As Landlord, now also called “Rental Provider” the most common questions and concerns, which you always like to know. We are having the most common questions and concerns based on feedback from our valuable landlords and rental provider.
As a landlord, for Rental properties, Are there any minimum standards?
Yes, the minimum standards apply to rental agreements that started after 29 March 2021 or started before 29 March 2021 and roll over into periodic agreements on or after 29 March 2021. Minimum Standard as defined in Consumer Affair Victoria.
For definition, updates & explanation, click here: https://www.consumer.vic.gov.au/housing/renting/repairs-alterations-safety-and-pets/minimum-standards/minimum-standards-for-rental-properties
What are mandatory safety check requirements in Victoria?
From 29th March 2021, Rental providers have responsibilities for smoke alarms, gas, and electrical safety reports that have not been compliant and can incur a fine. These reports need to be submitted to Consumer Affairs by the 29th of March 2023 as the certificate of currency needs to be updated on the portal to ensure compliance. This must be provided by you or your appointed Registered Trade Contractors to us, fail to supply this can incur a significant fine.
Smoke Alarms must be every year; Gas & Electricity Safety checks every two years from Registered & Licensed Trade Contractors as per the act.
Should I have an insurance Policy for my investment property?
As the property owner, it is your responsibility to maintain insurance over the property with a minimum of $10 million public liability and appropriate Building Insurance. Ask your insurer to provide a certificate of currency and policy documents.
We strongly recommend having a Landlord Protection Insurance Policy to protect any risk associated as an investor for a variety of tenancy-related issues.
At Goldfish, can’t recommend an insurer, but we can point you in the direction of some of the commonly used insurance companies.
When and how do I get paid?
At Goldfish, we disburse the rental payments to your nominated bank account within three to five business days of us receiving the rent unless there are expectations of any bills, maintenance invoices, etc. We deduct our fee and any bills from the rental amount and provide you with an itemized statement.
Can you pay the bills on my behalf?
Yes, we recommend setting up all your bills like Council Rates, Water Rates, Land Tax, Insurance Policy, Body Corporate Levy Charges, and Maintenance Invoices with us on your behalf. We do not charge any extra fee at this stage. This makes your end-of-year tax return so much easier at once place with our EOFY Statement.
Our team can coordinate the set-up of this on your behalf with Councils, OC, other Authorities & tradespeople, some Councils, and businesses may require you to complete a form in the first instance authorizing us to make future payments.
Do I have to provide NBN/FTA TV connection?
Yes, you need to pay for the initial set-up costs for NBN or Free to Air (FTA) TV connection to the property.
You may be required to replace the battery if required. The battery is installed by NBN as a backup to ensure ongoing access in the event of power failure.
What types of most common fees occur when leasing out the property?
There are most common fees and charges are:
Letting Fee: Depends from agency to agency, but the most standard fee is equivalent to 1.5 – 2 weeks' rent;
Advertising Fee: This is a third-party cost and depends on advertising material, contents, and channels used by the agency. This can start from $550 onwards;
Management Fee: A commission percentage of the weekly rental figure. It depends on the agency to the agency; the standard fee varies from 5% to 8% plus GST.
Administration Fee: It depends on the agency to the agency. Which includes any posted letter to the renter, landlord, or other departments;
Statement Fee: It depends on the agency to the agency. Can be from $2 to $4 per month.
If something goes wrong then all third parties’ expenses are on you such as Notices, VCAT applications, Orders, Possessions, and so on.
Can I change property manager or agency during the mid of the lease?
Switching property managers may seem difficult, but as Consumer Affairs Victoria notes, the process is not strenuous. “In most cases, you can terminate your estate agent’s management of your rental property, effective immediately, by written notice to the agent,” the authority notes.
One of the most common things we hear about is people feeling that they are stuck with a property manager that doesn’t suit their needs, with no means of exiting the arrangement. Yes, by all mean you can change property manager, usually there is no fee unless mentioned prior.
There are so many questions and information which as a landlord need to ensure the return on their investment. If you like to know something else, we are just one call away, call on us at 03 9266 0270 or email at [email protected] for a confidential discussion.
Disclaimer: Above information given is for general information only and does not constitute any representation on the part of the landlord or rental provider/s. All parties must do their own assessment or investigation.
