If we currently manage your property and you are looking to sell we are happy to recommend a local selling agent for you or you can choose your own agent. Many of our owners live interstate or out of the area and don’t have relationships with selling agents in Port Stephens. Fortunately we have good relationships with a range of real estate agents in the region and can recommend the right people to take your property to market. Naturally we will liaise with your tenants about any change in ownership or lease should this be required.
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. Please talk to the team at Place if you would like any recommendations or advice.
How will 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.
Our experienced property managers are trained to negotiate the best rent 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.
How often do you do property inspection?
With all of our properties we complete routine inspection every seventeen (17) weeks that are completed a inspection agent who attends the property and will complete a report including photos, future, required and suggested maintenance which is then in turn sent to you and followed with any quotes that maybe needed to maintain the property.
How do we get a hold of rental property statements?
With all our properties we have them set up to receive monthly or bi-monthly statements (on the 15th and at the end of the month). We also can put together end financial year statements and pack for a nominal fee.
Who will maintain the property?
At Place it is our job to help to maintain your property. We will identify, investigate, quote and follow up on any maintenance issues that are brought forward at a routine inspection or by the tenants. We have a handy man and gardner on call and a team of trusted, local, licensed trades (electrician, plumber and carpenter) who quote and complete work for us on a regular basis. We can also help you to get quotes for any renovations or instalments that you might like done.