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Most Common Questions & Concerns for Landlords

Most Common Questions & Concerns for Landlords

Most Common Questions & Concerns for Landlords

By Property Management Team

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.

Related Blogs

CHECKLIST – Move-in and out cleaning

CHECKLIST – Move-in and out cleaning

By Asset and Property Management Department

It is always a stressful time when moving in or out of the property. There are lots of things to manage so this transition can be smooth and without any stress. Our intention is to undertake a FINAL INSPECTION to prepare an EXIT CONDITION REPORT based on the ENTRY CONDITION REPORT of your rental property as soon as possible after you hand your keys in at our office.

It is better to WALK through the PROPERTY on the DAY when you are HANDING OVER the KEYS… schedule a meeting for the day with one of the Property Managers. You will need to ensure that the items on the CHECKLIST listed below have been given due attention to make it presentable:

General:

  • Carpet steam cleaning to be carried out by a professional contractor - a receipt will be required Hire machines are not acceptable; Highly recommend MUST be booked for the day before you handover the key;
  • Pest control for fleas is required when a dog or cat has been kept or permitted on the premises;
  • Clean all windows, doors, sliding doors, window tracks, fly screens, and security screens;
  • Vacuum all sliding door tracks and wipe;
  • Sweep and mop all floors, removing marks;
  • Clean light fittings, remove all cobwebs (remove light fittings and wipe out dead bugs);
  • Clean marks off walls and light switches;
  • Wipe down and remove all dust from skirting boards;
  • All curtains and blinds to be taken down and cleaned;
  • Window & window sills to be cleaned inside and out;
  • Clean all ceiling fans (is applicable);
  • Please turn off the main power switch in the electrical meter box;

Kitchen

  • Inside and outside all cupboards and doors
  • Inside, outside, and around the stove, grill, and oven
  • Inside, outside and behind refrigerator and dishwasher
  • Exhaust fans and filter
  • Sink, especially drain holes
  • Rangehood and filter (filter can be removed and cleaned)

Bathroom

  • All floors, mirrors, windows, and window tracks
  • Inside and outside all cupboards
  • Toilet, bath, glass screens, and sink
  • Grouting to be free of all soap, residue, and mildew
  • Clean inside built-in wardrobes and mirrored doors (wipe over scuff marks)
  • Clean all ceiling exhaust fans in bathrooms & toilets

Laundry Area

  • Inside, outside and behind the washing machine, rinse out the filter.
  • Inside, outside and behind the dryer, remove lint.
  • Clean laundry tub (inside the bottom cupboard of the tub)
  • Clean ceiling exhaust fans.

Alfresco or Outdoor pergola or Veranda

  • Sweep and mop, clean railings, and any perplex glass.
  • Remove all cobwebs.

Garage or Sheds

  • Sweep out and remove any oil residue from the concrete.
  • Remove all cobwebs.
  • Empty any bins and remove all rubbish (put the bin out if it is full).
  • Close garage door.

Front and back yards

  • Lawns and gardens to be mowed, gardens weeded and left tidy.
  • No rubbish is to be left on the property.

If furnished

  • Make sure that all items are in original rooms as per inventory and have been cleaned.

ADDRESS UPDATE: Who needs to know about your current address?

When you move to your new home there will be a number of people and organizations you will need to notify.

The following CHECKLIST includes some of the most common; we suggest you use it as a basis for creating your own personalized list to make a smooth TRANSITION.

Personal

  • Family, Friends, and Relatives
  • Government Agencies (VicRoads, Taxation Office & Electoral Commission)
  • Employer
  • Medical (doctor, Medicare, insurance)
  • School/university
  • Clubs and associations
  • Finance (accountants, banks, credit cards, and superannuation)
  • Insurance (contents, health, building, motor vehicle, special items)
  • Department stores (accounts, store cards)
  • Utility Connections (Electricity, Water, Gas, and Telephone)
  • News or Travel agency

The Day when you hand over the keys

  • Do a final walk-through with this checklist to ensure your property is in the correct handover state to avoid any tenancy disputes with your rental bond.
  • Your carpets should be professionally cleaned by today;
  • External areas returned to the same condition as the beginning of the lease;
  • Bins emptied or placed out on collection point securely;
  • Organize your keys and remote controls for all locks are ready to be returned;

Date of disconnection:

Make sure Electric and Water connections must be scheduled for disconnection for the next day of vacation date so Estate Agent can ensure all electricity’ equipment are in working order, and you take picture of meter readings;

Mail/Letter Diversion: consider the letter and mail diversion options at the local post office or online to divert for at least 2months so you won’t miss any important communication.

How to prepare for an open home inspection

How to prepare for an open home inspection

By Property Advisory Services

The first impressions always make difference. With property inspections being the first opportunity for buyers to walk through your home and feel the positive vibes to think of buying. During open home inspections, you and your appointed agent enhance this opportunity to increase your chance of a quick and profitable sale... by presenting in the best stage.  

Follow these tips to show your home off at its best:

  • Tidy the exterior - Create a great first visual impression for potential buyers by making sure the house and yard are clean and tidy.
  • Complete small repairs - Chipped tiles, flaking paint, dripping taps, carpet stains should all be fixed before an open home.
  • Clear the mess - Remove any indication of repair or construction work or any sign of pets being inside the house.
  • Clean and declutter - Wash the windows, tidy all cupboards, weed the gardens, mow the lawn, and empty the bins. Remove clutter from all rooms and arrange furniture to make rooms appear spacious.
  • Make it smell fresh - Light perfumed candles or use scented plug-ins to make your home smell pleasant.
  • Bring in light - Make sure there is lots of natural light throughout the house. Pull curtains, raise blinds, and let the sunshine in.
  • Get the temperature right - If it’s cold outside, create a welcoming ambiance with indoor heating or open fires. If it’s hot, open doors and windows to create airflow.
  • Add life - Show that your home is loved and cared for by adding vases of fresh flowers and bowls of fruit.
  • Secure your valuables - Remove valuable items or put them in a safe location that is out of obvious sight and keep cash, identification, and credit cards on your person.
  • Allow full access - Make sure the agent has keys to all additional locked areas that may need to be inspected, such as garden sheds, garage, and granny flat.

Put yourself in the buyer’s shoes and then think… the way which are most important when attending open home inspections when you plan to buy. Present the property at its absolute best during an inspection. With a bit of thought and effort, you can improve the chances that potential buyers will want to make a follow-up visit, like to count in the agent’s buyer pool to create competition and perhaps sign that all-important contract of sale. 

Simply, if YOU WIN, WE WIN.

All the best?

Team at Goldfish