Landlords Q&A

• Talk to our Property Manager regarding what improvements you can make to achieve a higher rent.
• Pay your mortgage payments every two weeks (or twice per month) to pay off the loan faster.

• Direct debit from their nominated bank account
• Internet Banking through their chosen financial institution
• Cheque or Money Order

If a tenant falls behind in their rent, they are issued with a Notice of Breach advising them that they are behind and requesting they rectify the situation.  If the rental arrears is not paid up to date within a specified time, or a suitable arrangement has not been entered into for payment of the arrears, a Notice of Termination is then issued, requiring the tenant(s) to vacate the premises.

It is just as important to hold onto good tenants as it is to find the right tenants. Disruptions in a tenancy can be costly and sometimes stressful. Good quality tenants will provide you with regular income as well as keep your investment property in good condition.

There are three key elements to keeping good tenants:-

1. ​Privacy: Respect your tenants’ privacy. Make sure you give them their privacy so that they do not feel like they are living in your home. The property has to feel like their home.
   
   
2. Attention:  Whilst respecting their privacy, you must still ensure that you attend to any repairs and/or maintenance issues promptly. They should not have to be continually chasing you to attend to a repair.
   
   
3. Appreciation: Showing good tenant appreciation goes a long way. Something as simple as a Xmas card or a small gift around the holiday season shows your gratitude and can help create a bond of loyalty between yourself and your tenant.

• Review your rent – the rental market can change quite often. Fluctuations in vacancy rates and median rents can all impact on how much you can charge for your property. Review your rent on a regular basis to meet the market. Obtain a rental appraisal from an agent.
• Freshen up your property – The key to ensuring that your property continues to be rented is to keep it in good condition. Ensure that maintenance on the property is kept up to date, and at the end of a tenancy you can take advantage of this time to give your property a fresh coat of paint, replace carpets if needed and give the gardens an overhaul. This will not only make your property more attractive to potential tenants, but will also add value and may even allow for an increase in rental.

While managing the property yourself may save you on Property Management fees, it can also be very costly if you start making mistakes.

​Some of the most common mistakes made by landlords are as follows:

• Access – Failing to give the tenant the correct Notice. Most entry notices require 24 hours notice to be given to the tenants in the prescribed form. However tenants must be given at least 7 days notice for a general inspection.
• Bonds – Some landlords ask for more than 4 weeks Bond and fail to lodge the rental bond with RTA within the prescribed time limit. This is an offence and the landlord may be fined for this breach.
• Use of proper documentation – Some landlords fail to put a written tenancy agreement in place or complete entry and exit condition reports. This leaves the owner at risk in the event of a dispute with the tenant.
• Charging for Water – A tenant may be charged for water provided:
  
  
  • • The property is individually metered
    • The property is water efficient if it meets the minimum water-efficient standard in respect of Internal Cold water taps and mixer taps/Showerheads/toilets. Property owners should be able to demonstrate the presence of water-efficient fittings and where it is unclear they will need to provide a plumbing report.
    • The tenancy agreement states the tenant must pay for water consumption
    • The tenant cannot be charged for Sewerage or water supply

By allowing tenants with pets, you will improve your chances of renting your property faster. This is particularly important in family orientated areas.  This will also help in attracting more long-term tenants, as the property will feel more homely where a pet is permitted.

A property manager ensures that your property is suitable and legally compliant for new tenants. They will also ensure that all routine inspections and repairs & maintenance are carried out in the correct manner.

A good property manager has the strategies and procedures in place to be able to screen for good quality tenants. They will advertise the property to attract the right type of tenants, sort through the applications, arrange for open house inspections and select or present you with the best range of applicants.

A property manager will also be able to determine the correct market rental for your investment property at any point in time and will continue to monitor the rental to ensure that your rental keeps up with the current market.

Routine Inspections are generally carried out every 3 or 4 months to identify any repair or maintenance work that may be required.

A copy of the inspection report can be forwarded to you after each inspection and if necessary your property manager will contact you to discuss any items noted on the report. At Eaton & Ascot we also like to email photos and sometimes videos from our routine inspections to our owners.

• New Oven/Stove – If the current one is in need of replacement or beginning to cost too much in repairs, a new Oven/Stove can make the property more appealing for prospective tenants.
  
  
• Built-in Wardrobes – Built-in wardrobes make your rental property much more appealing than a property without storage areas. They are relatively quick and easy to install and not too expensive.
  
  
• Dishwasher – If the property does not already have a dishwasher, is there a space where you can put one. Having a dishwasher can make the property more appealing, particularly if your property is being rented to families.
  
  
• Fencing – Fencing the property is not only for security purposes, but it is more appealing to tenants who have small children or who own a pet, which broadens the pool of potential tenants.
  
  
• Window Coverings – Nothing gives a more finished look to a property than the installation of blinds, curtains, or shutters. These can not only modernize the look of the property but also make it more attractive for potential tenants.
  
  
• New Carpets, floating floors, or Lino – Nothing looks worse than badly stained or worn carpets or flooring. Laying new flooring can be a quick and easy way of lifting and brightening the look of the property. This will also add value to your property, open your property to a wider tenant pool, and possibly attract a higher rental as well.
  
  
• Painting- a simple freshen-up of the paintwork can make all the difference. It will give your property a cleaner, fresher look and be more attractive to potential tenants.