(02) 8866 5000
DOCUMENTATION – WHAT DOCUMENTS ARE NECESSARY TO START A TENANCY?

DOCUMENTATION – WHAT DOCUMENTS ARE NECESSARY TO START A TENANCY?

by | Nov 20, 2020 | Financial, Legislation, Management Systems, Tenant

Hope for the best prepare for the worst. Proper documentation is not only required by legislation but is good business sense. Setting up strong foundations with thorough documentation means you can relax more easily. 

The tenancy agreement

There are two types of tenancies – fixed term and periodic.

Fixed term

Set for an agreed period, the rent is fixed and the tenant cannot be evicted. If the tenant stays on, the lease automatically becomes ‘periodic’ unless both parties agree to renew and enter into another fixed term agreement.

Periodic

On completion of the fixed term, if the tenant is remaining, the tenancy automatically moves to a periodic, or month-by-month, agreement. The rules and obligations of the original agreement remain the same with different rules for ending the tenancy and increasing the rent.

Rent increases

If rent increases have been agreed to during the period of the fixed term it needs to be stipulate in the lease agreement. This is particularly useful in leases that are longer than twelve months.

Additional terms

You can include other terms that have been agreed between you and the tenant, but they must not contravene the standard terms of the agreement or any state or federal law.

There are also some terms that you are prohibited from adding to the agreement, including:

▪ Insisting on having the carpets professionally cleaned. An exception is if you have agreed to allow the tenant to have a pet.

▪ Insisting the tenant take out any form of insurance.

▪ Exempting the landlord, or his agent, from legal liability.

▪ Penalties for any breaches of the lease.

▪ Performance-based rebates on rent.

▪ Insisting the tenant use a particular tradesman, for example, for pool and garden maintenance.

You can also elaborate on and clarify important issues that you feel may be inadequately covered in the tenancy agreement. Even though, in the event of a tribunal hearing, you may not necessarily win, it does give the tenant pause before choosing to challenge it.

Additional terms may include:

Dishonoured cheques

The tenant acknowledges and agrees to pay all relevant bank fees in the event of a rent payment being dishonoured for any reason.

Repairs

The tenant acknowledges and agrees that requests for all non- urgent repairs are to be submitted in writing.

The tenant acknowledges that repairs will be carried out between the hours of 7am and 5pm Monday to Friday.

The tenant acknowledges that in the event the tenant has agreed to an appointment with a tradesperson for the repair of an appliance, fixture or fitting, the tenant will pay the call-out fee in the following circumstances:

▪ The tradesperson finds no fault in the appliance, fixture or fitting.

▪ The tenant has not operated the appliance, fixture or fitting in the correct

▪ The tradesperson has not been able to gain access to the premises because of the tenant’s failure to attend at the appointed time.

Mail

The tenant acknowledges and agrees that any mail delivered to the rental premises, not addressed to them, will be forwarded to the landlord or managing agent without delay.

Insurance

The tenant is aware that the landlord’s insurance on the rented premises does not cover the tenant’s possessions and it is recommended that personal contents insurance be arranged.

Premises

The tenant agrees not to place any pot plants on any carpeted areas in the premises.

The tenant acknowledges and agrees not to attach or place any adhesive, hooks, nails or other fixtures to any of the surfaces in the premises without prior written consent of the landlord.

It is a breach of the lease conditions for a tenant to change or alter the locks on the premises without consent from the managing agent. In the event that consent is given, a copy of the keys must be given to the landlord or his agent within forty-eight hours.

The tenant agrees to do no decorating or painting without written permission from the landlord or managing agent.

The tenant acknowledges and agrees that smoking is not permitted by any persons within the premises.

Garden and pool

The tenant agrees to maintain the lawns and garden to at least the standard they were in at the beginning of the tenancy.

The tenant agrees that even if the landlord is responsible for the regular servicing of the garden, it is the tenant’s responsibility to maintain the day-to-day care of the garden.

Where the property includes a pool, the tenant agrees to purchase all the necessary pool chemicals and testing equipment in order to keep the pool clean and fit to swim in.

The tenant agrees that, even if the landlord is responsible for the regular servicing of the pool, it is the tenant’s responsibility to maintain any day-to-day care, such as removing leaves.

Contact details

The tenant agrees to notify the landlord or his agent of any changes in work and mobile contact numbers within seven days.

Pets

No pets are allowed anywhere within the property unless otherwise agreed in writing by the landlord.

In the event that permission is given to allow a pet on the property, the tenant agrees to have the carpets professionally steam cleaned on vacating.

Keys

The tenant acknowledges that in the event they have lost or misplaced keys, the tenant shall replace them at his own cost.

If the tenant needs to borrow the duplicate key from the landlord or his agent, a deposit of $100 is required and will be reimbursed on its return.

In the event the tenant obtains permission to change locks, a copy of the keys is to be handed to the landlord or his agent as soon as practicable.

By-laws

The tenant agrees to comply with the by-laws and with any notice served in accordance with the by-laws.

The tenant guide

This is an essential document that needs to be given to the tenants so that they are aware of their rights and responsibilities.

Condition report

The condition report records the condition of the property at the commencement of the tenancy and is mandatory. When the tenant vacates, you will be referring back to the condition report to identify the condition of the property at the commencement of the tenancy.

If there are any disputes, this is the main evidence the tribunal will consider. Without it, you have no case.

The tenant has 7 days to agree with the report or make changes. The tenant then returns a signed copy to the landlord or agent. For more accuracy we include full resolution photos, typically over 100, as part of the condition report.

By-laws

If your property is part of a Strata Title you will need to give the tenant a copy of the rules or by-laws pertaining to the strata scheme and these need to be given to the tenant prior to signing the agreement.

The by-laws set out the rules that owners and tenants need   to follow when living in a Strata Title building. These rules cover use of common property, garbage disposal, pool use and parking, among other things.

Include a special condition in the lease stating that the tenant has been given the by-laws and that they will abide by the rules as set out.

Keys

You will need a complete set of keys for yourself, one for the agent (if you are using one) and one for every tenant listed on the tenancy agreement.   Create a photocopy of the complete set of keys you are handing to the tenant and have them sign that they have received the keys.

Tenant signing

Meeting with the tenant prior to moving in is particularly important.

At this meeting, you will go through the tenancy agreement   in some detail, making sure the tenant understands his responsibilities. You also have this time to address issues such as arrears, preferred communication, cleaning, repairs, property quirks and any other matters you feel are important.

This is an essential part of ensuring that the tenancy starts on the right foot by discussing with the tenant what your expectations are and what he should expect from you while living in your property.

Allow at least half an hour to forty-five minutes to go over the documents.

A typical agenda, would be:

Initial welcome

The lease

Go through the lease thoroughly with the tenant; give him time to read it carefully.

Pets

Make sure they are aware of your position regarding pets.

Pool and garden

Confirm the arrangements and expectations for the pool and garden.

Smoke alarms

Discuss the tenant’s responsibility to advise of any issues and not to tamper with the smoke alarm.

Arrears

Explain why it’s important to be on time with payments, what your policy is and the processes to be employed if they are late.

Repairs and maintenance

Make sure the tenant understands what an urgent repair is and what to do.

Routine inspections

Explain the process for routine inspections and how they can help you keep the property looking its best and properly maintained.

Condition report

Explain what they need to do next and how and when to return it.

Agreed repairs

Update the tenant on any repairs that need to be carried out. Discuss a timeframe and access to the property.

Keys

If handing over keys at this time have tenant sign for them.

Rental bond

Explain the rental bond procedure.

Rent in advance

Explain how rent is to be paid, how much and when. Make sure they understand the process of always paying in advance and on time. Discuss arranging a direct debit.

Hours of business

Discuss your preferred hours of business and what would be considered inappropriate times to contact you.

By the end of the meeting, you should be comfortable that the tenant is fully aware of the responsibilities and how to get in contact with you in the event of a problem.

About Us

George Astudillo is the founder of Property Quarters, an agency that values communication and great relationships with its landlords.

George now has more than 30 years in real estate, including 15 years as the owner of a national real estate franchise. He’s also an accredited auctioneer and is the author of “The Landlord Mindset”, a book with his best tips to help landlords look after their investments. His book has been quoted in the SMH, The Huffington Post and The Age.

As the founder of Property Quarters, George takes great care in looking after his landlord’s investments. Having seen it all and worked with may landlords and tenants, he’s a strong mediator and negotiator and knows how to navigate through property legislation.

George is trusted by his landlords to advise on the financial management of their investments. He’s put in place proven processes to ensure each property he looks after is managed effectively to retain its value, quality tenants and rental income.

If you’re looking for a property manager who thinks like a landlord and whose business is built on tested processes, contact us by clicking HERE.

Copyright © 2022, www.propertyquarters.com.au

TENANT APPLICATIONS – IS THIS THE ONE?

TENANT APPLICATIONS – IS THIS THE ONE?

by | Nov 19, 2020 | Financial, Legislation, Management Systems, Tenant

The tenant application is carefully designed to obtain all the information we need to make sure the tenant fits our requirements. But anyone can look good on paper, right?

So, how do we know this is the one?

First, we need to be sure that the tenant can afford to pay the rent without undue strain.

As a good rule of thumb, rent should be around a third of the (combined) gross income of the applicant(s).

Verify with the tenant’s employer that the pay slips provided with the application are accurate and current. Also confirm his position, employment period, work attitude and ethics. Make sure the work situation is stable and not under some form of probationary period or short-term contract.

If he has been working with the current employer for less than two years, you need to establish that he doesn’t have a history of instability. Check with his previous employer to confirm written details and possible problems.

Do the same thing with past rentals. Call his current landlord or agent to confirm the following details:

  • The current rent
  • How long he has lived there
  • Payment history
  • Late payments – how many and how late they were
  • Any issues and, if so, how they were handled
  • How the property was presented at the routine inspections
  • Whether there were any complaints from neighbours
  • Whether they would lease a property to this tenant again

 

At times it will be difficult to get in touch with employers and landlords/agents (current and past), but you must persist. Without having these references confirmed, you can’t take the risk with the tenant. Let the applicant know you are having difficulties reaching these people and that the tenancy application is dependent on contact being made.

Check that there are no obvious issues that may prevent the tenant from being punctual with the rent, or else the tenant’s financial problems will quickly become your problems.

Instability in a tenant will reflect in late payments and an early exit. Short-term tenancies will mean the cost of another marketing campaign and a possible vacancy that will cost money.

If there is any information on the application that conflicts with your investigation, give the tenant the opportunity to explain until you are completely satisfied, one way or another.

Tenant databases are a good idea to make sure you haven’t missed anything major. They are designed to keep records of tenants who have breached the terms of a lease and are collated by privately owned companies that are commercially operated.

The service is reasonably inexpensive and useful as a final check in your screening process.

Once you have approved the tenant you can accept a holding deposit from the tenant to secure the property while the documentation is prepared.

In New South Wales, taking a deposit is confirmation that the tenant has been accepted and is legally binding, you cannot change your mind and accept another tenant.

Finally, don’t be tempted to accept a tenant who doesn’t meet the standards. This rarely ends well. The damage caused by the wrong tenant, both emotionally and financially, can be awfully expensive.

About Us

George Astudillo is the founder of Property Quarters, an agency that values communication and great relationships with its landlords.

George now has more than 30 years in real estate, including 15 years as the owner of a national real estate franchise. He’s also an accredited auctioneer and is the author of “The Landlord Mindset”, a book with his best tips to help landlords look after their investments. His book has been quoted in the SMH, The Huffington Post and The Age.

As the founder of Property Quarters, George takes great care in looking after his landlord’s investments. Having seen it all and worked with may landlords and tenants, he’s a strong mediator and negotiator and knows how to navigate through property legislation.

George is trusted by his landlords to advise on the financial management of their investments. He’s put in place proven processes to ensure each property he looks after is managed effectively to retain its value, quality tenants and rental income.

 

If you’re looking for a property manager who thinks like a landlord and whose business is built on tested processes, contact us by clicking HERE.

Copyright © 2022, www.propertyquarters.com.au

TENANT RENT REVIEWS- 5 POINTS TO CONSIDER

TENANT RENT REVIEWS- 5 POINTS TO CONSIDER

by | Oct 1, 2020 | Financial, Management Systems, Planning, Tenant

A rent review is essential to check whether it’s time to increase the rent or leave it alone.

I’m going to stick my neck out here and state that most people hate losing money. You know, you buy a big-ticket item and then a couple of days later find that you could have bought it elsewhere for substantially less money. Ouch.

In real estate investing, there are many ways to lose money and they all hurt. But I’ve noticed there is one way to lose money that investors don’t even notice – Rent Increases. Many owners (and their agents) don’t have a schedule and procedure to review the rent. This means that money is being lost and you don’t even know about it until it’s too late.

For a lease to be eligible for a rent increase it MUST NOT be in a fixed term. Tenants that have signed a 6 month or 12 month lease are exempt from rent increases until the fixed term of the lease expires and becomes a periodic lease (or continuing agreement).

So how do you check if it’s time for a rent review?

There are 5 key points to consider,

1. Timing

Outside of a fixed term lease of less than 2 years, NSW legislation says you can make increases as frequently as you like. It is recommended to conduct a ‘Rent Review’ annually at the same time you are performing a routine inspection. This will keep you in tune to the movements of the rental market and your tenants will be conditioned to small increases over time.

If your tenants are on a fixed term, a good time would be 70 days before the fixed term ends. If your tenant is worth keeping, offering a new lease term may be a good idea.

2.Size

Smaller increases are preferable over larger jumps. A high sudden increase will feel like a shock and may spur the tenant to consider moving or apply to the tribunal for a review.

3. Rental Market- Comparable Rentals

To conduct the review, we simply look at how many similar properties are currently available and what is the asking rental, and what similar have properties recently been leased for. Knowing what’s happening in the area is critical, you don’t want to lose the tenant for a few dollars and then find the property is vacant for weeks.

Keep in mind that tenants generally look for value when choosing a rental property. Increasing the rent based solely on the level of your expenses is not a good strategy.

4. Condition of the Premises

In performing a rent review it’s also important to see how the property has changed. Is it still looking like it did when the tenant moved in or is it starting to look a little tired? When looking at comparable properties make sure the level of finish and condition is similar.

5. Correct Notice

NSW Legislation states that we must give the tenant 60 days’ notice plus 4 days for delivery by post unless you have authority from the tenant to use email to deliver notices.

The notice must include the amount the new rent will be, the day the new rent amount will take affect and be signed by either the landlord or agent.

Managing investment properties require thorough schedules, take a look at our previous blogs ‘Failing to Plan is Planning to Fail’ or ‘Budgeting and Expenses’.

If you would like help with conducting a rent review or would like to know what your property could rent for in today’s current market, call George from Property Quarters on 0412 330 588. You will be provided with a free and no obligation, detailed report on the rental market in your area and where your property fits in. Alternatively you can leave a message here and one of us will be in touch with you.

About Us

George Astudillo is the founder of Property Quarters, an agency that values communication and great relationships with its landlords.

George now has more than 30 years in real estate, including 15 years as the owner of a national real estate franchise. He’s also an accredited auctioneer and is the author of “The Landlord Mindset”, a book with his best tips to help landlords look after their investments. His book has been quoted in the SMH, The Huffington Post and The Age.

As the founder of Property Quarters, George takes great care in looking after his landlord’s investments. Having seen it all and worked with may landlords and tenants, he’s a strong mediator and negotiator and knows how to navigate through property legislation.

George is trusted by his landlords to advise on the financial management of their investments. He’s put in place proven processes to ensure each property he looks after is managed effectively to retain its value, quality tenants and rental income.

If you’re looking for a property manager who thinks like a landlord and whose business is built on tested processes, contact us by clicking HERE.

Copyright © 2022, www.propertyquarters.com.au

7 TIPS FOR SPRING CLEANING YOUR HOME

7 TIPS FOR SPRING CLEANING YOUR HOME

by | Aug 5, 2020 | Inspiration, Planning, Presentation, Repairs and Maintenance, Tenant

22ter what seemed like a long and chilly winter, Spring has finally arrived, and it feels glorious!

Along the Sydney coast we have already enjoyed days filled with clear skies and warm temperatures, perfect for inspiring a Spring clean! So now it’s time to throw open the curtains and get busy turning your home from closed in to fresh and airy.

An annual clean can seem daunting so here are seven tips to get you started.

1. Floor Coverings
With the winter months comes wind, rain and dust which means wet and muddy shoes all over your carpets. Vacuuming your carpets won’t get all the winter muck out, a steam or dry clean will give them a deeper clean and a fresh look and feel.

Give your rugs a similar treatment or at the very least a good beating, great for the rugs and your cardiovascular system (not to mention all that pent-up winter stress).

TIP: Magic erasers are great for small scuff marks on timber floors.

2. De-clutter
Don’t let your possessions overwhelm you, all you need is an open mind and an open bag. Clear all surfaces such as benches, tabletops, window ledges and bookshelves to make your rooms look bigger and more Zen like.

Create an organised approach to storage. Consider reducing the number of unused items in your wardrobes and cupboards, it can be very cathartic to let some stuff go creating more space in your life for new experiences.

TIP: Read “The Life-Changing Magic of Tidying Up: The Japanese Art od decluttering and organising” by Marie Kondo

3. Blankets and Bedding
You may ‘rest easy’ knowing your pillow cases and quilt covers are regularly changed however the pillows and quilts themselves can often be neglected. Invest in a good professional clean for quilts while some pillows types can be washed in the washing machine.

Dust mites and allergens play havoc on your senses so be sure to vacuum your mattress where they are likely to accumulate. Follow this up with a decent mattress and pillow protector and you will prolong the life of your bedding.

TIP: Don’t forget to give lounge room pillows and throws a good airing outside on a sunny day.

4. Oven
There’s nothing better on a winter night than a good lamb roast and delicious baked vegetables. However, it’s now time to see how your oven is faring? Cleaning your oven doesn’t have to be a nightmare and using bicarb soda and vinegar is both gentle on the environment and very effective.

TIP: Citric acid (found in the baking section of your supermarket) is great as a safe household cleaner.

5. Furniture
Get ready for weekend entertaining, but before hosting the long-awaited Spring barbeque you’ll want to freshen up your patio/entertaining area. Tackle the barbeque grill first as this is the hardest.

Rid your seat cushions of any built-up dust and dirt, better yet you may want to invest in new vibrant cushions that will give your table setting an instant lift. Hose off tables and chairs of any pesky cobwebs and settled dust, likewise with any outdoor umbrellas that have been folded for a while.

TIP: Solar powered outdoor lights and lamps make for a warm inviting atmosphere at night.

6. Gardens
Spring is the perfect time to bask outside on those warm sunny days. But first, a garden spring clean is essential to make your outdoor area look and feel relaxing.

Decide how much to prune to create space and to encourage flowering and fruiting. For larger plants, be careful not to prune much needed shade branches as the smaller plants as well as yourself need protection from the sun. Rake any leaves or debris away from the garden bed in order to turn soil and easily spot unwanted weeds.

TIP: Leafy green foliage and off-cuts can be used in a vase to brighten rooms and table settings.

7. Let There be Light
Don’t let that layer of dust and dirt covering your windows stop you from swinging those curtains open and letting in that glorious light. The window clean is the last on our list but will likely make the biggest impact. With a soft bristled broom brush over the outside of the glass to get rid of any cobwebs and dirt. When washing don’t be tempted to use newspaper but instead use a clean microfiber cloth, this is much more effective and less likely to leave marks on your frames.

Don’t forget to give your screens a good rinse of any dust, dirt and cobwebs that have accumulated whilst the windows have been shut.

TIP: Use a blackboard eraser in circular motions to get rid of any streak marks left behind on glass.

About Us

George Astudillo is the founder of Property Quarters, an agency that values communication and great relationships with its landlords.

George now has more than 30 years in real estate, including 15 years as the owner of a national real estate franchise. He’s also an accredited auctioneer and is the author of “The Landlord Mindset”, a book with his best tips to help landlords look after their investments. His book has been quoted in the SMH, The Huffington Post and The Age.

As the founder of Property Quarters, George takes great care in looking after his landlord’s investments. Having seen it all and worked with may landlords and tenants, he’s a strong mediator and negotiator and knows how to navigate through property legislation.

George is trusted by his landlords to advise on the financial management of their investments. He’s put in place proven processes to ensure each property he looks after is managed effectively to retain its value, quality tenants and rental income.

If you’re looking for a property manager who thinks like a landlord and whose business is built on tested processes, contact us by clicking HERE.

Copyright © 2022, www.propertyquarters.com.au

ROUTINE INSPECTIONS – HOW TO KEEP YOUR PROPERTY LOOKING GREAT

ROUTINE INSPECTIONS – HOW TO KEEP YOUR PROPERTY LOOKING GREAT

by | Feb 8, 2020 | Management Systems, Planning, Presentation, Repairs and Maintenance, Tenant

You should be inspecting your property twice a year.

During these inspections, you are looking for repair and maintenance issues and ensuring the tenant is looking after the property.

An accumulation of dirt, together with a cluttered and untidy lifestyle, will accelerate wear and tear. This means appliances may break down more often and will need replacing sooner. This also applies to carpets and painting – resulting in higher costs.

With a new tenant, schedule the first appointment by the end of the third month. This will give the tenant a little time to settle in and you can see how they keep house.

Give the relevant notice, which in NSW is 14 days in writing, and arrange a mutually acceptable time. Your relationship with the tenant is important, so try hard to fit in with his routine; most tenants aren’t too fussed about allowing you access and in some cases they may not wish to attend.

Keep this inspection informal and quick. If you have chosen your tenant well, the property should look great, but if you see that the property is being poorly looked after, you are well within your rights to request the property be brought up to standard. It is a condition of the lease to keep the property reasonably clean, meaning that the tenant should not be causing damage or excessive wear and tear. You should also expect it to be tidy enough that all areas are accessible for regular cleaning. Give the tenant seven days to clean the property to a reasonable standard and arrange to return for another inspection.

If the property is still not appropriately clean, discuss the situation with the tenant. At this stage, take photos as a record, as you may need them later. Then, if all else fails, you can treat this situation as a breach of the agreement and give the tenant a termination notice.

If the property is clean and you’re happy with the presentation, diarise another inspection as permissible in your state. The second inspection should take place six months later or about three months before the tenancy agreement expires. This time the inspection should be more thorough – again looking at the presentation of the property and at any maintenance and repairs that may be needed.

If the lease is approaching or past the end of the fixed term, you should also use this time to consider any rental increases.

When sending out the “Notice of Inspection” attach a simple form that the tenant can fill in recording matters requiring attention or repair. Usually, the tenant is aware of most of the issues with the property and it is a great help to note them down.

Tenants will undoubtedly at some stage ask for alterations to be made to your property, for more information on how to deal with these requests see our previous blog “Has Your Tenant Asked to Make Changes to Your Property”.

This is also a good time to update the tenant’s contact details.

Once at the property, start inside and work your way through every room with the following checklist to guide you:

  • Does the woodwork need repainting or varnishing?
  • Is general painting required?
  • Presence of mould, often found in bathrooms and laundries but can be particularly dangerous if found in bedrooms.
  • Loose electrical fixtures such as power points, light switches, light fittings.
  • Check for worn carpet areas and any stains
  • Check locks with your set of keys
  • Are kitchen cupboards still aligning and closing correctly?
  • Check bench tops
  • Check appliances – cook top, oven and exhaust fan etc
  • Smoke alarms should be in working order, there should be one on each level of the home.
  • Check outside – look at gutters and downpipes
  • Check the gardens and pool
  • Check overhanging branches- Check for any pruning or cut backs that are due and in the case of council approval make a note to lodge an application.
  • Pool fences and gates in compliance, check the perimeter to ensure there are no unsteady railings or backyard items against the fence.
  • Lawns should be cut regularly, and gardens maintained neatly in accordance with the lease

How involved are you in the management of your property? See our blog “Managing Your Investment Property.”

About Us

George Astudillo is the founder of Property Quarters, an agency that values communication and great relationships with its landlords.

George now has more than 30 years in real estate, including 15 years as the owner of a national real estate franchise. He’s also an accredited auctioneer and is the author of “The Landlord Mindset”, a book with his best tips to help landlords look after their investments. His book has been quoted in the SMH, The Huffington Post and The Age.

As the founder of Property Quarters, George takes great care in looking after his landlord’s investments. Having seen it all and worked with may landlords and tenants, he’s a strong mediator and negotiator and knows how to navigate through property legislation.

George is trusted by his landlords to advise on the financial management of their investments. He’s put in place proven processes to ensure each property he looks after is managed effectively to retain its value, quality tenants and rental income.

 

If you’re looking for a property manager who thinks like a landlord and whose business is built on tested processes, contact us by clicking HERE.

Copyright © 2022, www.propertyquarters.com.au

 

 

 

 

 

Copyright © 2016, www.propertyquarters.com.au

HOW TO MAKE IT EASY FOR A PROPERTY MANAGER TO CHOOSE YOU AS A TENANT

HOW TO MAKE IT EASY FOR A PROPERTY MANAGER TO CHOOSE YOU AS A TENANT

by | Jan 6, 2020 | Financial, Management Systems, Tenant

The Sydney rental market can be very tight sometimes, with vacancy rates usually under 2% in most suburbs, especially at this time of year.

It’s not unusual to have over thirty groups of people visit an open for inspection and then compete with 10- 15 other applicants.

So how can you give yourself the best chance of winning against such odds?

1. Tenant Application
Make sure you fill it in accurately and completely. If a property manager has to chase anything up they may decide it’s easier to look at the next application.

2. Documentation
Make sure you have all the necessary documentation. You need to demonstrate to the property manager that you can afford the property, that you are reliable and that you will take care of the property.

You need to provide pay slips, bank statements and possibly tax returns if you are self employed that prove you can afford the rent without undue strain. Remember that an average rental of $500 per week is a commitment to pay over $26,000 over the next twelve months.

From your past and present landlords/agents obtain an up to date tenant ledger.

Written character references are also important. They show that people think of you as honest and reliable, and this will help you stand out as a worthy tenant.

Proof of identification is required in the form of passport, drivers licence, Medicare card etc. For the 100 point checklist see our previous blog “Proof of Identity”.

3. Are your referees ready?
If your application makes the shortlist, the property manager will call your past and present employer and landlord/agent, as well as any other referees you have nominated. It’s important to let your referees know they will be receiving a phone call and that you would appreciate any messages be responded to quickly. Any delays here will open the door to other applicants whose information can be verified quickly. Also, check with your employer or HR department to see if they need written permission from you to enable them to discuss your employment details with a property manager.

4. Are you ready?
Don’t wait until you see the perfect property before you start to complete an application form. Do it now, be ready, so when you do find your ideal property you can act quickly. Think of creating a tenant resume, much like an employment resume, that you can keep updating. There are several sites that offer on line applications such as 1Form and tApp.

To a property manager this type of tenant is a clear winner, because the easier you make it for a property manager the better the chances are of them selecting you as their tenant.

There are three crucial qualities landlords look for in a tenant, find out in our blog “3 Keys to Choosing the Right Tenant”

About Us

George Astudillo is the founder of Property Quarters, an agency that values communication and great relationships with its landlords.

George now has more than 30 years in real estate, including 15 years as the owner of a national real estate franchise. He’s also an accredited auctioneer and is the author of “The Landlord Mindset”, a book with his best tips to help landlords look after their investments. His book has been quoted in the SMH, The Huffington Post and The Age.

As the founder of Property Quarters, George takes great care in looking after his landlord’s investments. Having seen it all and worked with may landlords and tenants, he’s a strong mediator and negotiator and knows how to navigate through property legislation.

George is trusted by his landlords to advise on the financial management of their investments. He’s put in place proven processes to ensure each property he looks after is managed effectively to retain its value, quality tenants and rental income.

Copyright © 2022, www.propertyquarters.com.au