When you engage an agent you will need to sign a written contract called a management agency agreement. The fees and conditions of the agreement are negotiable.Make sure all matters you want the agent to handle, and any specific conditions, are listed clearly in the agreement to help avoid misunderstandings between you and the agent. For instance, you should consider these questions:
Management agency agreements usually contain a clause stating that a notice period applies if either party wants to end the agreement (eg. 30 days or 60 days written notice).*
You can pass on water usage charges to your tenant provided all the minimum criteria have been met.
The minimum criteria for passing on water usage charges are:
A rental property is considered water efficient if it meets these standards.*
Internal cold water taps and single mixer taps for kitchen sinks and bathroom hand basins. A maximum flow rate of 9 litres per minute Showerheads A maximum flow rate of 9 litres per minute.
No leaking taps anywhere on the premises at the start of the tenancy or when the other water efficiency measures are installed.*
From 30 January 2017, property agents and self-managing landlords must be registered with Rental Bonds Online (RBO), Fair Trading's easy and secure service to manage bonds online. Agents and landlords must also offer the service to new tenants as the first option for lodgement of their bond.
A rental bond is money paid by the tenant as a form of security in case they breach the tenancy agreement. A bond should not be treated as a substitute for careful selection of prospective tenants. All bonds must be lodged with Fair Trading and you can make a claim against the bond for certain reasons after the tenancy ends.Most tenants do the right thing and get their bond back at the end of the tenancy. However, sometimes a bond does not cover the damage and rent owed by a tenant. If you are concerned about this risk, consider taking out landlord insurance.*
Landlord insurance is insurance cover for property owners who are renting out a property to tenants. You are still responsible for responding to day-to- day maintenance requests and even emergency property maintenance Landlord insurance is designed to protect you from bad tenants and malicious behaviour and damage.
Property Leasing Specialists recommend to all our landlords to obtain Landlord insurance.
*Information obtained from NSW Department of Fair Trading
At Property Leasing Specialists we account to our owners twice a month. The 1st day of every month and the 15th day of every month. Every time we account to you, you will receive an emailed statement outlining rent collected and fees charged.
The money will be either sent to you by way of a cheque or directly deposited into your nominated back account.
At the end of the financial year you will receive a statement outlining all rent collected and expenses paid for the twelve month period.
Q How many inspections do you carry
out per year?
A. Property Leasing Specialists we
carry out 4 inspections per
year. One of which you can be
Q. Can you pay my rates and Water
Rates from rent monies collected.
A. Yes, definately we are more than
happy to pay all accounts on your