THE TENANCY PROCESS
We have always understood that the key to enjoying a profitable and stress free experience with your property investment is careful tenant selection. A tenant who pays regularly and on time and who respects your valuable property is critical. There are many checks and enquiries that we make when a tenant applies to lease your property. One of the most important points of difference with InStyle is the long experience we have in assessing the information we receive from a prospective tenant when they apply to lease with us. This experience ensures that we can accurately provide you with advice about the prospective tenant so that you can decide if they are suitable for your property. The choice of tenant is always yours and your wishes are always respected.
Some of the sources of information we provide for you include:
Income and employment history.
History of rent payments and care of previous rental properties.
Tenancy database history.
100 point identification check.
Personal reference checks.
It is our office policy that all parties living at the premises sign the lease agreement. This ensures that all parties living in the property have a responsibility for the rent payments, and for ensuring the home is clean and tidy and maintenance is reported to us. As your managing agent we would sign the lease on your behalf. The usual term for a lease is 6 – 12 months. We would always consult with you on the length of the lease prior to signing the lease with the tenant.
Ingoing Reports & Inventories
An “ingoing report is completed at the commencement of each tenancy. These reports are extensive and usually take about 2 – 3 hours to complete, with great attention to detail placed on cleaning and condition of property. The report is completed in detail including both written and visual condition evidence of the property. This report is then provided to the tenant for completion and return within 7 days of the start of the tenancy. Accuracy of this report is essential and assists in eliminating many of the problems that can arise at the end of the tenancy. If your property requires an inventory of furnishings this must be provided by you, prior to signing of the tenancy agreement or no later than the date the tenancy commences. It is essential to list each item individually and provide as much of its description, age and any damage.
Payment of Rent
An approved applicant will pay two weeks in advance. Further rental payments will then be made on the due date, being two weeks into the agreement, then every two weeks thereafter until the tenant vacates. We encourage our tenants to pay by direct deposit to our trust account, made on the due date, either being weekly or fortnightly payments thereafter until the tenant vacates.
When you list your property for management we conduct an inspection to assess what needs to be actioned prior to a tenant moving in. We would look any safety issues, maintenance, pool, garden and cleaning. We have a list of cleaning that we recommend to ensure we can maintain standards.
A bond of 4 weeks rent is paid by the tenant at the signing of the lease. The receipted bond will then be lodged with the Rental Bond Board.
Prompt Rent Collection
Paying rent is made easy for our tenants. They are supplied with a InStyle slip which enables them to make payments by phone, internet or by direct deposit. Rent is deposited directly into our Trust Bank Account. This system helps reduce rent arrears.
Strict Arrears Control
An arrears report is generated by our advanced computer software system daily. Tenants who are 2 days in arrears receive a courtesy letter reminding them that their payment has not been received. We would call them direct on the 4th day. At 7 days, those who do not respond to the courtesy letter or phone call, will be served with a breach notice, explaining that if they fail to pay or do not contact our our staff to make arrangements to pay, they will be served with a termination notice. We would send you a copy of the breach notice and keep you informed. If the rent continues to remain unpaid, then a termination notice can be served at 15 days – this is relatively rare. We form a positive relationship from the onset with the tenant. On signing the lease we advise that we have a ZERO policy of arrears, and that if they are continually behind in their rent it will affect their future ability to rent through any agent as their rental ledger will be used in the application process. With the high demand for rental properties, this means they may not be suitable future tenants.
At InStyle part of our unique service is that we include a SPECIALIST property inspections officer, Ladele Jones and Richard Ruhl. Your Property Manager will ensure that routine inspections are carried out periodically unless a recent vacancy/change of tenancy has occurred. Following the inspection, a full report including photo’s (if required) are compiled and sent to you detailing the condition of your property and any matters, such as maintenance, that may need attention. You will be notified in writing every time a routine property inspection is carried out so that you can make arrangements to accompany our Property Inspections Officer.
At InStyle Real Estate we enjoy building a relationship with the neighbors of your investment property to insure your property is not being damage and your neighbors are safe, Its also our reputation that is also on the line.
Maintenance & Repairs
Upon a tenant reporting a maintenance requirement, we will contact you for your instruction or in the case of an emergency a trades person will be instructed immediately to reduce further damage/losses. Neglect of minor repairs can often lead to major and more costly repairs and in some cases also causing tenants to vacate. Tradespeople commissioned by our office are fully referenced ensuring that they are qualified and registered and insurance and work cover polices checked. It is advised that you advise our office of an emergency repairs amount. This amount will be authorised by you as an emergency repair cost for your Property Manager to call upon should you be not contactable at the time of an urgent repair.