PROPERTY MANAGEMENT
We believe that an investment property should not be regarded as a source of rent, but a valuable and appreciating capital asset.
By placing your property in the hands of Barry Plant Property Management, you receive a total management service which will protect your investment, secure your return and free you from inspections and maintenance checks.
We tailor individual management plans to suit your particular property as well as the level of involvement you wish to retain in the ongoing management of your property.
HASSLE-FREE PROPERTY MANAGEMENT
Buying a property to put in the rental market is still one of the best investments you can make, but the difficulties of tenant selection and the day-to-day management challenges deter many prospective landlords.
There are so many time-consuming and complex issues:
- How do you confidently select tenants?
- What about rent collection and inspecting the property regularly?
- How do you set rentals to attract good tenants and ensure a fair return?
- Who is responsible for routine maintenance?
- What are your obligations under the Residential Tenancies Act?
Tenant selection, rental collection, property inspections – we can take care of all of these aspects. All our Property Management staff are well versed in the legalities of property management so that in the unfortunate event that a tenant should breach their contractual obligations, they will prepare the necessary paperwork and applications to the Residential Tenancies Tribunal and will even represent you at Statutory Tribunal Hearings.
We recognise the importance of monitoring and managing your rental property to enhance its ongoing appreciation while maximising your short term returns. We have structured and well defined systems to provide consistency in service and deal with any problems quickly and efficiently.
By placing your property in the hands of Barry Plant accredited Property Managers, you receive a total management service which will protect your investment and enhance its ongoing appreciation.
What we want – is what you want:
- A minimum vacancy period.
- A reliable tenant.
- A smooth tenancy.
- A well maintained property.
- Regular feedback.
INVESTMENT PROPERTY
A rental property is still one of the best investments you can make but managing a rental property successfully is a little like running a small business. There are outgoings and incomings to be balanced, taxes and rates to pay, assets to develop and client/customer relationships to be built and maintained.
Private landlords often take on the management of their property without fully appreciating the time commitment and level of expertise necessary to run this “small business”. This sometimes leads to disaster.
Tenant selection, rental collection, property inspection and dealing with tenancy lease breaches, are all processes which, in the hands of the inexperienced, can prove to be expensive both in terms of time and money.
All of Barry Plant’s Property Management team firmly believe that a property should not be regarded as simply a source of rent, but as a valuable and appreciating capital asset.
Many private landlords could be playing with fire and do not realise the implications that go with managing rental properties. Recent changes to the Residential Tenancies Act now make the process even more difficult for those without professional experience. It makes sense therefore, for private landlords to put the management of their most valuable asset in the hands of experts. All our Property Management staff are well versed in the legalities of property management and in the unfortunate event that a tenant should breach their contractual obligations, they will prepare the necessary paperwork and applications to the Residential Tenancies Tribunal and will even represent you at Statutory Tribunal Hearings.
By placing your property in the hands of Barry Plant accredited Property Managers, you receive a total management service which will protect your investment and enhance its ongoing appreciation.
Call your local Barry Plant office for further information on how we can manage and nurture your investment property. Would you like an appraisal of your property for property management?
Please email us with your contact and property details.
THE RIGHT INVESTMENT LOAN
Purchasing an investment property is an exciting time, however, it’s just as important to ensure you have the right investment loan tailored to you.
There are so many different investment loans available- and that’s fantastic – as long as you don’t have to sort through all the available options. What if you miss one – the perfect one for you?
- How do you maximise your Tax benefits?
- Should you have a fixed, variable interest rate or interest only loan?
- Can you use the equity in your home?
- How can you pay off your investment loan quicker?
Let the team at Chapter Financial Group hold your hand through the process, evaluate all the loan options with you in detail and find the right loan for you. Start your next chapter and phone 1800 800 600, email [email protected] or visit their website for more information www.chapterfg.com.au.
LANDLORD INSURANCE
Standard home and contents insurance will not protect against many of the risks that landlord’s face, whether it’s loss of rent due to an absconding tenant, malicious or accidental damage, or a whole range of other circumstances including tenant hardship.
Barry Plant recommends Landlord Insurance to any Landlord, there are a variety of companies who provide this service including:
EBM Insurance Brokers > www.ebminsurance.com.au
Property Insurance Plus > www.pi-plus.com.au
PRESENTING THE PROPERTY FOR LEASE
Over the years we have identified many of the factors that help in presenting your property in a way that will make it appealing to more tenants. We also know that tenants are more likely to care for a property if the landlord has gone to the trouble of presenting it to them in a clean and tidy manner.
Some handy presentation hints:
- Move and edge lawns and weed gardens.
- Remove all rubbish.
- Clean walls, floors and windows.
- Clean inside cupboards, drawers and bench tops.
- Check and curtains and blinds are in working order.
- Dust and remove cobwebs.
- Steam clean carpets.
- Repair dripping taps, sticking doors and drawers.
- Check that all lights are working and that smoke detector batteries are new.
It is not necessary to spend substantial sums of money. A clean house where everything is in working order is all that is required.
FINDING THE RIGHT TENANT
Barry Plant has effective, targeted marketing to find the best tenant. Minimising the vacancy period and maximising your return.
Our Property Managers provide quick response to any enquiries about your property and will promptly organise property inspections for prospective tenants.
We will organise a meeting with selected tenants and conduct thorough reference checks.
We consult with you, the landlord before deciding on the right tenant for your property.
INSPECTIONS
When a prospective tenant wishes to inspect a property, we adopt the following procedure:
- If the property is still occupied our Property Management team ensures an appointment time is arranged to access the property for inspections.
- Where the property is vacant an inspection is arranged with the prospective tenant as quickly as possible.
By spending time with prospective tenants we are able to understand exactly what their needs are in a rental property. This ensures that the tenant we recommend for your property is more likely to result in a stable leasing period.
NEW TENANCIES
- Final tenant selection is made in consultation with you, the landlord, after thorough reference, employment and income verification checks are carried out.
- A detailed and accurate condition report is prepared before the tenant moves in.
- A security deposit is collected and lodged with the Residential Tenancies Bond Authority.
- One month’s rent in advance is obtained before the tenancy commences.
- A formal sign-up procedure is carried out explaining all documentation and our expectations as managing agent. Helpful information – such as the government booklet “Renting – your Rights and Responsibilities” is also provided to each tenant.
- The keys aren’t handed over until all the above steps have been completed.
- A copy of the lease is forwarded to you for your records.
MANAGING THE TENANCY
- A choice of rental payment methods are offered to the tenants to ensure that paying rent on time is easy for them.
- Our system picks up any late payments and the tenant is immediately contacted to ask for payment.
- Formal notice is served on the tenant for arrears. You, as landlord can ask to be consulted on this step as there are a variety of options – including payment plans, eviction etc – that are available.
- Rental statements are issued either weekly or monthly (your choice). Funds can be sent to you either by cheque or deposited directly into your account.
- Routine inspections on your property are conducted in accordance with the Residential Tenancies Act. At this time we report on the general condition of the home, any maintenance that may need to be carried out, how well the property is being maintained and any other information we consider relevant to a trouble free investment.
- Energy Safe Victoria and the Plumbing Industry Commission recommend that all gas water heaters, space heaters and central heaters be serviced at least every two years by a registered or licensed gasfitter
- It is a legal requirement for owners of residential dwellings to install smoke alarms. Prior to purchasing a smoke alarm, advice should be sought on regulations for installation and maintenance, alternative devices for the hearing impaired and the benefits of installing residential and domestic sprinkler systems. – See more at: http://www.safety.vic.gov.au
- Rent reviews are conducted in accordance with the Residential Tenancies Act. The rent is not able to be increased during a fixed term tenancy, unless otherwise stated in the lease.
- Lease renewals are followed up in an effort to secure ongoing tenancies and avoid any vacant periods in your property.
- Landlords are informed when tenants have given notice to vacate. The rent is reviewed and the property is marketed to minimise the vacancy period.
- Rents are reviewed using current market trends, information on similar rental properties in the area, vacancy rates etc. All reviews are done in consultation with the landlord.
- An end of tenancy inspection is organised to deal with any issues regarding the condition of your property before the bond is returned.
REPAIRS AND MAINTENANCE
Prompt attention to legitimate repairs and maintenance can be the difference between disgruntled and happy tenants. It is also a vital part of maintaining the value of your property and achieving the best rental return.
- We have a team of reliable, competent tradespeople who are adept at liaising with tenants and landlords (if required).
- We recommend that you give us the authority to spend up to a pre-determined amount on repairs without reference to you to allow us to attend to urgent repairs immediately.
- The Residential Tenancies Act provides for tenants to spend up to $1800 on certain urgent repairs without prior approval from either the owner or agent.
MANAGING LEGAL ASPECTS
- We keep abreast of all changes to government legislation as well as receiving updates from industry bodies including VCAT, Office of Fair Trading and the Business Licensing. We can advise you on the effects any changes in legislation will have on your investment property.
- We are thoroughly conversant with all aspects of the Residential Tenancies Act and the workings of the Victorian Civil and Administrative Tribunal (VCAT) and are qualified to serve notice and represent you at VCAT.
- Tribunal hearings are similar to a court of law, they base their decision on the accuracy and reliability of documentary records supplied by the applicant and the ability to prove their claim in a professional manner. Many landlords have suffered loss in the past through their agent’s inability to prove their claim.
