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What is Property Management?

Property Management is more than just collecting and disbursing rent - quite simply it is asset management. As an investor we understand that your key objective is to make money out of property, hence our role is twofold. We ensure that the capital value of your investment is reserved through careful monitoring of the condition and upkeep of your property as well as maximise the rental income it produces by conducting regular market reviews.

 

At Real Estate 1st, your very own Property Manager will provide expertise with the utmost courtesy, attention to detail and commitment to you. From the initial listing and leasing through to the ongoing management and care of your property, you always know who is looking after you.

Click to view a PDF version of Landlords - Your Questions Answered

  • Landlords-Your Questions Answered

What Is a Condition Report?

A condition report is a written report outlining in detail the condition of the property prior to a tenancy. This report is used when the tenant vacates to ensure that the property is left in the same condition as at the commencement of the tenancy.

 

The final inspection is the last inspection carried out at the end of a tenancy, when the tenants have returned their keys. The Property Condition Report is used at this inspection and each item is checked off to make certain that the property is in the same condition as when the tenant took possession. It is at this inspection that any items that need to be rectified by the tenant are identified.

 

What is a Routine Inspection?

Routine inspections are conducted four months after a tenant takes possession of the property and then every six months ongoing. 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. A copy of the routine inspection report is forwarded to you after each inspection and should it be necessary, a member of the Real Estate 1st Property Management Team in Ringwood East will contact you to discuss items noted on the report.

What happens when a tenant stops paying rent?

When a tenant falls behind in their rental payments they are issued with a notice of breach advising them that they are behind and requesting that they rectify the problem. If this is not done within the stipulated time period then a termination notice is issued requiring that they vacate the premises.

How do tenants pay their rent?

Tenants have several options to pay their rent, leaving no excuse for late payments. - Internet Banking through their chosen financial institution or direct deposit at any Bendigo Bank Branch. We will supply the tenant with our account details and a numbered deposit book.

When does the rent money get paid into my account?

When your tenant has made a payment into our rental trust account, it will be disbursed by way of internet transfer direct to your bank account once the funds have cleared. This account will be the one you have nominated on the owners instruction form. A statement is issued at the same time outlining the debits and credits for that month.

 

 

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