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, as well as how long the properties stay on the market at those rates. Your local New Way property manager can provide you with plenty of useful information on comparative rentals in the area.
In Australia, standard lease periods are generally either six or 12 months. While longer lease/shorter 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 your New Way property manager about the different advantages of each lease length and help you determine how to maximise your return most effectively.
During the term of the tenancy, rents can not be increased. Unless there is a specific term written into the tenancy agreement at the commencement and at the time, the appropriate notification is given. Once the lease has expired, or is coming up to expiry or a new lease is being negotiated, it is the perfect time to discuss a rent review with your investment property manager. Keep in mind each state and territory has different legislation they must abide by, please speak to your property manager about your local legislation and requirements.
Different states and territories have different legislative obligation in the amount rent can be increased at any one time. Speak to your property manager about your current local rental approximation and discuss the gap with the current rent and what you can execute legally. A guideline to work with is, keep a fraction below market opinion. That way you will maximise your return, while balancing the recognition of a good tenant - you don't want to lose a good tenant for a few dollars and then incur additional wear and tear on the property when the tenant vacates, possible vacancy, any marketing and / or letting fees associated with re-tenanting the property.
While you are not required to have a rental agent manage your rental property, it is important to know that private owners are bound by the same legislative requirements that also apply to real estate agents.
This means that if a private owner was found to be in breach of the Residential Tenancies Act, they could be subject to the same disciplinary action - including potential fines - that would apply to real estate agents
We have invested in technology which allows us to monitor tenant arrears on a daily basis. From 1-7 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 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.
Simple! If you currently have a property managed by another agent and for any reason would like to change over to New Way Property Management, all you have to do is fill out our enquiry form 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 file and keys to be collected from your managing agent. Everything else carries on as usual. Changing your managing agent couldn’t be easier